Outdated networks preventing widespread IoT and smart amenities in older multifamily properties, according to Parks Associates white paper sponsored by Xfinity Communities
PHILADELPHIA – September 19, 2024 – Xfinity Communities, a division of Comcast Corporation (NASDAQ:CMCSA, news, filings) serving multi-dwelling properties, today released multifamily property research in a new white paper, “Scaling Connectivity for Multifamily Properties,” from Parks Associates. The findings indicate that multifamily properties 10 years old or older face significant challenges in maintaining stable device connections, hindering their ability to implement IoT technologies and smart devices. These buildings often require urgent network improvements.
The research, in partnership with Xfinity Communities, explores solutions for older properties struggling with modern network and IoT technologies. There is a significant disparity: 82% of multifamily properties over 10 years old offering WiFi report connectivity challenges, compared to just 13% of newer buildings.
“Robust, property-wide, connectivity is the foundation of modern multifamily living – it’s no longer optional, it’s a competitive imperative,” said Ilan Eframian, Vice President, Xfinity Communities. “By unlocking the potential of existing infrastructure and adopting cutting-edge solutions and systems, property owners can elevate their communities, enhance operational efficiency, and foster long-term loyalty with residents.”
Property owners and managers face increasing pressure to modernize their multifamily properties to meet resident expectations, reduce costs and stay competitive. A robust network infrastructure is essential to achieve these goals by enabling smart building features, improving operations, and future-proofing the property.
Other notable findings from the study include:
- Most multi-dwelling unit residents say having internet ready to go immediately after moving in is “very important” in their next home
- 69% of properties that do not offer WiFi access to residents today say managing resident WiFi is a hassle, the #1 reason for not offering it
- 32% of properties offering WiFi say they have difficulty maintaining device connections and 30% have difficulty managing credentials
Technology is essential for multifamily property owners and developers to thrive in today’s competitive market. By making strategic investments to their existing network infrastructure, property owners and managers can transform older properties into smart, connected communities. This infrastructure supports essential services like property-wide WiFi, connected amenities, and building IoT networks.
Parks Associates estimates there are 3.56M smart apartment residential units in the US market, and 2.7M smart condos, equating to 17% of residential MDUs. This research explores methods by which existing properties can make the most out of their existing infrastructure to gain access to smart building benefits and highlights key considerations for scaling connectivity upgrades to become a smart property quickly and cost-efficiently.
To access the research white paper, please visit[EP1] www.parksassociates.com/products/whitepapers/scaling-connectivity-for-multifamily-properties. To learn more about Xfinity Communities, please visit: xfinity.com/multifamily
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, WiFi 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 Xfinity Communities
Xfinity Communities provides residents, property managers, owners and developers with a smarter living experience that differentiates properties with customized solutions. Offering a better network, better entertainment and better service to multifamily properties, senior villages and college dwellings, Xfinity Communities properties deliver an end-to-end service throughout the resident’s technology lifecycle. Xfinity Communities is transforming more than 189,000 properties and 14.7 million units across the country. For more information visit Xfinity Communities or follow us on LinkedIn.
About Comcast Corporation
Comcast Corporation (NASDAQ: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences.
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Media Contact:
Matt Helmke, Corporate Communications
Comcast Corporation
215.286.8666
Matt_Helmke@comcast.com
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