IoT continues to grow, but what about all of that data?
IoT or the Internet of Things, used to mean broadly a system of digital and electronic sensors and devices which are all part of an invisible, but all pervasive communication structure, and as we get smart homes and smart working environments, the human is nurtured by this ecosystem. Much has been written about the impact of more and more ‘things’ plugging into the digital network, the drain of power to run the sensors and the digital operations, and the dystopian sprawl of IoT, but a bigger problem is emerging, what do we do with all of the data?
For a very long time, data scientists and stakeholders have been talking about siloed data, information kept in a bottle, with rise of IoT, data can now be decanted from multiple sources. In the commercial real estate sector, quite literally a commercial asset like an office block can be audited, with all the data that swarms around the building being used to build up a picture of what is going on.
This of course helps with the best way to run operations, from controlling temperature and lighting to facilitating the correct environment for those looking to do productive work. But with an ever expanding universe of IoT, just how will a stakeholder be able to make sense of a continuing larger batch of data. How can it discern what is useful to operations and what is not casual, and if the curve of IoT continues will mankind drown in the complexity of all of this information overload.
In some ways maybe we are at the cusp of another change in step with data, it used to be the preserve of large organisations who utilised large mainframe systems, then as technology kept doubling in size annually and the cost of the hardware keeps coming down, we are at a tipping point where instead of talking about big data, Generative AI would seem to be able to hold the key of knowing what is ‘going on’ through the data flowing through the IoT network.
Will the ‘Renters Reform Bill’ ever become an Act of parliament
It is difficult to fully understand just what the government, or specifically the Levelling Up and Housing Secretary Michael Gove is thinking regarding the so called Renters Reform bill. Will pressure come from Rishi Sunak the PM, to not to change the power balance that exists at present. Certainly his recent softening on the question of EPC’s for let property does pose the question will measures such as Section 21 actually be rescinded?
From industry organisations like RICS to private landlord groups like NARLA, it would seem that after many years of threatening to do certain things, all of a sudden the Conservative government now seems to realise that it soon will be in general election mode, and legislation that is difficult and unpopular is something they do not need.
There have been countless soundbites about the rights of landlords and tenants, the rising cost of rents, the need for rent caps, (a disaster in Scotland) the need for property to be free from damp and to be safe. But no-one has actually put together any new policy. Still we wait for the lessons to be learnt from the as yet unfinished Grenfell Tower inquiry a local government mananged multiple occupancy property, which clearly was not fit for purpose.
So with all of this inertia, and given we are nearly into October, will there be enough government time to push through a housing Act that ties up all of the disparate problems that are engulfing both the private and the public rented sector. Will renters actually see any reform, or will it be left to the next government be it Conservative or Labour or even a blend … that gets to stamp its authority over this extremely complex matter.
What is clear is that with the end of cheap money, many private landlords are selling up and leaving the sector which will put pressures on rents. There will be 40% less new homes being built in 2024, so again that will feed in to the amount of available stock for rental, as traditionally landlords were a big proportion of the build to rent sector, so if fewer being built and fewer landlords buying them as the financial return is less, where does that leave the UK and its rental market.
Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.