Recently, millennials have supplanted Baby Boomers as the largest generation on the planet. With such a huge number of people, many of who are 20-somethings beginning to get a little spending power, you better believe companies are doing everything they can to try and crack the enigma that is the millennial buyer and figure out what they value most (beyond ironic t-shirts, protesting, and coffee shops).
Perhaps unsurprisingly, when it comes to a place to live, what millennials value most is technology. A recent survey from Wakefield Research and Schlage of 1,000 U.S. renters in multifamily dwellings revealed that 86% of millennial renters who live in multifamily dwellings would pay higher rent for a “smart” apartment. For comparison, only 65% of Baby Boomers would pay more for an apartment packed with automated or remote-controlled devices.
The survey also found that over 61% of millennial renters would rent an apartment specifically for electronic access features, such as keyless entry doors, and 55% would pay more for an apartment with high-tech door locks compared to traditional door locks. Another 44% of Millennials said they would sacrifice having a parking spot if it meant they could live in a high-tech apartment. Overall, millennials would pay about one-fifth more for smart home features than other generations.
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.
At least according to this survey, the average millennial renter is more concerned with technology and convenience than anything else in an apartment, and are willing to pay for the things they desire.
The Schlage survey was conducted in October 2016 via email and an online survey.
Related Stories
Industry Research | Apr 4, 2016
AIA: Public-private partnerships could solve nation’s public infrastructure crisis
A new white paper addresses the nation’s $3 trillion public infrastructure crisis and how public private partnerships offer a possible solution.
Retail Centers | Mar 16, 2016
Food and technology will help tomorrow’s malls survive, says CallisonRTKL
CallisonRTKL foresees future retail centers as hubs with live/work/play components.
Architects | Mar 11, 2016
AIA survey finds many women and minority architects still feeling underrepresented and unfulfilled
Dissatisfaction with “work-life balance” and compensation are cited as reasons why companies’ diversity strategies may be faltering.
Office Buildings | Feb 26, 2016
Benching, desking, and (mostly) paper-free: Report identifies top trends in workplace design for 2016
The report, from Ted Moudis Associates, encompasses over 2.5 million sf of workspace built over the past two years.
Multifamily Housing | Feb 24, 2016
Senior housing sector experiences record-setting year, says CBRE
Senior housing occupancy is at its highest level since 2007, and 2015 was a record year for sales and institutional transactions, according to CBRE.
Industry Research | Feb 22, 2016
8 of the most interesting trends from Gensler’s Design Forecast 2016
Technology is running wild in Gensler’s 2016 forecast, as things like virtual reality, "smart" buildings and products, and fully connected online and offline worlds are making their presence felt throughout many of the future's top trends.
Industry Research | Feb 18, 2016
Public restroom neglect on the rise
Americans are encountering more unkempt restrooms, triggering negative perceptions of businesses, according to a new study.
Industry Research | Feb 8, 2016
Changing of the guard: Big cities giving way to newer, less expensive offerings
U-Haul truck rental costs are a good early predictor of migration trends in the U.S.
Multifamily Housing | Feb 2, 2016
10 top bathroom design trends for 2016
Floating vanities, tricked-out showers, and freestanding tubs highlight the top bathroom design trends, according to a survey of kitchen and bath design professionals by the National Kitchen and Bath Association.
Multifamily Housing | Feb 1, 2016
Top 10 kitchen design trends for 2016
Charging stations, built-in coffeemakers, and pet stations—these are among the top kitchen design trends for the coming year, according to a new survey of kitchen and bath designers by the National Kitchen & Bath Association.