CARMEL, Ind., Nov. 29, 2016 /PRNewswire/ -- Millennials
recently surpassed Baby Boomers as the largest living generation on
Earth, and with millions continuing to put off traditional life
milestones like home ownership, property owners are taking
note. To reveal just what Gen Y looks for in a rental,
Schlage®, a brand of Allegion which creates
technologically advanced lock products to help multi-family
property owners secure and manage their units while streamlining
operations, has announced the results of a nationwide survey
conducted with Wakefield Research of 1,000 U.S. renters in
multi-family dwellings. Results include a desire for tech upgrades
and the integration of next-generation access control systems as
critical elements to entice renters.
Of millennial renters who live in multi-family dwellings, 86
percent are willing to pay more for a "smart" apartment, meaning
one that is equipped with automated or remotely controlled devices,
compared to 65 percent of Boomers. This is big, considering nearly
half of American renters in multi-family dwellings expect to be
renting an apartment for the next five or more years.
"As the multi-family marketplace continues to evolve with
flexibility being a key factor in most living situations, consumers
can feel confident that Schlage's latest door hardware offerings
are paving the way for a new era of convenience and security," said
Ann Matheis, marketing director,
Allegion. "Apartments won't look the same in 10 years, from the
inside or the outside, and with our long-established position in
both the residential and commercial sectors, we have a unique
vantage point that helps bring targeted, outcome-driven innovation
to multi-family facilities because electronic access is the
future."
Results of the industry survey include six key insights
into the millennial renter.
- Lock Down: Millennials want tech upgrades right down to
the locks, as more than 61 percent are likely to rent an apartment
specifically because of electronic access features, including
keyless entry doors. In fact, 55 percent are likely to pay more for
an apartment that had "high-tech" door locks compared to ones that
did not.
- Smart Renters: On average, millennial renters would pay
about a fifth more for smart home features.
- Tech vs. Parking: 44 percent of millennials would give
up a parking space to live in a "high-tech" apartment.
- Advanced Security: 63 percent would move out of an
apartment due to lack of security.
- Work/Rent Balance: 64 percent feel that being close to
work is more important when choosing an apartment than being close
to friends and family.
- The Future: 45 percent of renters feel that physical
door keys will be obsolete in the next 10 years.
Schlage continues to innovate with smart multi-family
technology, including its latest launch, Schlage
Control™ Smart Interconnected Lock, recently named a
"Top 101 Product" for 2016 from Building Design+Construction
Magazine. Featuring ENGAGE™ Technology, this new
offering provides multi-family property owners with highly
scalable, efficiency-boosting capabilities with a greater appeal
for residents.
Schlage Control™ Smart Deadbolts and Schlage Control™ Smart
Interconnected Locks are available in the Greenwich and Addison
styles, with finish options including Satin Nickel, Aged Bronze,
Satin Chrome and Bright Chrome. To learn more about Schlage and its
offerings, please visit www.Schlage.com/Multifamily.
*Survey Methodology
This survey was conducted by
Wakefield Research among 1,000 U.S. renters in multi-family
dwellings, between Oct. 12-24, 2016,
using email and an online survey. Results of any sample are subject
to sampling variations. For the interviews conducted in this
particular study, the chances are 95 in 100 that a survey result
does not vary, plus or minus, by more than 3.1 percentage points
from the result that would be obtained if interviews had been
conducted with all persons in the universe represented by the
sample.
About Allegion™
Allegion (NYSE: ALLE) is a global
pioneer in the field of safety and security. We keep people and
their property safe, wherever they are, bringing together simple
solutions and advanced technology. Allegion is a $2 billion company, with products sold in almost
130 countries. For more, visit www.allegion.com.
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SOURCE Schlage