Parks Associates' new white paper, Multifamily Access: Riding the New Tech Investment Wave, finds more than three-fourths of key MDU (multidwelling unit) decision makers report plans to upgrade or replace electronic access control solutions. The white paper, developed in partnership with LiftMaster, explores key trends in access control adoption within the multifamily housing market, backed by custom research data and insights from over 600 decision makers at multifamily ownership and operations companies.
"The industry as a whole is preparing for a major wave of activity, as the systems that were deployed in 2019 and through the COVID-19 pandemic are now due for replacements and upgrades," said Kristen Hanich, Director of Research, Parks Associates. "Key decision makers, capitalizing on the lessons learned during the last major wave of investment into access control solutions, are focusing on solutions that deliver the greatest results in terms of tenant satisfaction, staff efficiencies, and company revenues."
"The landscape of access control is changing. Companies are moving towards cloud-based solutions that enable new use cases like self-guided tours and app-based mobile access for residents and staff," said Jenny Lytle, Vice President and General Manager of Commercial Emerging Business, Chamberlain Group. "Companies that have adopted electronic access control systems that utilize cloud-based access systems have reported not only increased resident satisfaction, but reduced rates of crime and safety incidents, lower operating costs, as well as other benefits."
Demand for upgrades and replacements of current access control systems is high, but needs can vary depending on the size, experience, and knowledge of the multifamily owners and operators. Those who are more familiar with the access control market are generally larger companies that are interested in feature-rich solutions and working with partners capable of supporting all their properties. Those who are less familiar with the market are usually smaller companies that want partners with a complete suite of other products and services, which removes the burdens of integration as well as simplifies the process of vetting and validating new vendors.
"Increasing operational efficiencies is a major business goal for multifamily properties, so the ability to deliver on those factors is paramount when choosing a solution or a partner," Hanich said. "Pent-up demand is signaling the next wave of investments into multifamily technologies, with access control at the forefront."
Parks Associates will share detailed findings and analysis from its multifamily research at the upcoming conference Smart Spaces: Apartments, Hospitality, and Community Living, September 24-25 at the Renaissance Dallas Richardson Hotel.
