Tenants want more tech in their apartments and multifamily landlords and developers are putting in the technology to meet that demand.
While building-wide WiFi, electric chargers and rooftop decks remain popular among tenants, smart building technology is becoming the new “it” amenity.
From package delivery lockers to smart locks, landlords are turning to tech-enabled amenities to woo tenants who are willing to pay more for these features.
In a Schlage and Wakefield Research survey of 1,000 U.S. multifamily renters, 86% of millennials are willing to pay one-fifth more for a smart apartment. Gen Y renters are 61% more likely to rent a unit because of electronic access such as keyless entry, and 55% are willing to pay more in rent for a unit with a smart lock.
Smart lock systems, such as Latch, Kwikset, August Home, Schlage and Yale Locks & Hardware, are being installed in existing and new units throughout the country.