Is your property appealing to the renters of today? Allegion’s 2023 Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More For in Their Residences peeled back the curtain in the multifamily market to understand the living trends and behaviors of today’s residents. The report analyzes input from over 1,000 study respondents who currently rent or own multifamily residences or plan to in the next two years.
Over the last several years, the multifamily landscape has changed in significant ways – both for renters and property owners alike. Beyond the value of safety, resident peace of mind and the rise of mobile access control, the study shows how COVID-19 and the influx in Proptech have accelerated the adoption of new technologies and amenities designed to enhance the lifestyles of today’s renters.
The report highlights several key trends and challenges in the real estate industry:
- The Impact of Proptech: $24.3 billion was invested in Proptech companies in 2021, attracting high-quality residents and offering enhanced amenities. Over 1 in 2 respondents would be willing to pay 1-10% more for property technology. 61% of respondents are comfortable using Proptech.
- Rise of Mobile Access Control: Mobile access control is popular, with 59% of respondents preferring places that offer it. The willingness to pay for mobile access control has increased by 82%.
- Amenities Based on New Behaviors: Free Wi-Fi is the top amenity, followed by affordability and proximity to work and school. Home security systems and smart home technologies are prioritized over fitness centers and pools.
- Value of Safety: Less than 1 in 3 respondents feel secure in all areas of their home. Electronic door locks connected to the internet have increased by 140%. Respondents are willing to pay more for smart doorbells, outdoor cameras, and mobile access control.
- Leasing Preferences That Convert: Inattentive property management is a dealbreaker for 16% of respondents. Self-guided tours are well-received, especially by residents with higher incomes. Effective communication is crucial for attraction and retention.
To learn more about how Allegion supports multifamily properties of all sizes, visit us or contact a dedicated multifamily property consultant. Allegion’s consultants are trained in the specific needs of Proptech and multifamily access control and can help assess a property’s unique needs and help identify the right solutions and partners for the property.