According to a new survey from Comcast's (NASDAQ:CMCSA) multifamily development services division Xfinity Communities, high-speed Internet and WiFi are among the most important factors to apartment dwellers when making a rental decision - even more than in-room laundry facilities.
The survey was conducted using a random sample of 205 building managers, building owners and real estate developers of multifamily properties in the United States. Among those surveyed, 87% said they believe that technology plays either an extremely or very important role in keeping residents satisfied, with 75% reporting that the majority of new and prospective residents ask about communications services (Internet, phone, TV) in their building prior to renting.
"Property managers and developers are balancing the requirement to provide sophisticated technology for their residents with the challenges of providing the latest network infrastructure," said Mike Slovin, vice president of Xfinity Communities. "Residents expect a high level of services, and in an increasingly competitive rental market, the need to provide new services and upgrade existing ones intensifies."
The findings indicate:
- 34% ranked WiFi access as the most important amenity, followed by high-speed Internet (25%) and in-room laundry facilities (13%).
- 30% believe quality communications services boosts property values by at least 20%.
- 89% cite technology as an important factor in a renters' decision to sign or renew a lease.
- 88% agree that tenants 18-34 prefer high-tech amenities more than residents 52 and older.
- 82% install the latest technology in order to "future proof" their buildings.
- 60% said they plan to make energy efficiency-related improvements this year.
The report also suggests that property managers and developers are investing in network infrastructure, with 47% currently managing fiber networks.
The survey was administered online between Dec. 7-10, 2016. The margin of error for the overall findings is 5.79% at a 90% confidence interval.