SmartRent sells smart home and building technology — primarily to large multifamily apartment operators, but also to single-family rental owners and homebuilders. The core product is a hardware-enabled software platform that connects IoT devices (smart locks, thermostats, leak sensors, hub devices) across a property to a single cloud-based management interface. Property managers use SmartRent to remotely manage units and buildings: controlling access, monitoring vacant units, detecting leaks, and automating tasks like work orders and inspections. As of year-end 2025, SmartRent had roughly 891,000 units deployed across approximately 600 customers, with relationships covering about 13% of the U.S. institutionally owned rental market. SmartRent generates revenue through three streams: recurring SaaS subscriptions (~70% gross margins), one-time hardware sales, and professional installation services. SaaS is the economic engine — ARR was approximately $57M in late 2025, growing roughly 7–11% YoY, with churn below 0.1%. SaaS ARPU on the existing base runs ~$5.65–$5.70 per unit per month, while newly booked units are pricing above $8, pointing to meaningful expansion opportunity. SmartRent manufactures some hardware under its "Alloy" brand and integrates with third-party devices from Yale, Honeywell, and Ring. The platform also includes software tools for leasing automation, inspections, and audit management. Growth levers include expanding the installed unit base, increasing ARPU through new capabilities like AI-driven energy management and predictive maintenance, and penetrating adjacent verticals such as student housing, senior housing, and commercial real estate.