Next-Gen Living for Diverse Properties and Residents

Designing Smart Experiences: Property Types and Resident Segments

With the trend towards urbanization and the increasing demand for affordable housing, the number of consumers living in multifamily properties is expected to continue growing in the coming years. The millions of Gen-Z, digital-native consumers now aging into the multifamily market are driving both demand and preferences, as are the millions of boomers on the other side of the age spectrum who are interested in downsizing and community living in their retirement years.

These consumers have unique needs and preferences when it comes to amenities, services, and technology, and property owners and managers are constantly seeking new ways to provide them with the best possible living experience. The most appealing smart home use cases differ by property type and resident segment. Vendors offering solutions in this market must develop comprehensive solutions that can meet the needs of different target segments within this market.

Condo Owners are Smart Device Enthusiasts, Renters Prioritize Internet

Smart apartments and smart condo residents typically fit a specific consumer profile. These consumers are oftentimes remote workers, and many are parents or otherwise living with other people. They are generally younger than other households and have higher annual incomes.

Smart condo owners are high-tech adopters, with high degrees of educational achievement, a propensity for remote work, and greatly over-index in their adoption of 24/7 professional security monitoring—adopting at 2x the rate of single-family homeowners. Fifty-eight percent report owning and using smart home devices of their own—far above average, and even above single-family homeowners. A third already reported using smart home devices provided by the property as well. Simply put, condo owners expect their properties to be connected and invest their own money into acquiring smart solutions for their connected lifestyle.

Smart apartment households are newer to connected living but are ahead of property owners in smart device use. Twenty-two percent own and use at least one smart home device or appliance, with just 7% reporting that they use a property-provided smart home device. However, compared with standard amenities, apartment renters are as likely, or even more likely, to rate connected features such as advanced internet options as “very important.”

Communities and companies looking to appeal to these groups will benefit from portfolios including smart devices and internet services.

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Download our complimentary white paper, “Smart Living: Elevating the Resident Experience,” developed in collaboration with Cox Communities . This white paper highlights new ways to serve the resident with enhanced experiences across all property classes. It investigates how builders, property owners, property management firms, and HOA and condo management firms are investing in new broadband and Wi-Fi networks and smart device deployments to offer their residents a premium experience. The research uncovers key consumer segments and expectations for smart home experiences and amenities requiring always-on broadband.

Download now: https://tinyurl.com/2v5hr26u

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