How Smart Retrofits Turn Rental Homes into Smart Homes
Next time you walk past a row of buildings, look up and consider that many of those buildings will still be in use decades from now.
In many countries, it is estimated that 80% of the houses people will live in in 30 years have already been built. However, in a rapidly changing world, the need for smart home connectivity has never been greater, both for the convenience that smart home technology provides, or the sustainable practices it facilitates.
Old buildings simply cannot provide the infrastructure needed to meet these new demands. That's why smart retrofits are a definite solution.
What is Smart Retrofit?
Smart retrofit is defined as the process of implementing smart technology in a retrofit project. For example, a rental housing asset may decide to install smart locks on its old doors to increase convenience and better manage on-site access.
In addition to providing older buildings with modern technology, one of the main purposes of smart retrofits is to reduce the carbon emissions produced by typical rental buildings. This is a key step towards achieving the UK's goal of achieving net zero emissions by 2050.
Between today and 2030, global capital expenditures in the energy, transport, food and land-use industries are estimated to reach £50 trillion. The market opportunity in the UK alone is expected to reach a valuation of £1 trillion by 2030, with companies providing the goods and services needed to achieve net zero emissions.
These numbers show that smart retrofitting of rental housing has enormous growth potential and can contribute significantly to net-zero progress in the coming years. In addition, it prepares housing assets for future smart designs that will allow them to prosper in the long term.
The benefits of a smart retrofit
It’s now possible to retrofit rental homes with smart home amenities. Smart devices such as electronic locks and leak detection sensors enable management teams to work smarter, not harder, while also providing vital information about energy consumption, community access, and more.
This is critical for housing developments where emissions must be reduced. The intelligence also helps demonstrate ESG compliance – which will define profitable housing investments in the near future.
Residents today also want smarter homes, so operators must retrofit their rental assets to provide a smart living experience.
Retrofit-ready smart devices
Smart retrofits may involve simpler or broader timelines. Some products are great for retrofit projects and can provide substantial returns in the long run, but may take longer to implement. These include:
- Smart locks that allow residents and guests to enter a unique code to enter their homes. In the event of a lockout or vacancy, building operators can remotely manage access as needed.
Getting started with airEkey
Investing in smart retrofits is a worthwhile endeavor, especially for rental buildings that need to reduce energy consumption.