News
A new report by a leading provider of property management solutions for the rental housing industry claimed that only 1 percent of renters have the Wi-Fi service they want at their current residence.
Only 1 percent of renters have the freedom of travel in their residences with uninterrupted Wi-Fi service, according to SmartRent’s Community Wi-Fi Report, which was released as a tactical guide to the multifamily market.
The report relies on a third-party study conducted by Parks Associates, according to SmartRent.
An Oct. 31 release from SmartRent said the Parks Associates study “sought to better understand the current competitive landscape and provide guidance to multifamily owners and operators on how to best meet the demand for connectivity in the industry.”
The study included insights from 2,000 apartment renters across the United States and included the participation of a dozen technology companies in the multifamily market, according to SmartRent.
According to the report, 79 percent of renters said they have an interest in seamless connectivity throughout multifamily properties and almost half of those surveyed reported a willingness to pay nearly $80 a month for a gigabit Wi-Fi service.
“As an industry, rental housing is falling short of renters’ Wi-Fi needs and expectations, and those demands will only continue to grow,” said SmartRent CEO Lucas Haldeman, whose comments were provided to Broadband Communities. “Renters not only need reliable service, but the flexibility to move about their communities without losing connectivity. A lot of people now have flexible jobs, but their apartment communities aren’t supporting that flexibility and catering to that lifestyle.”
Haldeman said renters need full-time connectivity that follows them wherever they go, and it is up to operators to meet that demand.
Top findings from the report included information that 64 percent of the Parks Associates survey respondants reported being willing to pay nearly $50 per month for community Wi-Fi, according to SmartRent.
“Research finds a majority of residents currently pay a premium for retail or bulk internet service with fewer features and slower speeds than managed or community Wi-Fi, with over half still receiving internet download speeds under 250Mbps,” a main takeaway from the SmartRent report stated. “As prospective residents, they are perfect targets for community Wi-Fi.”
Elizabeth Parks, the president and chief marketing officer for Parks Associates, said her company’s research revealed that operators can attract more residents, improve both staff and resident retention, and streamline operations by employing Wi-Fi service that encompasses an entire property.
“The report points not only to operational savings but potential revenue generation, beyond what antiquated retail and bulk Wi-Fi can offer,” she said.
See the full SmartRent Community Wi-Fi report at SmartRent’s website by clicking here.
