CREJ

May 2021 — Multifamily Properties Quarterly — Page 31 www.crej.com T he multifamily industry is one of the largest in the country. With so many resi- dents, employees and mov- ing parts, one of the biggest challenges for multifamily develop- ments is supporting the connectiv- ity needs of their customers. With ever-increasing internet usage over this past year, a spot- light was shone on the complexi- ties of delivering high bandwidth connections with strong coverage. Successful properties must deliver more streamlined propertywide solutions that cater to the needs and demands of residents who work, school and enjoy many forms of online entertainment from home. This is most true for a property’s Wi-Fi network. As properties were forced to take a hard look at their internet offering, many realized they needed to do something differ- ent. In fact, high-speed, reliable inter- net has emerged as the “fourth utility”; it is just as important these days as electricity and water. When residents move into a new apart- ment, they expect the lights to turn on and the water to run on Day One; and now they also expect their Wi-Fi to be fully set up and ready for email, browsing, stream- ing, downloading and video calls. The best way to accomplish this is through a managed Wi-Fi network. n Wi-Fi matters. Studies show there will be a 36% increase in work performed outside the office after the pandemic. Residents are spend- ing more time in their apartments, and gig-speed, reliable, secure networks are critical for the mul- tifamily industry to evolve to meet their needs. Denver itself has one of the fastest-growing populations in any metropolitan area, with inward migra- tion from younger, tech-savvy profes- sionals who work from their apart- ments, and this trend is only accel- erating. In the last 20 years, Colo- rado has gained 1 million residents, with 700,000 in just the last decade. Property owners must consider what these residents are looking for when moving into a metro area during a hyper-digital age. n The managed Wi-Fi solution. Managed Wi-Fi is the future of the multifamily experience. It allows residents to access their personal, protected network in unit or from anywhere on the property, including the gym, pool or lobby, which we expect will see an increase in use post-pandemic. Plus, because it is a propertywide solution, managed Wi-Fi is available to residents as soon as they arrive on site. Because of the remote work trend, the valuation of bulk, propertywide, managed Wi-Fi is projected to grow by $20 billion before 2026. As resi- dents expect immediate access to high-speed internet, managed Wi-Fi is becoming the new norm in the industry, and properties with tra- ditional, “do-it-yourself” Wi-Fi sys- tems will be left far behind. The traditional model of putting the burden on residents to man- age their own Wi-Fi is clunky and a time-sucking process – they must research and choose a provider on their own, wait for the installer and lock into a contract for a service that, at its best, is limited to their apartment unit. This choice often leads to disappointing outcomes for the resident and results in a missed opportunity for the property. Only the internet provider wins. n Bottom-line benefits. The switch to managed Wi-Fi is about more than just providing an exceptional resident experience. There are significant benefits for property managers, including an increase in monthly revenue, while creating a more streamlined, easier manage- ment process. Managed Wi-Fi creates an oppor- tunity to drive additional revenue that property owners miss out on with traditional models. With low entry costs and the flexibility to market this value-added service how they choose, properties have the opportunity to earn more, while residents pay less for higher-quality service. Plus, the property gains additional savings by leveraging the same network to support property needs, streamlining the experience for residents, guests and staff. It’s a win-win situation. A managed Wi-Fi network also can power smart-community solu- tions to promote contactless prop- erty entry, deliveries, smart in-unit technology and more. Upgrading to smart-community solutions reduces operational costs from pro- active maintenance, improves energy ManagedWi-Fi increases an asset’s bottom line Josh Rowe Director of product and business development, Dish Business Tech Because of the remote work trend, the valuation of bulk, propertywide, managed Wi-Fi is projected to grow by $20 billion before 2026. The Economist is an apartment complex in Denver that feature’s Dish Fiber propertywide. Please see Rowe, Page 36