Smart security and automation products aren’t just for homeowners; rental property managers can also benefit from this technology. Renters are becoming increasingly more concerned with security, and with smart technology making its way into every other aspect of their lives, millennial renters are especially likely to expect smart security features when they are looking for apartments.
According to an industry study performed by Shlage, 86% of millennials (currently aged 20-35) are willing to pay higher rent for an automated, or “smart”, apartment. That would entail smart locks, automated thermostat, automated lighting, etc.
61% of millennials surveyed in Schlage’s study revealed that they would be likely to choose an apartment specifically because of electronic access features. Keyless-entry doors have been identified as a highly-desired feature for the current generation of apartment renters. 45% of those surveyed would go so far as to say that physical door keys will become obsolete within the next 10 years.
The renter’s marketplace is continuing to evolve. Renters are coming to expect smart technology in multi-family properties and they will flock to and pay more for those that offer the features they find important. If you’re a rental property owner, it’s important to stay on top of the trends to continue attracting the younger market.
It’s typically easier than you’d think to integrate smart technology into rental properties. If you’re a rental property manager in New England, Alarm Computer Technology offers a wide variety of affordable smart security integrations. We can help you modernize your apartment building and keep your renters safe and satisfied. Learn more about our services here.