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Understanding the Millennial Renter & Their Connectivity ExpectationsJanuary 30, 2020
As a property owner, what is the secret to giving millennials what they want when they want it? The answer—providing The Connected Life Experience™ that they crave. The millennial demographic is huge and 50% of the 13,500,000 new potential renters are under the age of 30. Some call them impatient or the “Instant Gratification Generation.” While it’s true, their mantra is “I want what I want when I want it.” It’s not necessarily a character flaw. Let’s face it; today, it’s possible to accomplish countless tasks in minutes from a device that fits in your pocket. If that isn’t instant gratification, what is?
Millennials, in general, are native technology users and early adopters. They expect and embrace new technology to make their lives easier, tend to be financially risk-averse, and more apt to invest in experiences and technology that provide them with The Connected Life Experience™. In fact, as the number of networked devices rises from 8 to 13.6 per person, we see the 25-34 age group as the clear leaders of multi-device ownership. When asked about the most important apartment feature, 59% of millennial renters surveyed ranked Internet access at number one. For more statistics on millennial technology expectations and trends, check out our Millennials and Renting infographic.
A Day in the Life of an Average Millennial
They wake up, then while taking the dog for a morning walk around the property, remember that they forgot to start the coffeemaker. Using an app from their smartphone, they can start the coffee remotely. Next, they take a group fitness class in their own apartment with an elite trainer using their Peloton® or Mirror®. Millennials are the most fitness-obsessed generation. Peloton grew 200,000 users in its first five years with zero competition and Millennials lead the pack! After a quick shower it’s time to get to work, 93% of millennials take advantage of their employer’s remote work policy. When the doorbell rings, they check out the Live View for their Ring® home security device to make sure it’s their lunch or dinner delivery and not that neighbor they are trying to avoid. As video streaming is predicted to grow annually by 19.6% through 2025, it’s no wonder that the evening entertainment is to “Netflix® and chill”. Once they have turned in for the night, a thought hits them; did I lock the door? Using an app from their smartphone, they check that the smart lock on their apartment is locked and secure. They then turn off the lights and adjust the thermostat to a comfortable 68 degrees all from their smartphone that’s wirelessly charging on their bedside. And as they fall asleep they ask Alexa to play soothing sounds because they recently read an article that light noises help you fall asleep in no time. As you can see, millennials expect reliable connectivity throughout their day; especially at home.
Millennials as Renters
They Expect Access to Technology
Millennial residents desire fast, secure and easily accessible WiFi that works everywhere on your property (not just in their own units). Read our blog Your Tenants’ Needs are Changing. Can Your WiFi Keep Up? to delve more deeply into why WiFi is such a valuable amenity.
Why do millennials value connectivity more than other amenities, such as in-unit laundry? As digital natives, millennials rely on connectivity throughout their day. The introduction of the Internet of Things (IoT) has a plethora of smart devices that simplify daily life, for example, smart appliances, voice controllers, video cameras, smart security and doorbells, smart smoke and CO detectors, smart thermostats, and even smart sleep trackers. 61% of millennials are likely to choose an apartment because of electronic access features, such as keyless entry. By 2021, 25 billion IoT devices are expected to be online. By 2025, that number increases to 64 billion. Read our blog IoT and the Future of Multi-Family WiFi for more details on IoT adoption and trends.
Willing to Pay for a Great Experience
Now that you realize the need for connectivity, how do you provide the seamless connectivity this generation is craving? Tenants are willing to pay more rent for a reliable property-wide WiFi network. 86% of millennials say they are willing to pay a higher rent for a property equipped with smart technology. 77% of renters surveyed say they would be willing to pay an extra monthly fee for better WiFi. It’s time to set yourself ahead of the competition by investing in your own network that increases occupancy rates, decreases turnover, and increases monthly revenue. Read our blog, The Value of Owning Your MDU WiFi Network, for more information on how you can maximize ROI.
Delivering the Connected Life Experience™
If you aren’t a network management expert or IT guru, it’s time to partner with a managed WiFi provider like Single Digits to provide The Connected Life Experience™ to you residents throughout your property. Single Digits is ready to make your multi-dwelling units (MDUs) desirable to millennials and future-proof your network for your tenants’ needs of tomorrow. Implementing smart home technology into your units will attract millennials and require a fast, secure network. By investing in your own internet network, you gain an asset that increases your Net Operating Income (NOI) and adds lasting value to your property. Check out our eBook to find out more about creating The Connected Life Experience™ your tenants will love.
By Denise Chamberlin
Freelance Technology Writer
Single Digits is a leading provider of high-speed internet access. We help properties deliver seamless, effortless WiFi networks that their residents expect by designing solutions that break the bounds of uninspired connectivity. Contact us to see how we can help your property.
Smart technology is redefining “home” as we know it. It’s no longer just where the heart is; it’s a connected space that can be tailored to a person’s unique lifestyle, needs and preferences. Download our helpful (and brief) eBook 5 Ways to Create an Experience Your Tenants Love and step into the era of connected living.