RealPage^® Smart Building Solutions

A smart building retrofit modernizes existing multifamily properties by integrating connected technologies, such as managed Wi-Fi, smart access control, and IoT sensors, into current infrastructure. Unlike ground up projects, this strategy does not require major structural renovations. It allows property owners to unlock the operational efficiency and revenue potential of a modern asset while avoiding the significant capital expense and disruption associated with new construction.

Smart Building technology drives NOI growth through a dual strategy of revenue generation and expense reduction. Solutions like managed Wi-Fi create a lucrative recurring revenue stream, typically yielding $50 to $79 per unit monthly. Simultaneously, IoT devices such as smart thermostats and leak detectors significantly lower utility costs and mitigate risks like water damage, which can cost an average of $20,000 per incident. This combination of enhanced ancillary income and operational efficiency directly strengthens property cash flow.

Yes. Properties that implement smart building retrofits can experience a 3% to 5% increase in overall asset valuation. This appreciation is directly driven by the compound effect of higher Net Operating Income (NOI), stronger resident retention rates, and optimized operational performance, ensuring the asset remains competitive and profitable in a modern market.

Smart technology elevates the resident lifestyle by delivering the mobile first control and convenience that modern renters demand. Unified solutions for smart locks, thermostats, lighting, and managed Wi-Fi put control directly in the resident's hands through a single interface. Features like keyless entry and self guided tours create a frictionless living environment. This level of digital connectivity is a critical driver for satisfaction and retention; 97% of renters cite digital experience as a factor in renewal decisions, and 79% expect to manage their home entirely via a mobile device.

Yes. By delivering the convenience, reliability, and personalization of connected technology, smart buildings directly influence leasing and retention metrics. A superior digital experience drives higher resident satisfaction, reduces service complaints, and strengthens renewal intent. This fosters a loyal resident base, stabilizing occupancy and ensuring consistent revenue performance.

Smart building platforms drive operational efficiency by centralizing control of locks, thermostats, sensors, and lighting into a single, unified system. By automating routine tasks such as move ins and move outs and enabling real time maintenance alerts, these solutions eliminate time consuming manual workflows. The result is a streamlined operation that can reduce labor costs by up to 30%, minimize unnecessary truck rolls, and accelerate maintenance response times.

Smart technology empowers maintenance teams to shift from reactive repairs to proactive asset protection. Real time monitoring through smart sensors instantly detects critical issues, such as water leaks, temperature anomalies, or access control failures, allowing staff to address problems before they escalate into costly damage. This data driven approach not only prevents expensive emergency repairs but also optimizes technician workflows, significantly improving overall team productivity and asset longevity.

Smart building technology is a critical tool for meeting sustainability mandates and achieving ESG goals. By enabling continuous monitoring and precise control of energy and water usage, these platforms drive measurable resource conservation. Smart thermostats can reduce HVAC expenses by up to 8%, while smart water meters and leak detection systems can lower water consumption by approximately 15%. Beyond cost savings, the platform aggregates whole building consumption data essential for GRESB, LEED, and regulatory reporting, helping owners maintain compliance and avoid potential penalties.

Utility submetering is integral to smart building operations, providing granular visibility into energy and water consumption at the unit level. By giving residents direct insight into their usage habits, submetering actively encourages conservation behaviors. This transparency can drive reductions in overall resource consumption by 15% to 45%, significantly improving sustainability outcomes while simultaneously enhancing operating margins for property owners.

Smart buildings empower property owners to proactively adapt to evolving market dynamics, including rising energy costs, labor shortages, shifting resident expectations, and stringent ESG regulations. By integrating robust connectivity, IoT hardware, and AI driven workflows into a cohesive ecosystem, owners ensure their assets remain operationally agile. This data centric approach keeps properties competitive, compliant, and financially optimized for the long term, safeguarding asset value against future industry shifts.