High interest rates and a low housing stock are keeping renters from becoming would-be homeowners, which is helping to prop up the multi-dwelling unit (MDU) market. Now, that market is looking to smart home solutions to help attract and retain residents, according to new research.

Consumer technology research firm Parks Associates, in conjunction with Cox Communications, finds that 83% of residents of multi-dwelling units with property-provided smart home devices report being satisfied or highly satisfied with their building.

However, only 66% of those without smart home devices report the same level of satisfaction, the report finds.

“New apartment construction is at historic highs, putting downward pressure on rents. Smart amenities, including connectivity and smart home solutions, can help a property compete and succeed,” says Jennifer Kent, vice president of research at Parks, in a statement.

That data is included in a recent whitepaper from Parks and Cox on the multifamily housing market and smart technologies, which also sheds light on the in-demand smart home technology in multi-dwelling units.

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According to the research, contactless access to the property, community Wi-Fi, and robust internet service are the topmost in-demand technologies among renters or condo owners.

Benefits of using smart home devices in multi-dwelling units, per the research, include safety notifications, surveillance, communicating with people at the door, in-unit monitoring, remote-controlled lights and appliances to save energy, access control, and more.

The study further illustrates the demand for smart home technology in multifamily buildings, especially as 63% of smart apartment renters and 82% of smart condo owners work from home, with makes a strong and reliable internet connection and other technologies more valuable.

However, it’s also property managers benefitting from smart home technologies, as 95% of them say smart home devices can increase rental fees by up to 30%.

Additionally, 87% of property managers expect to achieve a return on their investment on smart home investments in two to three years.

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