SmartRent, Inc.
SmartRent, Inc. is a U.S.-based real estate technology company that builds connected property management systems for multifamily and other rental housing operators. Its platform combines cloud software, smart building hardware, and connected devices to help owners, managers, and residents control access, automate operations, and manage smart home functions through a single interface.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware and devices for smart apartments, access control, WiFi, monitoring, and resident experience.
Workflow tools for work orders, leasing calls, audits, and inspection automation.
Connected devices and hubs that integrate third-party and SmartRent hardware.
Installation, training, and support services tied to deployments and customer onboarding.
Products
Reported · share of revenue- Hosted Services48.1 %
- Hardware Service38.1 %
- Professional Services13.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
SmartRent sells primarily to property owners and operators in rental housing, especially multifamily owners and managers in the United States. Its customer base also includes single-family rental owners, homebuilders, and iBuyers that need standardized smart-home and property operations tools across large portfolios.
Buy smart access, WiFi, resident controls, and operations software for apartment portfolios.
Use connected devices and workflow tools to standardize management across dispersed homes.
Purchase smart-home and access-control packages for newly built homes and communities.
Adopt SmartRent systems to manage and monitor homes held for rental or resale.
Potential buyers of the platform for offices, hotels, retail, industrial, or self-storage.
Strategy
SmartRent’s strategy is to expand the installed base of connected units and deepen adoption across existing customer portfolios. It also aims to broaden the platform from multifamily housing into single-family rental, student housing, senior housing, new construction, and selected commercial property types, using an open-architecture system that works with third-party devices.
More deployed units increase recurring platform usage and deepen customer relationships.
Broader product adoption raises switching costs and makes the platform more embedded in operations.
New end markets increase the addressable market beyond core multifamily housing.
Brand-agnostic integration helps customers standardize across mixed hardware environments.
Geography
Q1/2026SmartRent is headquartered in the United States and its disclosed customer base is concentrated in the U.S. rental housing market. The company also describes potential expansion into international markets, but the business profile in the reports is primarily tied to domestic multifamily and single-family rental portfolios.
Share of the revenue the company reports by geography.
Risks
SmartRent’s business depends on customer adoption, third-party hardware and software partners, and secure handling of resident and property data. The company also faces seasonality in deployments, cybersecurity exposure, and the risk that macroeconomic conditions or customer spending decisions slow new installations or expansion within existing portfolios.
- Cybersecurity and privacy breachesImpact: HighLikelihood: Medium
The platform stores and processes personal, payment, credit, and property-access data.
Exposure - Third-party supplier and partner disruptionImpact: HighLikelihood: Medium
Hardware, manufacturing, and integration depend on external vendors and partners.
Exposure - Customer retention and expansion riskImpact: HighLikelihood: Medium
Revenue depends on winning new deployments and expanding existing portfolios.
Exposure - Macroeconomic sensitivityImpact: MediumLikelihood: Medium
Property owners may delay technology spending when financing or occupancy conditions weaken.
Exposure: New customer wins and add-on sales
- Seasonality in deploymentsImpact: Medium
Spring and summer typically see more deployment activity than late fall and winter.
Exposure: Quarterly revenue and operating cadence
Accounting
Judgemental itemsContracts combine hardware, installation, and hosted services, so timing of transfer affects reported revenue.
Impact: Quarterly revenue mix and deferred revenue balances
Advance customer payments are recorded before revenue is recognized.
Impact: Balance sheet liabilities and future revenue visibility
Deployment demand is stronger in spring and summer and weaker in late fall and winter.
Impact: Quarter-to-quarter comparability
The company recorded a goodwill impairment charge when impairment indicators were identified.
Impact: Non-cash earnings volatility and asset carrying values
Software development costs are capitalized and later amortized, affecting cash flow and expense timing.
Impact: Operating expense profile and investing cash outflows
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Last updated: 24/09/2026