Allegion Finds Young Multifamily Residents Value Tech, Post-COVID Lifestyle Changes
(Image courtesy of Allegion report)
Allegion U.S., Carmel, Ind., a security products company, released a survey identifying trends for young multifamily renters and owners, revealing an increased adoption of smart home technology and data on which amenities are valued.
The study, titled, “2023 Multifamily Living Trends: A Study on What Multifamily Renters Desire, Expect and Will Pay More For in Their Residence,” found “proptech”–or property technology–and smart home devices are becoming more prevalent.
More than 33% of respondents reported currently using at least one smart home device, up 13% from the last time the survey was conducted, in 2019. Sixty-one percent said they are comfortable using proptech items such as smart locks, resident portals and cameras. And, 38% reported smart home technology a must-have, with 51% of renters who make more than $100,000 saying it is a “need-to-have” amenity.
Interest in mobile access control is increasing. From 2019 to 2023, there was an 89% increase (to 34% from 19%) in respondents who would be willing to pay more for mobile access control that would allow them to remotely monitor entry of their home.
Some effects of the COVID-19 pandemic were also visible in the responses.
Respondents ranked free Wi-Fi as their No. 1 amenity when seeking a new multifamily residence, just behind affordability and proximity to work or school, with 45% saying it’s a “must-have” amenity. Pet-friendliness was a “must-have” for 45% of respondents as well.
Additionally, package delivery management is viewed as an important amenity–42% reported using grocery or meal delivery services, up 16% from the previous survey in 2019.
Adequate in-unit space was a must-have for 44% and work from home space was a must-have for 36%.
In terms of dealbreakers, 40% said high monthly fees are in their top three.
In addition, when asked about dealbreakers when selecting a new residence, 35% listed a property in a high crime area, 20% said a residence having no in-unit washer/dryer, 19% said not having electronic or high-security locks and 14% said a lack of onsite amenities, including gyms.
“Multifamily has always been a dynamic market as result of changing lifestyle behaviors and introduction of new property technologies,” said Connie Alexander, Senior Manager for Primary Research & Insights at Allegion. “Our research reveals that we are witnessing the impact of Proptech adoption and lifestyle changes following the pandemic. It’s important for property owners to take note of these shifts to best allocate short- and long-term investments in their properties that will help attract and retain quality residents.
The survey was of 1,009 individuals ages 22-39 who currently rent or own multifamily residences or plan to in the next two years.
