Door hardware manufacturer Schlage has released a new study concluding that 86 percent of millennial renters who live in multifamily dwellings are willing to pay more for a “smart” apartment, meaning one that is equipped with automated or remotely controlled devices, compared to 65 percent of baby boomers.
Conducted with Wakefield Research, the company’s Industry Insight Survey was conducted with 1,000 U.S. renters in multifamily dwellings. The study found that millennial respondents have a desire for tech upgrades and the integration of next-generation access control systems.
The finding, the company says, is a major development because nearly half of American renters in multifamily dwellings expect to be renting an apartment for the next five or more years.
Results of the industry survey include six key insights into the millennial renter:
- Millennials want tech upgrades right down to the locks, as more than 61 percent are likely to rent an apartment specifically because of electronic access features, including keyless entry doors. In fact, 55 percent are likely to pay more for an apartment that has “high-tech” door locks compared to ones that do not.
- On average, millennial renters would pay about a fifth more for smart-home features.
- 44 percent of millennials would give up a parking space to live in a “high-tech” apartment.
- 63 percent would move out of an apartment due to lack of security.
- 64 percent feel that being close to work is more important when choosing an apartment than being close to friends and family.
- 45 percent of renters feel that physical door keys will be obsolete in the next 10 years.