Renters Would Pay Extra For Smart Apartments

Apartment renters want smart home technology so much that many are willing to pay extra for it.

Many studies on smart homes presume the home is owned, rather than rented, which could make a difference as to what type of connected devices a consumer purchases.

For example, a home owner with a family may opt for a security system installed by a supplier like Comcast, ADT or Verizon, while a millennial may want something a bit more portable, such as a DIY wireless security system. In either case, there’s perceived value in acquiring smart devices.

It turns out that the majority (57%) of apartment renters are willing to pay at least $20 a month more if smart home technology is included, according to a survey of 1,000 U.S. adult apartment renters conducted by Entrata.

Renters would rather pay a premium for smart home features than they would for a pool.

On the list of desires of renters are smart home features and high-speed internet. Here are the top 10 things renters would pay a premium for, according to the survey:

  1. Basic technology package, like high speed internet
  2. In-home laundry services
  3. Online rent payments
  4. Secure access
  5. Gym, fitness center
  6. Smart home features, like smart thermostat, keyless entry
  7. Video surveillance
  8. On-site child care
  9. Pool
  10. Automated maintenance request service

For renters, security seems to be an issue with one out of five residents saying they feel unsafe around their community property. The most important smart home amenities to renters are, in order, security cameras, keyless entry, smart thermostats, security system and outlet controls.

Renters clearly see value in smart technology. Almost a quarter (23%) of them would be willing to pay $31 to $45 a month more in rent, and 8% of those would pay $46 or more, for a smart apartment.

Smart technology will be residing everywhere.

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