Forecast 2024 of trending opportunities for Multifamily Communities. (Part 2)

By Alice LaPlante

Part 2 – Technology that’s on point.

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For residential and multifamily developers, owners, and managers looking to advance their companies’ health, wealth, and technology in 2024, understanding emerging trends can help lay the groundwork for fresh strategies. In Part 1 of this series, we focused on company health and wealth, reviewing out-of-the-box ways to incentivize staff and delight residents. And to keep resident satisfaction high, now is not the time to cancel or delay alluring facility upgrades and competitive amenities. An out-of-the-box solution may keep those projects on track.  

Moving into Part 2, technology is now integral to all aspects of residential businesses and consumers’ lives. Here is what Quantum Fiber Connected Community experts have identified as the 2024 technology integrations trends–either deemed as sensible and less sensible, and how to capitalize on them at residential communities.

Not trending – The lingering COVID-19 look in shared living spaces

We have fortunately reached a time where the COVID-19 way of life is mainly a distant memory. Public places with spread-out or off-limit gym equipment and plexiglass barriers between workspaces and leisure seating have mostly been removed.

In with the “new look” of smart-connected mingling

Residential owners and home-owners associations (HOAs) ready to reinvent community spaces will want to bring the fun back into indoor and outdoor community living through amenities that encourage social activities. Atlanta Apartment Association suggests connected cyber lounges, kid zones with WiFi-enabled areas for parents to relax in while supervising child play, and easy access between indoor and outdoor spaces such as roll-up glass garage doors.

These community amenities could also include media, party rooms, and other leisure and workspaces. Whereas outdoor spaces once just had grills and picnic tables, now residents seek larger lounge seating areas, pergolas, outdoor game tables, pickleball courts, hammocks, USB and power outlets, WiFi and other amenities to create spaces that allow people to spend time together in shared spaces.

Trending – Smart amenities that serve modern living

According to research from Parks and Associates, 27 percent of multifamily unit residents have a smart device provided by their landlord or property owner–a percentage that is expected to increase. Technology advances can dramatically improve living conditions, either those that are necessary or becoming standard. Electric vehicle (EV) charging stations, package receiving, secure storage systems, water and energy-preservation systems, electronic gates and entries, keyless locks, voice-activated home lights and alarms, and more are fast becoming the norm. 

Multifamily owners and builders must also prepare for reasonable accommodation requests by people with disabilities. In 2023, the National Fair Housing Alliance reported 53 percent of complaints filed with federal agencies were for discrimination based on disability. To avoid HUD investigations and liability for lawsuits, Internet of Things (IoT) smart devices are economical solutions.

IoT connectivity partnerships for smart amenities

Smart communities must have a constant and consistent connection to their IoT devices. For example, Quantum Fiber offers a service called Connected Pass℠ which enables IoT traffic to pass through the Quantum Fiber network, whether there’s an active subscriber in the home or unit or at any designated location. This provides seamless connectivity for property owners as they integrate IoT partners into their facilities. This solution can reduce both the upfront and ongoing maintenance cost of serving a property and enhances speed to service.

Technology plus an ISP that’s on point

Although many internet providers can bring high-speed broadband into your multifamily community, not all of them can accommodate new innovations, such as WiFi equipment and XGS PON technology, owned and managed global cybersecurity measures, and end-to-end services. With fiber-to-the-unit/fiber-to-the-home, Quantum Fiber service now offers up to 8 symmetrical gigabit speed in some areas. That is 40 times faster than the average advertised U.S. download speed (based on the weighted average advertised U.S. data connection download speed of participating internet providers of 193.9 Mbps in the FCC’s Measuring Fixed Broadband Eleventh Report, December 2021). This is made possible because Quantum Fiber has prioritized initiatives to deliver this to both existing multifamily dwellings and all new residential construction plans.

Read Part 1 of the Forecasting 2024 series for company health and wealth trends.

Contact a Quantum Fiber Connected Communities expert to learn about connectivity solutions tailored to your multifamily community.

Quantum Fiber® Connected Communities provides customized fiber solutions for apartments and communities.

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