To stay ahead of the curve, MDU property owners must always be on the lookout for ways to increase their property value. Whether it’s adding a new amenity, upgrading individual units or finding a clever marketing angle, if you don’t stand out among the competition, you won’t be able to attract new residents and retain current ones.
Today, the best way to do that is by offering best-in-class internet connectivity, which makes your property more attractive to residents and streamlines your internal operations. In doing so, it can boost your net operating income and increase your overall property value.
Here’s how a Managed Wifi solution from Elauwit, a boutique telecom service company, can help you do just that.
Explosive Growth Increases Competition While the COVID-19 pandemic put a halt on new construction in 2020, that was only temporary. Both 2021 and 2022 experienced growth in the double digits for new construction starts in the multi-family sector, according to the U.S. Census Bureau.
New construction starts in 2021 soared 22.6% over 2020, which was the highest rate of growth in eight years. That was followed by a 14.5% increase in 2022 over 2021. And last year, 529,000 new units in the multi-family sector were started, the highest number since way back in 1986.
All of these new units will add significant competition to the market, emphasizing the importance of differentiating your property even more.
Properties with Advanced Tech Stand Out One of the best ways to stand out among the competition is to offer advanced technology to residents. With Managed Wifi from Elauwit, your residents can get exactly what they need now, and much more for the future, too.
Not only will residents be able to power their lives through whatever device they may have, they can do so property-wide. With an “always on” approach, residents will need just one simple login to stay connected no matter where they roam on the property. Providing guest access is a breeze as well.
What’s more, the Managed Wifi service allows residents and your property to run other applications over it, too, including smart home devices and various IoT applications such as keyless entry doors, smart appliances and personal security systems.
All of this makes your property attractive for future tenants. Not only that, but your current tenants will be happier with the service you provide. As they find it hard to get the same elsewhere, they’re more likely to stay, increasing your retention rate.
A recent report from the Rental Housing Journal pointed out that offering Managed Wifi could increase your annual net operating income. If you have 100 subscribers at your property, for instance, your NOI could increase as much as $60,000 per year just by offering Managed Wifi.
The reason is that resident satisfaction has a direct correlation with MDU profitability.
You Can Streamline Internal Operations From an operational standpoint, Managed Wifi from Elauwit can help you become more efficient and effective. In the same way that smart devices for residents can be run over the system, so, too, can internal functions. This includes not just back-end IT systems but also more advanced IoT applications such as GPS for employees, on-demand maintenance access, tenant turnover, in-depth analytics and much more.
The Managed Wifi network Elauwit provides is also much more secure than other options. Instead of relying on your employees to manage your technology, you’ll hand that responsibility over to a company with expertise in the area. This enhances your property value because it reduces your risk factors.
In addition, because you won’t have to design and build your own network from scratch, you’ll be keeping more money in your coffers, as Managed Wifi requires significantly less upfront capital than other options.
Get Started with Elauwit’s Managed Wifi Today You won’t be able to succeed in the multi-family housing market if you aren’t able to consistently retain current tenants and attract new ones. There are many tried-and-true methods of doing this, but the one that works the best now is to offer best-in-class connectivity.
The best solution for doing so today is Managed Wifi, and Elauwit provides a service that’s second-to-none. Contact us today to find out how you can get started with a Managed Wifi network today and increase your MDU’s property value immediately.