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.
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.
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