Recently, millennials have supplanted Baby Boomers as the largest generation on the planet. With such a huge number of people, many of who are 20-somethings beginning to get a little spending power, you better believe companies are doing everything they can to try and crack the enigma that is the millennial buyer and figure out what they value most (beyond ironic t-shirts, protesting, and coffee shops).
Perhaps unsurprisingly, when it comes to a place to live, what millennials value most is technology. A recent survey from Wakefield Research and Schlage of 1,000 U.S. renters in multifamily dwellings revealed that 86% of millennial renters who live in multifamily dwellings would pay higher rent for a “smart” apartment. For comparison, only 65% of Baby Boomers would pay more for an apartment packed with automated or remote-controlled devices.
The survey also found that over 61% of millennial renters would rent an apartment specifically for electronic access features, such as keyless entry doors, and 55% would pay more for an apartment with high-tech door locks compared to traditional door locks. Another 44% of Millennials said they would sacrifice having a parking spot if it meant they could live in a high-tech apartment. Overall, millennials would pay about one-fifth more for smart home features than other generations.
It isn’t just technology millennial renters are after, however. Convenience and security are also important. 63% of millennial respondents said they would move out of an apartment because of poor security. Additionally, 64% of millennials feel it is more important for an apartment to be closer to work than friends and family.
At least according to this survey, the average millennial renter is more concerned with technology and convenience than anything else in an apartment, and are willing to pay for the things they desire.
The Schlage survey was conducted in October 2016 via email and an online survey.
Related Stories
Architects | Apr 27, 2017
Number of U.S. architects holds steady, while professional mobility increases
New data from NCARB reveals that while the number of architects remains consistent, practitioners are looking to get licensed in multiple states.
Market Data | Apr 6, 2017
Architecture marketing: 5 tools to measure success
We’ve identified five architecture marketing tools that will help your firm evaluate if it’s on the track to more leads, higher growth, and broader brand visibility.
Market Data | Apr 3, 2017
Public nonresidential construction spending rebounds; overall spending unchanged in February
The segment totaled $701.9 billion on a seasonally adjusted annualized rate for the month, marking the seventh consecutive month in which nonresidential spending sat above the $700 billion threshold.
Market Data | Mar 29, 2017
Contractor confidence ends 2016 down but still in positive territory
Although all three diffusion indices in the survey fell by more than five points they remain well above the threshold of 50, which signals that construction activity will continue to be one of the few significant drivers of economic growth.
Industry Research | Mar 24, 2017
The business costs and benefits of restroom maintenance
Businesses that have pleasant, well-maintained restrooms can turn into customer magnets.
Industry Research | Mar 22, 2017
Progress on addressing US infrastructure gap likely to be slow despite calls to action
Due to a lack of bipartisan agreement over funding mechanisms, as well as regulatory hurdles and practical constraints, Moody’s expects additional spending to be modest in 2017 and 2018.
Industry Research | Mar 21, 2017
Staff recruitment and retention is main concern among respondents of State of Senior Living 2017 survey
The survey asks respondents to share their expertise and insights on Baby Boomer expectations, healthcare reform, staff recruitment and retention, for-profit competitive growth, and the needs of middle-income residents.
Industry Research | Mar 14, 2017
6 ways cities can prepare for a driverless future
A new report estimates 7 million drivers will shift to autonomous vehicles in 3 U.S. cities.
Office Buildings | Mar 7, 2017
Large creative office projects generate staggering returns for property investors
A new Transwestern report examines the adaptive reuse trend across the U.S.
Industry Research | Mar 7, 2017
These are the 10 most expensive cities in the world to build in
Paris, Frankfurt, and Macau are all on the list, but none of them are more expensive than the city in the number one spot.