Is your property appealing to the renters of today? Allegion’s 2023 Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More For in Their Residences surveyed the multifamily market to understand the living trends and behaviors of today’s residents. The report analyzed input from more than 1,000 study respondents who rent or own multifamily residences or planned to as of 2023.
Smart locks, resident portals and cameras are among the most sought-after Proptech features. As smart home technologies have evolved over the years, there is no shortage of available devices on the market today, including smart doorbells with video and smart electronic door locks. More than half of the respondents would be willing to pay 1-10% more for property technology and nearly 3 in 10 would pay at least 11% more.
The Rise of Mobile Access Control
Mobile access control offers renters a secure and convenient way to access different parts of their multifamily property. Property owners and operators can use mobile access control to elevate the apartment living experience, differentiate their property from others, and attract high-quality, higher-paying residents.
When asked, over 59 percent of Allegion’s survey respondents would likely select a future place of residence if it had mobile access control offered as an amenity. Currently, 20 percent of apartment dwellers surveyed report having electronic exterior door locks that are connected to the Internet and can be controlled through a mobile app or website. This number jumps to 33 percent for townhouse residents. On average, respondents who budget $2,500 or more ranked accessing their unit using their mobile phone higher than access via traditional keys.
Zentra’s Apple Wallet resident key integration allows residents to unlock the perimeter doors, shared or common area doors, and even their interior unit door using just their Apple iPhone or Watch, providing a seamless access experience. With no physical keys to lose, the solution offers improved security and peace of mind for both residents and property managers. Residents can simply access their residence with their key in Apple Wallet — from the apartment unit to elevators and common areas. Just hold an iPhone or Apple Watch near the reader to unlock. It’s easy, convenient, and private. Plus, Zentra can be integrated into the full line of existing compatible Schlage smart locks, including the Schlage XE360 and the Schlage Control mobile enabled smart lock.
Leasing Practices with Self-Guided Tours
Self-guided tours gained popularity during the COVID-19 pandemic when properties were investing in solutions to help prevent contact transmission between staff, visitors and residents. Potential renters can book and tour the building, amenities and the unit without a leasing agent. Maintaining a secure property while delivering an optimal experience for the visitor can be challenging. This is where dialing in Proptech implementation becomes important.
Proptech has improved the way properties are toured and experienced by potential renters. With self-guided touring, prospective residents can explore properties at their own pace, on their own schedule. This not only provides convenience for prospects but also allows property managers to reach a wider audience and maximize their leasing strategy, leaving time for other revenue-building activities. More than 3 in 4 survey respondents were at least somewhat comfortable with all four self-guided tour scenarios.
The Schlage XE360 Series is the next generation of innovative electronic locks from Schlage, outfitted with the options and features most looked for by multifamily properties and made to fit the needs of a wide range of common area openings. With in-demand finishes and modern lever styles, the XE360 Series was designed to complement a variety of design styles. The XE360 mortise lock is designed with the options, features and style most desired by multifamily properties, at an attractive price point.
The safety of other residents is a concern when implementing self-guided tour technology. Current residents may feel uncomfortable with strangers touring the property without a leasing agent present. While this does raise a legitimate concern, steps can be taken to mitigate risks. Electronic access control can be implemented around the property, limiting self-guided tour prospects to only certain areas of the property for specific and limited time periods. For example, tours may be held between 4 and 7 p.m. and last no more than 1 hour per person. Those on the tour should provide proper identification, and cameras can assist in monitoring their activity.
The Retrofit “Boom:” Upgrading Older Properties
Proptech is not and should not be exclusive just to brand-new buildings. Many older multifamily properties can benefit from upgrading their existing solutions to include more modern technology that is also tailored to the needs of renters and staff.
Upgrades to older properties generate more revenue and many residents are willing to pay. More than 1 in 3 survey respondents would be willing to pay more for smart doorbells with video, outdoor cameras, and mobile access control, while 6 in 10 would pay between 1 percent and 10 percent more per month for these added security features.
Older multifamily properties are experiencing what could be considered a retrofitting “boom.” While new, modern properties pop up left and right to address the rental shortage, older properties must keep up in ways that are feasible for them. This means that new solutions and technologies should be easily retrofitted and don’t require total reconstruction or pulling wiring. Traditional resident door locks can be replaced with the Schlage XE360 Series wireless mortise locks or the Schlage Control smart locks in as little as 10 minutes, making it easier to replace hardware in higher volumes.
The Schlage Control mobile enabled smart lock, with Bluetooth or NFC credentials, is a solution for multifamily property owners who want to provide convenient security and intelligent efficiency to their residents and managers. Residents can access their units using a smart credential or their smartphone, eliminating the hassle of traditional keys, and property staff can manage resident access remotely and securely. Plus, they can enjoy the flexibility to use the physical access control (PACS) or Proptech provider that best suits their needs, and to leverage the potential of their locks beyond access control.
Multifamily properties aren’t just upgrading their residents’ doors. Common areas and amenities can benefit from having upgraded security solutions. Electronic access control solutions integrated around the property, from the building perimeter to the lobby to resident hallways can provide valuable peace of mind for residents and staff alike.
Allegion's 2023 Multifamily Living Trends Report highlights the growing demand for property technology (Proptech) features among renters. Smart locks, resident portals, and cameras are among the most sought-after features, with a significant number of respondents willing to pay more for these technologies. Mobile access control in particular is gaining popularity as it offers renters a secure and convenient way to access different parts of their multifamily property.
