After decades in the multifamily industry, Wasatch began seeing a shift in the consumer landscape. Prospects were becoming less impressed with traditional amenity packages that included pools, gyms, and television and internet services. So Wasatch set out to find a way to stay a step ahead of multifamily communities competing in noisy markets.
“Not only is the market of renters growing more rapidly than ever before, but residents across the board are more interested in smart apartments than in the more traditional offerings like television and pool access. In order to maintain a competitive edge and find new ways to attract our renters we knew we’d have to research new options. — Scott Stettler, Chief Financial Officer of Wasatch
Smart Apartments as an Amenity
After looking into different options for upgrading amenities at their communities, the Wasatch team found that smart apartment technology would offer residents a new, more appealing experience. The technology gives them control over their home and access to home automation features that have largely been unavailable to renters until now. The team also observed that both their residents and management could benefit greatly from the implementation of an easy to use smart apartment platform. But they needed to find a solution that gave their residents control of their individual unit, while offering Wasatch management control over the community as a whole, without sacrificing tenant privacy or pricing them out of the market. What they found was a lot of standalone IoT products, complicated interfaces, and technology that wasn’t designed with the needs of multifamily communities in mind.