While property owners can’t always control the crime rates around them, they can provide security upgrades that will give their renters added peace of mind and deter criminal activity. Best of all, these access control upgrades are not just preferred by residents – they’re willing to pay more for them.
Allegion’s 2023 Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More for in Their Residences surveyed people living in multifamily homes to learn how current trends and behaviors of residents in the multifamily market are impacting the industry.
35% of survey respondents said it would be a deal breaker for the property to be located in a high crime rate area. Read on to learn how resident safety can make or break your property.
Security Features Valued Most
22% of respondents reported that they currently use electronic door locks that are connected to the Internet, a 140% increase from 2019. And 23% of respondents currently use non-Internet connected electronic door locks, a 91% increase from 2019. Outdoor lighting and deadbolts were reported as must-haves by the majority of respondents. Smart doorbells and mobile access control were ranked by many as nice-to-haves. A significant percentage of respondents would like to see smart locks in their future residence.
Safety and security are clearly important to renters, and they’re more than willing to pay more for the security upgrades that give them the peace of mind they’re looking for. Over a third of respondents would be willing to pay more for smart doorbells with video, outdoor cameras, and mobile access control.While costs and proximity to school and work are predictably prioritized, over half of survey respondents say it would be nice to have property technology when considering future housing options. Smart locks, resident portals, and cameras are among the most sought-after Proptech features. Over 1 in 2 respondents would be willing to pay 1-10% more for property technology and nearly 3 in 10 would pay at least 11% more. As smart home technologies have evolved over the years, there is no shortage of available devices on the market today, including smart doorbells with video and smart electronic door locks.
Granting Access to Others
Feeling secure in your home is one thing, granting access to others is another. While 19% of respondents are comfortable giving their family and friends access codes or keys to their unit, 47% are comfortable hiding keys to their apartment outside in case they get locked out. Property owners and managers have the chance to reduce labor costs and save time by preventing unintentional resident lockouts while also assisting the resident in avoiding a bad experience.
Sharing keys or hiding them outside creates the opportunity for that key to be lost, stolen, or copied without the permission of the owner. Proptech solutions can help mitigate these unpleasant outcomes. Property owners must understand the needs of their residents in regard to these unique access control scenarios and implement solutions to create a seamless experience for all.
By striking a balance between security and convenience, building owners and operators may enhance the desirability of their property by providing security for both tenants and staff, as well as more daily staff productivity and higher NOI. It’s important to assess the current state of access control and make adjustments to create a balanced experience that appeals to the demands of today’s renters.
To learn more ways you can increase resident satisfaction and revenue, download the full Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More For in Their Residences.