Kristen Hanich, Parks Associates (in partnership with SmartRent) | May 2025

This white paper examines how smart energy solutions can deliver operational savings and increase resident satisfaction in multifamily housing. It notes that electricity bills for residents rose 32% since 2020, reaching an average of $123 per month in 2024. The report outlines four “low-hanging fruit” strategies—smart lighting controls, improved window insulation, smart thermostats, and HVAC maintenance—that help reduce energy use. With up to $3.4B in potential savings across the sector, the paper argues that energy-smart retrofits benefit both building operators and environmentally conscious residents.

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