Closing the PropTech Gap: Advanced HVAC Solutions for Residential Buildings and Hotels

Advanced property technology (PropTech) solutions have historically been tailored towards commercial real estate like Class A office buildings. This is especially the case with operations and maintenance technology. Residential buildings and hotels have been lagging in the technology adoption curve primarily due to their distinctive operating characteristics.

Fault detection and diagnostics (FDD), alarming/alerting, and other tech solutions that support property operations can be difficult to apply to buildings that are continuously occupied, potentially understaffed, and have older HVAC systems. These buildings can often benefit from a solution that provides automated control adjustments to their HVAC systems, limiting the need for manual adjustments at all times of the day.

Adding fuel to the fire, an article published in Facilities Dive says, “The majority of tenant issues come down to comfort, with 66% of respondents saying it is their most common request, according to the firm’s survey of 236 property owners, facility managers, operation executives, and other commercial real estate professionals.”

The article later stated, “Sustainability initiatives and ESG reporting are also gaining attention from commercial property teams. The report notes that over the past three years, commercial property teams have continued to prioritize energy efficiency and expense reduction, with 64% planning to prioritize these issues in 2024.”

So, why should you care about PropTech solutions specifically built for residential buildings and hotels that target occupant comfort and sustainability?

Highrise white condo building with balconies that is a good fit for Parity's services

Why Should You Care About PropTech Solutions?

Residential building and hotel staff should care about bringing advanced PropTech solutions into their properties for 4 reasons.

  • Building Staff Workloads: Automation can significantly reduce the workload of building staff by offloading repetitive tasks and streamlining workflows. Instead of getting an alert requesting a manual control adjustment, having a solution that automates control adjustments in real-time allows staff to focus more time on higher-value requests from their residents and guests.

 

  • Net Operating Income: Buildings can increase their net operating incomes (NOI) through automation. In addition to allowing the staff to do more with less, automating operational processes can reduce operating costs such as utility expenses and maintenance costs from service contractors.  This is particularly important in today’s environment of elevated interest rates and inflation.

 

  • Regulatory Compliance: This is the first year of New York City’s Local Law 97, while Boston is introducing BERDO in 2025, and Denver introduced Denver BPP back in 2021. These building performance standards are driving the adoption of PropTech solutions designed to deliver ongoing and measurable energy reduction. Automation and energy efficiency solutions targeting CO2 emissions can be a quick and cost-effective way for buildings to avoid potential fines.

 

  • Occupant Comfort: As the Facilities Dive article stated, comfort is a key concern for tenants and guests. A PropTech solution that targets your HVAC system with automated control adjustments will not only reduce the number of comfort complaints you receive but will also lower your utility costs and CO2 emissions.

 

Now that you know why getting advanced technology into residential buildings and hotels matters and why you should care, let’s explain how Parity can help.

Central heating and cooling system control in a boiler room that PropTech solutions can automate.

Parity’s Role In Bringing Advanced Technology Into The Residential Space

Unlike trophy commercial properties, multifamily residential buildings and hotels are continuously occupied, are more likely to be understaffed, and are more likely to lack advanced HVAC controls. Historically, the energy-focused PropTech market didn’t develop solutions that were customized to address these types of challenges in multifamily residential buildings and hotels.

This is the gap that Parity is filling. Our control optimization software and supporting Optimizer service are specifically designed for multifamily buildings and hotels.

Through integrating with a building’s existing HVAC controls, our Optimizer service remotely and automatically makes real-time control adjustments based on data from your building and external factors like weather forecasts. This minimizes energy consumption and reduces your staff’s workload while maintaining a comfortable building climate for your occupants.

Automated control adjustments open new opportunities for Demand Response and grid interactivity more generally.  Parity automates demand response protocols to run during demand response events.

Also, Parity directly reduces CO2 emissions by improving your HVAC systems’ efficiency. We deliver automatic energy savings to potentially reduce your exposure to fines from building performance standards. As energy efficiency and greenhouse gas emissions regulations tighten, Parity opens new, low-cost opportunities for compliance.

Lastly, Parity are experts in proactive troubleshooting. Proactive troubleshooting allows building staff to solve things quickly if something goes wrong. If our service detects an operational anomaly with your equipment, we send color-coded alerts, tiered e-mails, and text messages to building staff as soon as the issue arises. Our service can identify issues in a building before your occupants are impacted.

If you want to learn more about how Parity is bringing advanced technology into the residential space, email contact@paritygo.com or call 1-833-372-7489. You can also visit our website to learn more about how we reduce utility bills in multifamily residential buildings and hotels.

Other Blog Posts

How We Maximized This Condos Demand Response Revenue ($10K+)

The Oxford is a 44-story condo nestled in the Upper East Side neighborhood of New York City. The building is [...]

Why Property Managers Love HVAC Optimization Software

Property management is all about juggling priorities - keeping tenants happy, monitoring costs, and ensuring building operations run smoothly. But [...]

How We Saved This Luxury NYC Building $165,917

Our HVAC systems were “running wild,” said former board president Dan Donnelly. “In terms of energy, we were performing in [...]