Are Millennial Tenants Willing To Pay Higher Rent Just To Have Access To Smart Technologies?
American consumers are investing billions of dollars in Smart connected products. If you are familiar with these products, you understand the reasoning behind this, but if you aren’t you have a lot to learn. Smart Home devices offer an array of benefits, including convenience, energy efficiency and a higher level of home security. Most millennial are tech savvy, because they spend 10 to 12 hours a day on their PC, smartphone, video gaming system, laptop or iPad. They also can barely stand being away their electronic devices for more than 10 minutes.
According to a study by Wakefield Research and Schlage, 86 percent of millennial tenants living in multifamily units are more than willing to pay higher rent, just to have access to remote-controlled devices. Only 65 percent of baby boomers were willing to sacrifice the extra funds.
Keyless entry was one of the most sought out amenities, with 6 in 10 respondents citing that it would entice them to pay higher rent for a housing unit. The study also showed that 44 percent of the millennial respondents were willing to give up a parking space for a housing unit fitted with network interconnect devices.
Smart cities are popping up throughout the nation, with millennial first-time buyers ready to jump on board. These communities are integrated with Internet of Things (IoT) intelligent systems, meaning the homes within the community are more secure, energy efficient, convenient and comfortable. KB Home is just one of the American homebuilders that is integrating Smart Technologies in two Bay Area neighborhoods.
You can turn your home into a Smart Home, just by retrofitting it with Smart connect devices. To learn more about these products, just click on the following Amazon link.