The vast majority of multifamily residents—more than three in four—would accept an increase in their monthly rent in exchange for upgraded technology in their apartments, including high-speed internet and smart-home features, according to a new survey conducted by Lehi, Utah–based property management software company Entrata.
More than half of the residents surveyed, 57%, say they'd OK a jump in their rent by at least $20 a month in return for these amenities.
Of all the uses available for smart-home technology in a multifamily environment, residents consider features that provide them with awareness and peace of mind to be the most valuable, the survey found. These include security cameras, such as doorbell cameras or ceiling cameras; keyless-entry programs, including special codes for guests; smart thermostats; and other security features.
Entrata’s research also found that residents are by and large not loyal to a single smart-home brand. One-third of residents don't have a preference for one brand or company. Among those with a preference, 16% would be more likely to choose an apartment community with Google Home, 12% with Amazon Echo, and 11% with Apple’s HomePod.
The top six amenities residents reported they'd be willing to pay more for each month, listed in order, are:
- A basic technology package, including high-speed internet and/or cable TV;
- In-unit laundry;
- Online rent payments;
- Secure access;
- A gym/fitness center; and
- Smart-home features.
"While pools and other creative community features have often been seen as the draw for prospective residents, the survey shows that what residents really value upon move-in, and are willing to pay for, are technology add-ons and amenities," said Chase Harrington, president and COO of Entrata, in a statement. "Shifting the focus of development, marketing, and training efforts to these technologies is going to be key for apartments as residents begin to demand living in a smart, connected environment."
