Apartment Dwellers Will Pay 15% Higher Rent for Fast Home Networks
Study shows that apartment tenants rate fast broadband and television speed/quality as the sixth most-important amenity, and are less likely to move if they have a fast home network.
The apartment market has always been a bit of a quandary for many integrators. These inhabitants are unlikely to pay for expansive audio and video systems or home theaters because they typically don’t plan to stay in the residence on long-term basis. Integrators generally ignore the market, even though apartment dwellers need their TVs mounted and hooked up, and need to have their home networks in place, just like homeowners.
However, new research might change that trend, especially when it comes to dealing with apartment management.
A new study from research firm RVA LLCC in Broadband Communities magazine reveals exactly how much apartment dwellers value these electronic systems compared to other amenities. It’s data that integrators should bring to apartment management/ownership.
The highlights of the study show:
- Fast Internet/Broadband is the sixth most desired amenity among apartment residents. Television Offerings, such as HD channels, is eighth. The No. 1 amenity is Location, followed by HVAC, Floor Plan, Laundry Facilities and Appliances.
- Apartment dwellers are willing to pay 15 percent more rent for a unit with advanced wiring or a Fiber to the Home (FTTH) connection.
- The higher the rent, the more important home network speed is. In the survey, 100 percent of inhabitants paying $2,001 to $2,500 per month cited fast networks as important.
- Apartment tenants with fast networks are less likely to move. Only 13 percent of inhabitants with fiber networks plan to move within a year, compared to 18 percent in units without high-speed connections.
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Jason Knott is Chief Content Officer for Emerald Expositions Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at email@example.com
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