It’s not a surprise that Millennials value technology more than anything. It is intriguing, though, that young renters say they are willing to pay more for it.
Building Design+Construction reports that, according to a recent Wakefield Research and Schlage survey of 1,000 U.S. renters in multifamily dwellings, 86 percent of Millennial renters indicated that they would pay a higher rent for a “smart” apartment. By comparison, only 65 percent of Baby Boomers said they would pay more for smart technology.
The survey found that Millennial renters value home features such as keyless entry doors and high-tech door locks.
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.