As the world becomes more connected, so do our homes. In 2021, over $6.7 billion dollars in venture capital was spent on multifamily Proptech companies and is on the rise. It’s widely accepted that Proptech can help to attract responsible, high-quality residents and provide enhanced and safer cross-property amenities, lower operating costs and increase revenue.
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.
Proptech that pays
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.
Distributed Wi-Fi is another popular amenity that can be used by property owners to attract higher-paying renters, offering convenience and a better overall experience. Renters benefit from not having to worry about selecting a service provider, scheduling installation, or experiencing downtime before having internet access. Free Wi-Fi is the top-ranked amenity for future housing options, with 45% of respondents saying it is a must-have amenity. Fast and reliable Wi-Fi is particularly important for remote or hybrid workers who may need to work from home.
Integrated User App
An integrated user app can connect all property technology software and devices into one cloud-based app, creating a seamless experience for owners, managers, staff, and residents. A streamlined resident portal app is the most valuable amenity for future housing options, with over half of respondents saying it is a must-have. Residents can benefit from an all-in-one experience where they can pay rent, submit maintenance tickets, chat with office staff, track package deliveries and more.
Today’s multifamily renters are looking for more than just Proptech in their next place of residence. Download the Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More for in Their Residences to gain a better understanding of today’s trends influencing the multifamily market.