High-speed internet and Wi-Fi are among the most important amenity factors to apartment dwellers when making a rental decision, even more than in-room laundry facilities, according to a new survey.
Technology drives the multifamily industry, according to a release from Comcast’s multifamily development services division.
The company’s new report, “Networking with Residents: Technology Drives the Multifamily Industry,” examines the state of technology in the multifamily industry by including input from property managers and developers across the country. The report can be downloaded here.
Among those surveyed, 87 percent believe that technology plays either an extremely or very important role in keeping residents satisfied, with 75 percent reporting that the majority of new and prospective residents ask about communications services (internet, phone, TV) in their building prior to renting, according to the survey.
“Property managers and developers are balancing the requirement to provide sophisticated technology for their residents with the challenges of providing the latest network infrastructure,” Mike Slovin, vice president of XFINITY Communities, said in the release.
“Residents expect a high-level of services, and in an increasingly competitive rental market, the need to provide new services and upgrade existing ones intensifies,” he said.
The survey was conducted among 205 building managers, building owners and real estate developers of multifamily properties located in the U.S.
Key apartment amenity findings:
- 34 percent ranked Wi-Fi access as the most important amenity, followed by high-speed internet (25 percent) and in-room laundry facilities (13 percent)
- 30 percent believe quality communications services boosts property values by at least 20 percent
- 89 percent cite technology as an important factor in a renters’ decision to sign or renew a lease
- 88 percent agree that tenants 18-34 prefer high-tech amenities more than residents 52 and older
- 82 percent install the latest technology in order to “future proof” their buildings.
- 60 percent said they plan to make energy efficiency-related improvements this year
The report also suggests that property managers and developers are investing in network infrastructure, with 47 percent currently managing fiber networks.
The survey was conducted using a random sample of 205 building managers, building owners and real estate developers of multifamily properties located in the U.S. The survey was administered online between December 7-10, 2016 with 205 qualified building managers and owners completing the survey. The margin of error for the overall findings is 5.79 percent at a 90 percent confidence interval. For more information about the services offered by XFINITY Communities, visit: https://www.comcast.com/Xfinitycommunities or LinkedIn.
About XFINITY Communities
XFINITY Communities™ provides multifamily property and residents with a better network, better entertainment and better service. With one of the largest fiber networks in the country spanning more than 150,000 miles, a one-of-a-kind interactive TV experience with XFINITY X1, and dedicated property support, we provide an end-to-end service that translates to better living for more than 189,000 properties and 14.7 million units. Our Advanced Communities Network (ACN) – a fiber network solution that provides your properties with gigabit speeds – can help attract new residents while giving existing residents what they want.