Millennials who don’t have their hearts set on home ownership quite yet may be looking to rent for just a little while longer, and many may be settling into a multi-family dwelling. So what are these consumers looking for in an apartment?
To find out, Schlage recently polled 1,000 U.S. renters in multi-family dwellings. Their findings revealed two key trends: a desire for tech upgrades and the integration of next-generation access control features.
Willing to pay more
These findings are significant, considering nearly half of renters in multi-family dwellings are expected to rent an apartment for the next five or more years, Schlage noted.
- 55% of Millennials are likely to pay more for an apartment that has high-tech door locks compared to ones that did not.
- 20% of Millennials would pay more per month for a smart apartment. On average, they would be willing to pay about a fifth more for smart home features.
- 44% of Millennials would give up a parking space to live in a “high tech” apartment.
Smart home trends
While smart home systems are currently highly sought after by Millennial renters, features such as keyless entry are likely to become commonplace in the not-too-distant future.
Respondents also believe that smart apartment apps are on the horizon. Sixty-three percent agreed that in 10 years apartments will need to offer all renters smart apartment apps.