In today's rental market, Millennials (80+ million strong) are the largest pool of renters. Gen-Z is not far behind as a fast-growing portion of the market. These generational groups prefer to rent rather than buy a home for multiple reasons. One of the most prominent reasons tends to be the amenity-rich offering of an apartment, such as common spaces and pools, on-site concierge, and typically located within an urban community. Trends and studies show that one of the most important amenities is technology. Millennials and Gen-Z will consider technology as one of their main decision-making factors when choosing a community.
If you are involved in Real Estate or Technology Planning for your community, it’s likely that you’ve heard the buzz-terms "Smart Apartments, "Internet of Things (IoT)," "Smart Home Automation," and more. These terms have grown in popularity as more and more residents choose "smart amenities" over traditional ones. Smart amenities range from services such as keyless entry through mobile applications to auto-adjust thermostats and lighting. As this technology evolution continues to grow, how can you be sure that your community is sustainable and not susceptible to these trends?
Apartment Owners, Developers, and Homeowners' Associations – are you prepared for the enormous demand for connectivity in your communities? The statistics firm, Statista, estimates that by 2021, there will be 35.82 billion connected devices in the world. They also estimate that the 35.82 billion will grow to 75.44 billion by 2025. This onset for device connectivity is result of the Internet of Things (IoT) movement. IoT is the connecting of everyday devices to each other and the internet. Everyday applications such as Amazon Alexa and Nest Thermostats are basic examples of the IoT expansion. This expansion is not slowing down anytime soon.