Smart Apartment Technology Amenities for Appealing to Gen Z
We’ve reviewed real estate industry research on what today’s renters want and are willing to pay more for. We’re talking about you, Gen Z renters. This round-up of the top 5 smart apartment technology amenities also includes tips about the amenities that will automate tasks for building owners and simplify property management. Here’s what we’ll cover:
- What Is Smart Tech?
- How to Make Your Building Smart
- Top 5 Smart Apartment Tech Amenities
What Is Smart Tech? The Internet of Things (IoT)
Smart tech refers to technology that is a part of the Internet of Things, or IoT. We first started hearing about the Internet of Things in the late 1990s. Kevin Ashton, often called the Father of IoT, defines it this way: “The IoT integrates the interconnectedness of human culture — our ‘things’ — with the interconnectedness of our digital information system — the internet.” It relates to the billions of physical devices collecting, storing and sharing data. The watchwords are sensors, wireless networks, big data, artificial intelligence and analytics, among others.
How to Make Your Apartment Building Smart
So, the takeaway is that investment property owners need to connect their building to the internet. And that’s how you make your building smart.
For older buildings, a wireless connection is often the best option for connecting to the internet. For example, a wired system would be expensive to install for the owner and disruptive to residents because whole building wiring is a labor-intensive and time-consuming undertaking.
But a wireless smart access control system requires only three things for installation: an internet connection, power and a door lock release mechanism.
5 Smart Apartment Tech Amenities Gen Z Renters Want and Will Pay Higher Rent to Get
A recent survey by NMHC/Kingsley Associates on Apartment Rental Preferences had this to say about internet connectivity:
Over 91% of apartment residents say high-speed internet is an important factor when considering an apartment. Nearly 75% stated that Wi-Fi should be pre-installed.
An additional 60% of residents felt that community Wi-Fi was also an important amenity. this is it. Now, this is it. Here are the top 5 smart apartment technology amenities that Gen Z renters value most:
5. Power outlet controls
Power outlet controls enable remote control of electrical outlets and smart plugs. They make it easy to control appliances and reduce energy consumption and are perfect for making each unit in your building more energy efficient. Plus, power outlet controls are an easy and affordable way to introduce smart home tech to your apartment building.
4. Security system
According to research from Entrata, a property management software company, 1 in 5 residents report feeling unsafe around their community property. So, it makes sense that residents value smart home technologies that provide security and peace of mind. Security systems mentioned include outdoor and in-home surveillance cameras.
3. Smart thermostats
Smart thermostats allow residents to adjust heating or cooling settings from their smartphones. They have been shown to reduce the cost of utilities, saving your residents money. Additionally, energy efficient smart tech is appealing to Gen Zers who tend to be more eco-conscious renters. The cost of device purchase and installation will pay for itself over time, as this is a smart apartment amenity that today’s renters want.
2. Keyless entry and guest management
Your Gen Z residents expect the modern convenience of an access control system that comes with a smartphone app. Connected to cloud software like myQ Community, residents can identify guests and confidently grant or deny entry from anywhere. Look for popular features that allow residents to:
- See who wants in with one-way video calling that doesn’t show the resident’s face.
- Talk to the person at the door with two-way voice communication.
- Press to unlock any door in the building with permissioned access granted by the administrator.
- Send one-time or recurring passes for guests or deliveries anytime from anywhere.
- Use a DPA (digital personal assistant) to unlock doors with voice command.
1. Security cameras, doorbell video cameras
And the most valued smart tech amenity is the security doorbell camera. As mentioned before, Entrata’s research shows that 1 in 5 residents report feeling unsafe around their community property. It makes sense that those residents place the most value on smart apartment technologies that provide security, peace of mind and awareness of what’s happening around them. Look for popular security and safety features that enable residents to:
- See who wants in before unlocking the door with an intuitive interface with a high-definition color touch display and picture-in picture design.
- Get the complete picture of who’s at the door with an integrated camera that delivers a wide-angle video stream of the entrance.
- Feel safe with 24/7 video monitoring of entrances.
Smart Tech, Including Access Control is More Than an Amenity – It’s a Digital Experience
That’s right, smart tech is an experience. And that experience should be convenient for Gen Z renters. These 20-somethings expect a seamless connection to the internet from anywhere, including the convenience of seeing who wants to enter their building from their smartphone.
Citing the Entrata survey once again, many residents will pay higher rent if smart home technology is in the picture. More than half of residents (57%) are willing to increase their rent payment by at least $20 per month to get the high-tech apartment they want, and approximately 1 in 4 would pay more than $31 per month.
With that in mind, the smart thing for property owners to do is to offer Gen Z residents the convenience, safety and security of 21st-century smart tech, starting with a smart access control video intercom system.