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The Value of Owning Your MDU WiFi NetworkOctober 29, 2019
Multi-family (also called multi-dwelling unit, or MDU) property owners everywhere are continuing to look for ways to differentiate themselves from the competition, increase occupancy rates, and decrease turnover. As technology is evolving exponentially, one way to create opportunities to achieve these goals is by investing in something you can’t even see: an MDU WiFi network.
Whether it’s for an apartment, student housing, or a senior living facility, a property-wide WiFi network can help you monetize your assets while providing the experience that your residents are looking for.
Specifically, these are the most significant values that come from owning your own MDU WiFi network:
According to a survey from Entrata, 57% of residents are willing to increase their rent by at least $20 a month in return for smart home technology. The survey also found that “electronic payments and living in a secure, smart community are more valuable to residents than a pool or covered parking.”
The smart home technologies that are the most in demand are focused on providing peace of mind and awareness:
- Access: On a unit level and building level
- Temperature and utility management: Using smart thermostats, lights, and sensors
- Voice: Enabling the use of voice commands to perform actions
Not only can a property-wide WiFi network help you offer the smart technology amenities that residents demand, it will differentiate you in the market and help your property stand out.
Did you know that 54% of apartments turn over every year? While the reasons residents choose not to renew their leases vary widely, focusing on strategies to improve retention will be far more beneficial in the long run than spending valuable time on administration and marketing tasks to fill units.
One of the best ways to improve tenant retention is by bracing for the future of technology. Statista reports that, by 2020, there will be around 6.58 network-connected devices for every person on Earth. That equates to nearly 50 billion connected devices across the globe! Now think about this from a tenant’s perspective. If they have half a dozen smart devices and their apartment WiFi network connectivity is spotty and inflexible, they’re likely going to look elsewhere when it comes time to renew their lease.
Since home is where your most robust WiFi needs are, offering fast, reliable internet access on a stable network that’s available as soon as a resident moves in is a great way to start a relationship. Plus, coordinating with a third-party internet service provider (ISP) to get connected is a hassle that residents will likely be more than happy to avoid.
Like updating units or installing a community pool, future-proofing your infrastructure with a property-wide WiFi network can increase the worth of your assets and help you earn a higher return on your property. Depending on how you want to set up your offering, you can include WiFi capabilities as part of core rent or extend monthly revenue by offering utilization-specific WiFi subscriptions.
How to Get Started with an MDU WiFi Network
Use the three tips below to make sure that your infrastructure is set up to support your residents and their multiple devices.
1. Focus on Experience First
Adding an Amazon Echo to every unit is great, but it won’t help create the experience your tenants need. WiFi capabilities need to be as present and reliable as traditional utilities, like water and heat, which means you need to make sure your WiFi network does everything it can to enhance your residents’ everyday lives.
2. Prioritize Security
Your residents will be trusting you with their data, so it will be your responsibility to keep it secure. Use only trusted devices, vendors, and managed services and your residents’ information will be safe and sound.
3. Partner with the Right Managed WiFi Provider
A unified platform that scales with your property is the key to creating the network your tenants need. As technology advances, so will your residents’ expectations. The right partner will handle the implementation, maintenance, and support that goes into managing your WiFi network so that you can focus on your business.
Single Digits empowers MDU property owners with the infrastructure necessary to offer residents high-speed internet access and a platform to support current and emerging IoT capabilities that can keep up with the changing demands of technology. We’ll take care of your network design, engineering, maintenance, monitoring, and support, while you sit back, relax, and offer your residents reliable, always-on internet and WiFi network.
By John-Michael Jenkins
Director of Product Management & Marketing
Want to learn more? Contact us to find out how you can update your infrastructure to experience the values of an MDU WiFi network.
Smart technology is redefining “home” as we know it. It’s no longer just where the heart is; it’s a connected space that can be tailored to a person’s unique lifestyle, needs and preferences. Download our helpful (and brief) eBook 5 Ways to Create an Experience Your Tenants Love and step into the era of connected living.