The multifamily numbers this winter are straightforward.
➜ Vacancies are sitting at a record 7.2%.
➜ Rents slipped another 1% in November and are now 5.2% below the 2022 peak.
➜ A growing share of young renters are not forming new households. CoStar notes 32.5% of 18 to 34 year olds now live with family.
What this supply wave really means for owners
Construction starts are slowing, but deliveries are still hitting the market at the wrong time.
Yardi increased expectations for 2025 and 2026 supply by 6.8% and 2.5%.
Demand is shaky and leasing teams feel the pressure.
The industry is relying on concessions, building upgrades, and operational efficiency to stand out. Some help. Some do not.
Most upgrades do not move NOI in a meaningful way
Fitness centers photograph well.
Package lockers help staff.
Smart tech automates small tasks.
The impact on revenue is usually marginal.
Connectivity is different.
Renters treat internet as a daily utility and leasing teams view it as a deciding factor. Owners get reliable recurring income from it.
Why Network-as-a-Service is pulling ahead
Owners want three things:
- Stronger renewals
- Better NOI
- Faster stabilization
Network-as-a-Service (NaaS) supports all three and does not depend on rent growth. The model is gaining ground across every segment from mid tier regional firms to large institutional owners.
1. Capital is tight. NaaS avoids the upfront spend.
Traditional ISP upgrades require capital.
Network-as-a-Service avoids this. Elauwit funds the fiber build and delivers gigabit service in every unit.
Owners pay a predictable monthly service fee.
The approval cycle is shorter and projects move faster.
2. Renters choose buildings with better connectivity
When buildings look the same, internet becomes the visible differentiator.
Average US renters pay $79/month for retail internet. Parks Associates reports roughly 40% of renters prefer included or bulk models.
Properties that deliver real gigabit internet see fewer complaints and stronger renewal potential.
3. NOI uplift that shows up immediately
NaaS creates dependable revenue.
Owners see 200 to 300 basis points of NOI improvement.
Opex is lower because the entire property stack runs on a single managed network. That includes cameras, access control, HVAC IoT, and staff systems.
4. Support that does not fall onto your team
Internet issues usually show up at the leasing office.
Our support structure removes that burden.
➜ Residents get hyper-personal support (we answer each call in under :30 seconds), and access to local technicians.
➜ Property staff get a network that simply works.
Why owners are choosing Elawuit instead of traditional ISPs
The market has many connectivity vendors.
Owners tell us the differences are clear.
1. We’re the only publicly-traded company focused on multifamily WiFi.
Public reporting gives owners confidence in long term stability, performance, and operational discipline.
We’re an easy choice when it comes down to peace of mind.
2. We’re built for existing buildings.
Many ISPs prefer greenfield development.
Elauwit specializes in retrofitting existing assets from the 1970s through today.
The installs are fast, clean, and designed for occupied buildings.
3. We stay personal.
Operators want a partner they can reach.
Residents want support from an actual person.
Owners want predictable results.
That is the work we prioritize.
A market with rising vacancies needs levers that work
When rent growth stalls, the portfolio strategy has to change.
Owners look for upgrades that protect revenue, reduce friction for staff, and give residents a better experience. NaaS fits that equation.
If you are navigating the market conditions outlined above, we can help you review whether Network-as-a-Service is a fit for your portfolio.
Sources:
CNBC Property Play reporting by Diana Olick (Dec 2025).
Data cited from Apartment List, CoStar, and Yardi.