TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 31 of 67

30 | M R EP O RT FEATURE Get Smart Smart home technology is more important to renters than you might think. Here's what investors and property managers should know. By Sean Barry R enters have spoken. They want smart home technology in their homes. And those who want it are willing to pay for it. As the pandemic forced many workers out of the office, having the convenience of smart home tech as they spend more time at home is a significant quality-of-life improvement. By offering smart home technology, property teams can meet evolving renter needs, retain current residents with better experiences, and provide the blend of technology and personal atten- tion that modern renters desire. Including smart home amenities can further optimize rental listings to help attract tech-savvy rent- ers more effectively. In today's competetive landscape, retaining residents and staying competitive in the market will be key to main- taining high occupancy. To get a better sense of their needs, our team sur- veyed over 1,500 renters for their thoughts about several common smart home devices, including smart lighting, outlets, appliances, keyless entry systems, automated package lockers, and voice as- sistant controls. We also asked renters how much extra they'd be willing to pay for the smart home technology they wanted every month. The results are intriguing. Renters Want Smart Home Tech, but Many Don't Have It Yet T he majority (82%) of respon- dents said they wanted a smart home device in their house, apartment, condo, or townhome. Of those surveyed, 35% expressed smart home tech was important or extremely important to them. Despite strong interest, 49% of survey takers didn't have a single smart home device in their residence. That's a sizable demographic and a big oppor- tunity for property owners and operators who are considering implementing this technology in their properties.

Articles in this issue

Links on this page

Archives of this issue

view archives of TheMReport - _FULL-MReport_March2022