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Millennials willing to pay higher rents for smart home features, survey shows

Some may even give up a parking space for it

for rent sign Shutterstock

A recent survey of 1,000 renters revealed a generational rift when it comes to the value of smart home technology. Conducted by Wakefield Research with lock brand Schlage, the survey shows that 86 percent of millennials are happy to pay a bit extra for a unit that comes outfitted with remote-controlled devices or automated features, compared to just 65 percent of baby boomers.

This past spring, millennials overtook baby boomers as the largest generation in the U.S., and it’s no secret that this tech-savvy cohort values advanced technology in their homes. Electronic access, including things like keyless locks and connected doorbells, topped the list, though other studies have shown that security and entertainment systems are the most in-demand.

Overall, survey results indicate that on average, millennials are willing to pay an additional 20 percent in rent for smart home features. Furthermore, 44 percent of millennial respondents would give up a parking space to live in an apartment fitted with smart technology.

Via: Construction Dive