Workforce Housing: Does It Makes Sense to Invest In Smart Home?

The workforce housing sector is often neglected when it comes to smart home technology. In fact, the most misunderstood aspect is affordability for residents.

Stoneweg enhances workforce housing with smart home technology

Meet workforce housing developer, Stoneweg US

Stoneweg US, a leading owner-operator and developer of multifamily properties across all asset classes (A, B, and C) with a primary focus on workforce housing, is redefining this narrative. The firm leads the multifamily industry with a strong emphasis on sustainability, asset optimization, and energy efficiency.

“We are extremely pleased with our return on investment. We have numerous financing options and can billback residents for this amenity in a way that suits both the market and the property,” said Palmer.

Innovative solutions make this system easy to implement

In its pursuit of a smart home solution, Stoneweg aimed to find a system that is implementation-friendly accross their workforce housing portfolio. By integrating the IoT hub for connectivity into the thermostat, it eliminated much of the “noise” around trying to make sure the system would work universally at each of their properties. This standardization makes training easier and enables usability for staff, no matter which property they work.

iApartments that not only enhances operational efficiencies but also serves as a revenue generator. “We wanted a smart home solution that addresses both operational efficiencies and generates revenue,” explained Sam Palmer, EVP of Asset Management & Development at Stoneweg.

To achieve this, Stoneweg US partnered with iApartments, forming an alliance that brings a smart home living experience to workforce housing residents while generating additional revenue for each of its 12,000+ unit workforce housing communities. Stoneweg markets these units as “smart apartments” to attract more millennials seeking new homes.

The iApartments smart home platform enables asset managers to improve operational efficiencies through keyless building and residence access, smart water leak sensors, and automated energy management of vacant units. By offering smart amenity packages, Stoneweg can generate $35-45 per month in ancillary income for each community. Each workforce housing residence is equipped with a smart thermostat, smart lock, water leak sensors, and a smart home app for residents.

Smart apartment data for workforce housing

Data reveals that vacant unit HVAC runtimes are reduced by 52% compared to occupied units. Occupied units benefit from a 35% reduction in energy consumption when using iApartments’ smart thermostats. Maintenance teams no longer need physical keys, as they can use a pin code on the smart lock to access units for work orders.

Additionally, Stoneweg teams have saved over 450 hours per community on average since installing the iApartments smart home system. Leasing teams have saved over 193 hours per community on average when “turning units,” as they no longer need to re-key locks and cut keys.

This partnership between Stoneweg US and iApartments showcases how smart home technology can be effectively integrated into workforce housing, providing significant operational efficiencies and generating additional revenue, all while enhancing the living experience for residents.

Smart home devices for workforce housing

iApartments smart apartment solutions includes:

1. Smart thermostat / Smart Hub
2. Smart water leak sensors
3. Smart lock (Yale, Kwikset or similar)
4. Resident smart home app
5. Management portal software

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