Parks Associates and BUILDER Conduct Study on Smart Home Market
August 20, 2019
Twenty-one percent of MDU broadband households own at least one smart home device.
Parks Associates’ new research study surveys U.S. home and multifamily development (multi-dwelling unit) to reveal new opportunities for smart home technology in new construction.
MDUs, Home Builders, and Smart Home Technology, supported by BUILDER and Multifamily Executive, surveyed 200-300 home and MDU builders, offering insight into the current state of smart home implementation among U.S. builders of single-family and multifamily housing.
The research divulged:
- nearly 50 percent of consumers would rather have a home with smart home technology
- almost 30 percent of likely movers want technology pre-installed with costs rolled into a home mortgage
The research survey questions include:
- What role do consumer preferences play in home builders' smart home strategies?
- What are builders learning about homebuyer preferences for smart home solutions?
- How do builders segment consumer needs?
- How will builders capture value from smart home investments?
- How do builders' goals for the customer experience inform their technology strategy?
- How does the builder strategy match technology to market segments?
- What is the preferred method to deal with manufacturers and the preferred structure for purchasing contracts and distribution?
"New residential and MDU properties provide a prime opportunity to incorporate smart home features from the ground up and differentiate properties for potential buyers or renters," said Parks Associates’ Research Director, Connected Home, Brad Russell. "This research project will reveal the unique needs and challenges as builders undertake these projects, highlight different strategies for single-family versus MDU construction, and identify the best partnerships to deliver value to all players. We look forward to working with Hanley Wood's BUILDER and MFE on this important project."
Visit www.parksassociates.com for more information.