Mike Rovito, CEO of Ambient Property Technologies, shares his vision for the future of smart living spaces ahead of his keynote at the virtual Smart Spaces session: Access Control and Security in Multifamily. Rovito emphasizes the importance of reliable connectivity, unified platforms, and a focus on outcomes rather than devices to overcome barriers like fragmented ecosystems and connectivity challenges. His insights highlight how smart technologies can enhance efficiency, safety, and community in multifamily and hospitality environments.

 As a leader in the industry, what trends do you foresee shaping the future of smart living spaces in the next 5 years?

Prediction 1: Mobile, property-wide access will be the standard in Class A & B buildings 

Key trends shaping this prediction:

Continued shift to mobile-first expectations

Centralization of property management functions, increasing the need to keep a digital record and get easy access without running to and from the keytrack 

Prediction 2: The era of overlooking property teams as a strategic function is over. Finding and keeping the right talent and enabling them with the right tools will become the critical differentiator between assets that perform well, and ones that don’t. 

Key trends shaping this prediction:

Competition amongst properties, esp in markets of with increased supply 

Impact of remote/hybrid work, causing people spending more time in their homes

Prediction 3: Just “having” a smart amenity won’t be enough. The future belongs to owners that can actually deliver the resident experiences they market. For proptech, this means delivering deeper integrations and more reliable experiences that actually enhances the residents’ day to day.

*Note: AI is not listed as a key prediction because we see AI as a means to an end

What are you most excited to discuss during Smart Spaces?

The often overlooked importance of having a flexible, reliable connectivity infrastructure that works in every building in your portfolio. Wifi is often misunderstood as what’s needed to enable smart technology.

What are the top use cases for proptech in apartments?

Increasing value at stabilization for new builds, or maximizing NOI in existing buildings by:

1. Driving revenue

2. Being more competitive to attract or retain existing residents

Residents have more choices than ever. 70% of new builds in the US now have some kind of “smart”.

3. Maxing out on rents you’re able to charge, or offering a “tech package” to drive additional revenue

4. Saving on OpEx  

Reduction in utility costs

Keeping insurance premiums low with sensors that help protect your asset (e.g. safety, leaks)

5. Increasing efficiency

Reallocating staff hours saved from digital access management and automations to more revenue driving activities

What are the leading barriers to adoption of technology among MDUs

Challenges with broken trust: 

Startups that have come and gone due to lack of proper funding and traction to sustain their business (really important to look for partners with staying power) 

Connectivity challenges translating to unreliable technology. Many smart technologies only work in certain types of buildings and projects. 

In your view, how are smart technologies reshaping the landscape of multi-dwelling units and hospitality environments?

Greater operational efficiency:

Centralized control of properties across the portfolio allows more immediate and effective ways to manage the building (e.g. temperature, access, maintenance).

Greater utilization and customization of how amenities are used: Smart, customizable access control unlocks how amenities can be used. For example, communities under the same ownership might share amenities to create more hospitality “hot spots” to extract even more value for residents and foster a sense of community among residents.

Safer spaces for everyone: Access is better tracked and logged and people are held accountable if/when problems arise

Can you share insights on the challenges and opportunities in integrating diverse smart technologies within residential and hospitality settings

Challenges:

Fragmented tools and ecosystems

Legacy infrastructure (e.g. physical keys)

Complexity navigating and maintaining multiple databases (staff)

Opportunities: Flexible, unified platform that offers deep integrations 

Example illustration: Property-wide access is fundamental. Poor integration forces residents to juggle multiple apps or even modalities (fob + app) just to get from curb to couch. A well-integrated system streamlines these tasks into a single, user-friendly app, enabling seamless, effortless access.

As consumer expectations evolve, what strategies do you recommend for property managers and real estate professionals to stay competitive in the era of smart living?

Shift thinking from devices to outcome:

Many owners start thinking about smart living by thinking about the specific devices they want. For example, many will say they’re in the market for “a smart lock”. Instead of thinking about specific “devices”, we recommend that owners and developers think about the smart living experience and the outcomes they want to unlock for residents and staff, then work backwards to figure out the right technology, devices and services they need to enable that experience.

Furthermore, investing in a technology solution that acts as an open platform ensures your property can adapt to changes in technologies, avoiding costly overhauls

Rovito will join Parks Associates as the December 12 virtual Smart Spaces Keynote, click here to register!