Coldwell Banker and CNET last year released a joint study wherein 81 percent of those surveyed said they would be more likely to buy a smart home if smart technology was installed. The same holds true for renters, especially those of the millennial type.
A more recent study, conducted late in 2016 by Wakefield Research among 1,000 U.S. renters, revealed that 86 percent of millennial renters who live in multi-family dwellings would pay more for a “smart” apartment—one equipped with automated or remotely controlled devices. Even 65 percent of baby boomers said they would pay more.
Schlage recently shared the results in a news release, pointing out the significance of the statistics given that (a) almost half of Americans in multi-family dwellings expect to continue renting for at least the next five years and (b) millennials now outnumber boomers and we still have another five to ten years for the remainder of them to become independent.
What does this mean for multi-family, student and senior housing property owners? It means that in order to capture more of the millennial market, you’ll want to consider these factors and features from Schlage.
- Lock Down: Millennials want tech upgrades right down to the locks, as more than 61 percent are likely to rent an apartment specifically because of electronic access features, including keyless entry doors. In fact, 55 percent are likely to pay more for an apartment that had "high-tech" door locks compared to ones that did not.
- Smart Renters: On average, millennial renters would pay about a fifth more for smart home features.
- Tech vs. Parking: 44 percent of millennials would give up a parking space to live in a "high-tech" apartment.
- Advanced Security: 63 percent would move out of an apartment due to lack of security.
- Work/Rent Balance: 64 percent feel that being close to work is more important when choosing an apartment than being close to friends and family.
- The Future: 45 percent of renters feel that physical door keys will be obsolete in the next 10 years.