If your community doesn’t support smart technology, you’re missing out. Today’s Gen Y and Gen Z renters are driving the demand for a new kind of amenity in apartments and other rental properties. A pool and gym are nice to have, but high-speed internet and pre-installed Wi-Fi are what today’s renters are looking for when choosing a place to live.
86% of Gen Y respondents would be willing to pay more per month for a unit with remote-controlled devices or automated features. 55% of Gen Yers are likely to pay more for high-tech door locks.
It’s time to get your smart technology game plan going. Let’s start with the top five smart amenities that today’s renters expect and will pay more to get.
#5 Smart Power Outlet
A smart power outlet looks and works like an ordinary electrical outlet but can also be used to automate any appliance or device you plug into it. This smart amenity can be controlled with an app or a smart speaker like Alexa.
#4 Security System
For 75% of renters, safety is their top concern. It’s important that they can see exactly what you are doing to protect them. Security upgrades can also improve the value of your property and help with rental turnover, reducing
financial drain.
63% of Gen Y would move out due to a lack of security.
75% of Gen Y rated the safety of the building and neighborhood as important.
You can address residents’ concerns about safety without hiring a security firm. Here are five smart technologies you can install to create a safer and more welcoming environment for residents.
5 Affordable Security Measures
- Cloud-based access control for common areas
- Smart intercoms
- Smart locks
- Smart cameras
- Monitored life safety systems such as CO2 monitoring
Connected air monitors can replace older carbon monoxide alarms. These monitors can also be connected to IoT-enabled air filters, ensuring that indoor air quality is kept at a healthy level. Take things a step further by outfitting each room with its own smart speaker to create an intelligent and affordable home audio system that additionally controls the lights and window shades.
#3 Smart Thermostats
Smart thermostats allow residents to program and easily manage the temperature in their homes based on several factors including daily schedules, vacations, weather conditions, and more. Smart Thermostats can also optimize cooling and heating costs by adjusting to the weather report and sensing when people are home or away. Installers and homeowners can choose to do setup and scheduling at the wall like a traditional thermostat, or they can use a companion app for their smartphone.
#2 Keyless Entry
Keyless entry is a smart resident amenity that hits all the sweet spots today’s renters expect. It’s frictionless, free of barriers, and, above all, convenient. Keep in mind that smart video intercoms offer resident-facing apps that
allow tenants to unlock their doors from their smartphone — or ask Siri to unlock the door for them.
Keyless entry also allows residents to give guests and routine visitors like dog walkers access without the hassle of giving them a spare key. And the codes are trackable for another layer of security.
#1 Video Intercom Monitoring
A video intercom is a smart way to control who can enter your property and when they can enter. It allows people with permission, like a resident, to enter a community or building. It restricts access to others until they have been authorized to enter. The authorization can come from a manager or from a resident using the access control smartphone app.
Ready to take the next step?
With LiftMaster’s smart video intercoms, powered by myQ, you get a scalable access management solution that:
- Enhances security.
- Automates property management workflow.
- Gives residents the smart tech amenities they want and will pay more to get.
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Source: Schlage’s Industry Insight Survey. What Millennial -Gen Y Renters Want
