New white paper, released in partnership with Kwikset, examines new trends in modern access control solutions
At ISC West this week, Parks Associates released new research “Modernizing Multifamily Housing: Retrofitting Access Control,” in partnership with Kwikset, revealing nearly 72% of multifamily owners and operators report plans to upgrade existing smart building solutions in the next 12 months on at least one of the properties they own or operate. The research explores how owners and operators are responding to shifting conditions by retrofitting solutions, particularly access control, into their existing properties.
“Retrofitting, especially access solutions, is gaining momentum in multifamily housing,” said Kristen Hanich, Director of Research, Parks Associates. “While many multifamily properties report that new construction is the bulk of their projects, demand for retrofitting is soaring, especially for solutions that can be deployed in place without requiring additional renovations.”
The reasons for this trend are multifactor:
- Investors are increasingly recognizing the value of proptech and smart building solutions in improving operating efficiencies, reducing costs, and attracting and retaining residents.
- Existing properties are seeking to compete with the historic amounts of new inventory hitting the market.
- Owners and operators are seeking to justify rent increases by improving the value proposition for residents.
“Retrofitting access control solutions is a key strategy for multifamily property owners looking to modernize and stay competitive,” said Jeff Sandoval, Director of Marketing for Kwikset Electronics. “As demand for secure and efficient property management grows, smart locks provide a seamless way to enhance security and streamline operations without major renovations. At Kwikset, we focus on developing reliable and innovative solutions that integrate easily into existing properties, helping owners future-proof their investments.”
Retrofitting proptech improves property longevity and asset value, allowing for improved cash flow. Owners and operators have reported seeing numerous benefits from their investments in proptech and smart building solutions. Parks Associates’ research study “Smart Properties: The Value of IoT for MDUs” reported their smart building deployments had an impact varying between 15-20% on average savings for tested metrics.
“Retrofitting will continue to be highly impactful for many companies even after new construction activity picks up speed,” Hanich said. “Investments in smart building, done properly, will generate and continue to generate returns for many years to come.”
To request specific data, please contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@parksassociates.com, 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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About Kwikset®
Kwikset is the leading residential lock manufacturer, making homeowners feel safe since 1946. Kwikset works hard to understand the world you live in, so that we can do everything we can to protect it. The company’s unwavering commitment to meeting homeowners’ needs has inspired its innovative lock portfolio that includes patented SmartKey Security® deadbolts, keyless entry combination locks, connected home technology, Bluetooth-enabled Aura™, Wi-Fi and Matter enabled Halo™, door hardware with Microban® antimicrobial product protection and a wide variety of styles and finishes.
Our interior and exterior door products provide customers with the quality, technology, durability and style they want while guaranteeing the highest level of security. Headquartered in Orange County, Calif., Kwikset is part of ASSA ABLOY Americas Residential, an ASSA ABLOY Group Company. Kwikset products are sold online and through retailers and distributors throughout the U.S., Canada, Mexico and Australia. Visit us at www.kwikset.com.
