U.S. multifamily PropTech vendor revenue seen nearing $4 billion by 2031

Maravedis Research projects U.S. multifamily PropTech and IoT vendor revenue will approach $4 billion by 2031 as operators move away from point solutions and toward unified platforms. The report says the shift is being driven by adoption, not market expansion, and could reshape pricing, procurement and data strategy across apartment portfolios.

Why it matters: - U.S. multifamily operators are moving from separate point solutions to bundled platforms, which could lower per-unit software costs and change how vendors sell access control, HVAC, resident experience and AI tools. - The revenue opportunity is shifting toward unified data layers and outcome-based contracts, not just more devices. - Equipment and installation will remain the majority of vendor revenue through 2031, which means the market stays hardware-weighted longer than many vendors suggest.

What happened: - Maravedis Research published U.S. Multifamily PropTech: Trends, Economics and Market Forecasts 2026-2031. - The report projects vendor revenue for PropTech and IoT systems in U.S. multifamily housing will approach $4 billion by 2031. - Maravedis says the market is growing at a compound annual rate in the low twenties. - The report covers access control and physical security; HVAC, energy and sustainability; IoT and the connected unit; and platforms, resident experience and AI. - The report frames the smart apartment era as ending, with a decade of point solutions leaving the average property on 10 to 12 unconnected systems.

The details: - The report says adoption, not expansion of the addressable base, is driving growth through 2031. - Vendor interviews pointed to three pressure points: a per-door software bill that has become a board-level issue, an operational burden that has reached a ceiling, and data that gains commercial value only when unified. - Bought separately, the four categories of PropTech run from $9 to $26 per unit per month. - The report says the same functional coverage costs materially less under a single-platform contract than under separate point solutions. - One access control vendor quoted a modest per-unit price for front door management alone, then a figure several times higher when common areas, parking, thermostats and unit locks were added from the same price sheet. - The report includes a dedicated section on Smart Building as a Service, where building intelligence is delivered under one contract and priced against outcomes such as energy saved and work orders closed. - The report takes a narrow view of AI and says AI is the most requested capability in the market, but not a market category. - The report says no vendor interviewed sells AI as a standalone product. - Instead, vendors sell leasing automation, camera analytics, maintenance triage, natural-language querying of operational data and energy scheduling, each with an embedded model. - The report says category-level pricing bands and monthly savings per door are detailed in the report. - The report also says every penetration rate and price lever is exposed in a fully editable forecast workbook. - The report says equipment and installation remain the majority of vendor revenue through 2031.

Between the lines: - The economics favor consolidation because a per-door subscription is negotiated against other per-door subscriptions, while an outcome contract is negotiated against the cost of the outcome not happening. - Maravedis argues that makes Smart Building as a Service the model to watch. - The report suggests the bigger risk is sequencing, with owners funding data platforms before the network that feeds them. - In Maravedis’ view, AI value depends on the telemetry underneath it, which limits how far vendors can push model-driven claims today. - The report’s stakeholder guidance splits between new development and existing assets, and focuses on what to prioritize, defer, require at signature and watch.

What's next: - Maravedis will hold a private analyst briefing on Sept. 8, 2026, at 11 a.m. EDT for clients who purchased the report. - The report brochure is available as a downloadable brochure in the source text. - Property owners are expected to use the report’s framework to decide what to buy in the next budget cycle and what to leave for later.

The bottom line: - U.S. multifamily PropTech is moving from fragmented point solutions to bundled, outcome-based platforms, and the winners may be the vendors that control the unified data layer underneath.