With record new inventory hitting the market, the multifamily housing industry is growing increasingly competitive. Newer and older properties must vie for renters, and key decision makers are looking towards meaningful ways of differentiating their communities. This study examines renter demand for smart, safe, and secure living solutions, looking at the actual impact to renter decision making. It identifies the impact of investments into resident-facing apps and app functions, property access control, security cameras and smart security solutions, and smart door locks for residential units, comparing them against more traditional amenities.
Key questions addressed:
- What is the landscape of adoption of smart living and smart safety amenities and services in multifamily housing?
- Which amenities and services act as differentiators for renters, and to what extent do these differentiators drive consumer choice?
- What value do residents place on apartment apps, and what features are they looking for?
- How do residents evaluate safety and security in communities? Which features have the greatest impact on perceived safety?
- Do residents believe investments into smart, safe, and secure apartment living justify rental increases? If so, by how much?
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