In recent years we have seen a significant shift in the housing market, with millennials becoming a large proportion of the rental sector. In fact, in 2023 almost a quarter (24.7%) of millennials said they expect to always rent their home (up from 13.3% in previous years).
As this number continues to rise, property managers are focusing on ways to meet their expectations, enhance their living experience and improve retention rates. One of the most effective strategies to do this is by integrating smart technology into rental properties.
Adopting smart technology benefits both property owners and millennial renters. For owners and managers, it can streamline their workloads, increase property values, improve occupancy rates and enhance their resident’s satisfaction. For millennials, it offers a living experience that aligns with their digital, mobile-first lifestyle, giving them the convenience they need while satisfying their sustainability demands.
The role of smart property technology in millennial multifamily rentals
Millennial renters value convenience, connectivity, and flexibility, often prioritizing these elements over more traditional housing characteristics such as size and location. This generation is also environmentally conscious and tends to choose communities that reflect those values. Smart property technology provides numerous solutions to meet these demands.
Here are four ways that smart property technology can enhance the rental experience for millennials:
1) Smart home features
From smart thermostats, smart access solutions and video doorbells, to automated security systems, smart lighting and water management solutions, property technology offers the convenience and efficiency that millennials crave. These technologies not only enhance home comfort but also contribute to energy and cost savings. Additionally, they promote environmental sustainability, an important consideration for this demographic.
2) Connectivity and high-speed internet
Reliable, high-speed internet is no longer a luxury but a necessity for most renters and especially millennials, with 22% ranking it as the most important amenity within a property. Ensuring that your rental offers top-notch connectivity allows residents to work from home, stream entertainment, and stay connected with ease, significantly enhancing their living experience.
3) Mobile integration
Millennials prefer using their smartphones to manage most aspects of their lives. Integrating mobile technology into properties can significantly improve the experience. This could include video doorbells that stream high-quality visual and audio footage directly to their phone or smart thermostats that can be controlled remotely for uniquely curated comfort and convenience.
4) Sustainability & green technology
Incorporating green technology, such as solar panels, energy-efficient appliances, and smart irrigation systems, can attract environmentally conscious millennials. Smart thermostats and smart water management solutions are another great choice for property managers. Once adopted, these solutions give renters the opportunity to reduce their energy consumption and prevent wastage, saving them money while protecting the planet.
Catering to the millennial market with smart multifamily technology is a strategic move that can boost the resident experience. With a focus on convenience, connectivity and sustainability, property managers can keep millennial renters satisfied and set new standards for the market.
Want to find out more on appealing to other demographics? Read our blog on meeting the expectation of Gen Z renters.
