Millennial Renters Willing to Pay Extra for Smart Apartment Technology

Millennial Renters Willing to Pay Extra for Smart Apartment Technology

Multifamily builders and developers can reach out to the highly sought-after demographic of Millennial renters by including smart apartment tech as standard.

According to a recent study by Wakefield Research and smart lock manufacturer Schlage, 86 percent of Millennial renters are willing to pay more for an apartment unit outfitted with automated or connected devices.

This large share of tech-saavy younger buyers is compared to just 65 percent of Baby Boomers interested in similar connected capabilities. This generational discrepancy could help developers target Millennials directly in their marketing efforts.

The study also found that Millennials are willing to sacrifice some features if connected technology is included in the apartment. For example, 44 percent of respondents would give up a parking space to live in a smart apartment.

RELATED: Photo Tour: Apartments at The Waverly Use Smart Home Tech

RELATED: Renters Clamor for Smart Home Tech in Smaller Spaces

Developers that include smart apartment tech as standard can stand out in the market.
Developers that include smart tech as standard can stand out in the market.

Security was a top concern among Millennial renters in the study as well—more than half of Millennials (63 percent) would move out of an apartment building due to poor security.

Developers and integrators can appeal to security-minded renters by including monitoring systems around the community and remote-monitoring technologies inside each individual unit so that the renter can check in on the home when away.

This study surveyed 1,000 U.S. renters that currently live in multifamily housing.

For more great content, be sure to subscribe to our newsletters

Follow TecHomeBuilder on Twitter and like us on Facebook

About The Author

Michael Black is a staff writer and content coordinator at TecHome Builder. He has a particular interest in new solar developments and smart energy systems and is always looking for the next smart home trend to cover. As the youngest member of the TecHome team, Michael brings a passion that keeps the team energized. He also is instrumental in leading our social media efforts.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *