Parks Associates and SmartRent Whitepaper Dissects the Multi-Billion Dollar Impact of Energy Savings in Multifamily

Business Wire

3 days ago

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- SmartRent, Inc. (NYSE: SMRT) ('SmartRent' or the 'Company'), the leading provider of smart communities solutions and smart operations solutions for the rental housing industry, today announced the release of a Parks Associates whitepaper, Growing Multifamily Value Through Smart Energy Savings, conducted through a collaboration with SmartRent. The whitepaper highlights how multifamily communities have successfully reduced energy and water utility costs by nearly 20% through integrated smart technologies. As multifamily operators face escalating operational pressures, from rising expenses to stringent local ESG requirements, this whitepaper provides timely insights and actionable strategies for achieving substantial financial and operational efficiencies.
"Through real-time monitoring and data insights, these systems enable property staff to manage energy usage more efficiently, reduce waste, and proactively manage maintenance needs before they become costly issues,' said Elizabeth Parks, President and CMO.
The data-rich whitepaper shares actual utility decreases experienced by multifamily communities equipped with smart home packages. Data from a Parks Associates 2021 study found that properties expected smart devices to reduce the cost of energy and water utilities by 9%-12% on average. In the follow-up study in 2024, Parks Associates found that multifamily owners and operators reported a real reduction in energy and water costs of 18%-19%. On a broader spectrum, the American Council for an Energy Efficient Economy (ACEEE) reported that multifamily properties stand to save an estimated $3.4B in total utility costs (or 15%-30% annually) by adopting smarter energy strategies. Multifamily operators have reported direct operational savings ranging from hundreds of thousands to millions annually by reducing labor costs, improving disaster mitigation and lowering energy consumption.
In addition to discussing the cost-saving improvements achieved through smart energy deployments, the whitepaper examines the evolution of smart technologies — from consumer-grade products to integrated IoT solutions and real-time dashboards. It details how innovations including smart thermostats, lighting and electrical outlets, humidity sensors, hubs and leak detectors, can reduce energy consumption, mitigate disaster-related damage and lower labor costs. The whitepaper also highlights the opportunity for multifamily owners and operators to improve NOI through streamlined operations and appeal to environmentally motivated renters and investors.
'Most people are aware of mainstream energy-saving solutions like smart thermostats, but this whitepaper lays out the often-untapped potential of a connected smart home ecosystem,' said Braeden Scheer, Vice President of Product Management for SmartRent. 'The ability to monitor and manage energy consumption across a community or entire portfolio, and leverage AI to refine energy practices, transforms utility spending into profound cost savings. Parks Associates does an exceptional job of punctuating the value of smart home initiatives and outlining the technology strategies that multifamily leaders should deploy to optimize property performance.'
The whitepaper touches on the marketability of smart home implementations as a significant performance driver, as well. While many renters seek communities with a pool or fitness center, others prioritize energy efficiency and environmental responsibility. Likewise, multifamily investors value streamlined, sustainable processes and their NOI-generating potential. As the whitepaper dissects at length, a proactive approach to energy management paints communities in a favorable light.
Multifamily communities are currently navigating significant market pressures, including rising energy prices, shifting rental demand and increasing state-level ESG reporting requirements. There has never been a more critical time to adopt smart energy solutions. The whitepaper emphasizes how strategic investment in integrated IoT platforms helps multifamily operators streamline compliance, enhance property appeal, and significantly boost operational performance.
'Connected technologies in today's multifamily market are no longer a luxury—they're an operational necessity. Through real-time monitoring and data insights, these systems enable property staff to manage energy usage more efficiently, reduce waste, and proactively manage maintenance needs before they become costly issues,' said Elizabeth Parks, President and CMO, Parks Associates. 'In addition, residents increasingly expect smart, sustainable living environments where comfort, control, and transparency are built in. Meeting these expectations increases tenant satisfaction and drives operational savings and eco-friendly responsibility across the lifetime of the property.'
The benefits of energy efficiency in multifamily go well beyond utility savings. Understanding the opportunities afforded though connected smart home technologies is critical and laid out clearly by Parks Associates.
To learn how your multifamily property can leverage these insights to immediately reduce expenses, boost NOI, and maintain compliance, download your complimentary copy of the whitepaper, Growing Multifamily Value Through Smart Energy Savings. To learn more about SmartRent, visit SmartRent.com.
About SmartRent
Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart communities solutions and smart operations solutions to the rental housing industry. SmartRent's end-to-end enterprise ecosystem powers smarter living and working in rental housing by automating operations, protecting assets, reducing energy consumption, enhancing the resident experience and more. The Company's differentiators - purpose-built software and hardware, and end-to-end implementation and support - create an exceptional experience, with 15 of the top 20 multifamily operators and millions of users leveraging SMRT solutions daily. For more information, please visit smartrent.com.