How do you ensure that your multi-family property meets the needs of today’s renters? There has been an 82% increase in renters who are interested in renting in a building with electronic access control. A recent report from Allegion called “Multifamily Living Trends: A Study on What Multifamily Renters Desire, Expect, and Will Pay More for in Their Residences” breaks down what renters are looking for today and highlights how the pandemic and property technology have transformed renters and property owners alike. Over 1,000 study respondents who currently rent or own multifamily residences, or plan to do so within the next two years were analyzed in the report.

But first let us dive into Proptech, what it is and how it has transformed the real estate industry. A blog from WebOsmotic titled “What is Proptech and How It is Changing the Real Estate Space” unpacks the definition of Proptech and how it is transforming property management and maintenance:

“Proptech, which stands for property technology, refers to the application of technology and innovation to various aspects of the real estate industry. It encompasses a wide range of technologies, including artificial intelligence, big data analytics, blockchain, virtual reality, the Internet of Things (IoT), and cloud computing. Proptech aims to streamline processes, improve efficiency, enhance transparency, and provide new value propositions in real estate transactions and operations.

Proptech has transformed property management and maintenance processes. IoT devices can be utilized to monitor energy consumption, optimize utility usage, and enhance security through smart home solutions. Property managers can remotely monitor and control various aspects of a building, such as temperature, lighting, and access systems. Moreover, predictive analytics and machine learning algorithms can identify potential maintenance issues, allowing for proactive repairs and cost reduction.”

Now that we have reflected on the impact of property technology in real estate, what did Allegion find in their study on multi-family living trends? The report highlights several key trends and challenges in the real estate industry, including the fact that people want smart features and will pay more for them:

1. The Impact of Proptech: $24.3 billion was invested in Proptech companies in 2021, attracting high-quality residents and offering enhanced amenities. Over 1 in 2 respondents would be willing to pay 1-10% more for property technology. 61% of respondents are comfortable using Proptech.
2. Rise of Mobile Access Control: Mobile access control is popular, with 59% of respondents preferring places that offer it. The willingness to pay for mobile access control has increased by 82%.
3. Amenities Based on New Behaviors: Free Wi-Fi is the top amenity, followed by affordability and proximity to work and school. Home security systems and smart home technologies are prioritized over fitness centers and pools.
4. Value of Safety: Less than 1 in 3 respondents feel secure in all areas of their home. Electronic door locks connected to the internet have increased by 140%. Respondents are willing to pay more for smart doorbells, outdoor cameras, and mobile access control.
5. Leasing Preferences That Convert: Inattentive property management is a deal breaker for 16% of respondents. Self-guided tours are well-received, especially by residents with higher incomes. Effective communication is crucial for attraction and retention.

With mobile access control, intercom systems, cameras, smart package delivery systems and many more smart prop tech solutions available through Allmar, our consultants work with you to provide expert solutions and support for new construction and retrofit solutions. Solutions include electrified and mechanical hardware, hollow metal doors and frames, lockers and washroom accessories, operable walls, washroom partitions, wall protection, access control, surveillance, as well as security and traffic flow systems and much more. Our track record of success equips us to design effective, customized solutions based on your needs, budget, and multifaceted requirements. These solutions can be seamlessly integrated, giving you greater flexibility and peace of mind.

Read the original Allegion blog here and the WebOsmotic blog here.