Contributed Article
By: Valerie M. Sargent, Broadband Communities
The National Multifamily Housing Council and Grace Hill partners have released their 2024 Renter Preferences Survey. See what’s at the top of the list for technology desires for today’s multifamily residents.
Each year, Grace Hill partners with the National Multifamily Housing Council (NMHC) to conduct a Renter Preferences Survey. The 2024 results were revealed at the NMHC OPTECH conference in November, and here are some of the highlights in the areas of Technology and Broadband.
Respondents were spread across 78 markets in the United States, and renters between the ages of 25 and 34 were the largest group in the sampling (38 percent of total respondents). In examining resident expectations around in-unit and community technology, their desires appear to be evolving, not unlike the technology itself.
High-speed internet access and reliable cell reception continue to be absolutely essential for renters, as you can imagine. Of respondents, 90 percent were either interested or wouldn’t rent without high-speed internet, and 54 percent valued having internet service immediately available, stating it is absolutely essential. Another 33 percent said it’s very important. With most people using cell phones as their primary number, reliable cell reception was at the top of the list for 86 percent of renters, with 39 percent saying they would not rent without it.
There were some work-from-home trend changes from 2022 to 2024. During the latter stages of the COVID-19 epidemic, 62 percent of renters surveyed said they worked from home at least once a month, with 45 percent working remotely at least several days per week. As we saw more workers return to the office, the numbers have evolved a bit. Fifty-two percent of 2024 survey respondents reported working from home some of the time, with thirty-nine percent working from home several days a week, and thirty-one percent working from home every day.
In the areas of Smart Home Technology, developers and operators find themselves weighing the benefits of what features or amenities are “must have” items for their residents. Because this type of technology can be expensive from both an installation and operational perspective, examining the cost-benefit analysis is particularly important for those installing different Prop Tech amenities.
Smart home technology has been more desirable to renters during recent years. For example, the majority of respondents were either interested or wouldn’t rent without a video doorbell in the unit (65 percent), keyless smart locks (67 percent) and smart thermostats (72 percent). For those who wouldn’t rent without a given feature or amenity, residents often associated a value with those amenities, indicating a willingness to pay a premium per month for those types of benefits.
As the technological needs of residents continues to drive the need for better broadband-related services, we see more companies implementing managed Wi-Fi networks to help ensure residents have the best possible experience as broader economic, technological, and social trends shape their lifestyles. Watch for affordability, shifts in employment, electrification, and more emphasis on seamless connectivity to continue to play larger roles in leasing decisions into 2024 and beyond.
These are just a few snippets of the entire report. The Grace Hill/NMHC 2024 Renter Preferences Survey is available for purchase with an interactive dashboard that allows you to filter and sort survey data results. Click here for more details and to purchase the comprehensive survey.
Valerie M. Sargent is a multifamily speaker, trainer and executive consultant and is the multifamily news correspondent for Broadband Communities. For more information, visit www.nmhc.org, www.bbcmag.com or www.valeriemsargent.com, where you can contact her directly.
