A new third-party study of renters' thoughts on their telecommunications preferences, SmartRent [1], a provider a smart home hard/software and property operations for the rental housing industry, found through a national survey of 2,000 apartment units across the country, most all of them are not getting broadband internet service in the way, fashion, mode, provider, or speeds they want (to a tune of 99%).
The study, entitled “Community WiFi: A Tactical Guide for the Multifamily Market” based its findings on a national report by itself and 12 technology leaders who are also in the multifamily housing market. Highlights include the importance of Wi-Fi service selection, renter preferences, insights from operators and opportunities to create operational efficiencies via Community WiFi.
“As an industry, rental housing is falling short of renters’ Wi-Fi needs and expectations, and those demands will only continue to grow,” said SmartRent CEO Lucas Haldeman. “Renters not only need reliable service, but the flexibility to move about their communities without losing connectivity. A lot of people now have flexible jobs, but their apartment communities aren’t supporting that flexibility and catering to that lifestyle. Renters need full-time connectivity that follows them wherever they go, and it is up to operators to meet that demand.”
Among other findings by the report, only 1% of renters have the freedom to roam their apartment communities with uninterrupted Wi-Fi service, despite 79% sharing that they have interest in seamless connectivity. Among market rate renters, 48% reported a willingness to pay $79.99 a month for a gigabit Wi-Fi service.
Furthermore, according to SmartRent, when compared to properties with traditional retail internet, modern managed Wi-Fi offers a 26-point boost to apartment net promoter scores (NPS) — a measure of resident satisfaction and willingness to recommend their residential community. Communities with modern managed Wi-Fi see a 33-point NPS improvement over communities with legacy Wi-Fi (single access point for multiple units).
“The Community WiFi report provides operators with actionable data and insights to recognize renters’ Wi-Fi requirements and how to meet those evolving demands,” said Elizabeth Parks, President and Chief Marketing Officer for Parks Associates. “Operators can attract more residents, improve both staff and resident retention and streamline operatios with seamless Wi-Fi service that encompasses an entire property. The report points not only to operational savings but potential revenue generation, beyond what antiquated retail and bulk Wi-Fi can offer. We are proud to partner with SmartRent to bring this invaluable resource to the industry and highlight the potential and current shortcomings of this essential amenity offering.”
The report also examines:
- Renter preferences, expectations and expense thresholds for Wi-Fi;
- The competitive landscape, including the various internet and Wi-Fi options on the market today;
- Insights from operators, deployment considerations and the implementation processes for various property types, and on-site team and resident on-boarding;
- The revenue opportunities of operator-provided Wi-Fi service versus third-party providers; and
- Infrastructure models and ROI timeframe
“As we’re rolling technology out through our properties, from security cameras to EV chargers, we need connectivity across the board for systems to talk,” said the VP of technology services for a top 10 multifamily REIT interviewed for the report. “While we’re deploying solutions, we bring connectivity from corner to corner in a property. It makes sense to make the network available for residents to use and make their connectivity consistent from in-unit through all amenity spaces, using the same network with no need to connect to a different guest network. It’s a win-win for both [residents and owners].”
Click here [2] for the entire report.