Single-Family Renters: Connectivity & Smart Home

Description

SYNOPSIS:

The single-family rental market is growing as constrained housing inventory and high interest rates push more consumers to rent. Residents, landlords, and property management companies have unique safety, security, access control, and connectivity needs.

INFOGRAPHICS

This study delves into the preferences and usage patterns of single-family renters regarding internet services, home networking, security systems, and smart home devices. The study offers a nuanced understanding of the evolving demands within the rental market, providing property owners, management companies, service providers, and device makers with crucial data to tailor services and products that align with the desires of single-family renters in the rapidly advancing landscape of connected living.

Key questions addressed:

1. What housing market and lifestyle factors influence the decision to rent a single-family home instead of renting a multifamily unit or purchasing a single-family home or apartment/condo?
2. What is the outlook for renting or purchasing a single-family home or apartment/condo?
3. What is the connectivity foundation in single-family rental homes, including broadband services to the home and use of Wi-Fi/networking equipment?
4. What smart living use cases are of highest appeal to single family renters?
5. What is the adoption rate of security systems and smart home devices?
6. Who is the buyer of internet, security, and smart home solutions: the resident, landlord, or a property management company? Who pays ongoing service fees?
7. How do connectivity, security, and smart home offerings impact the rental decision and rents?
8. What is the willingness to pay for smart living solutions?

ANALYST INSIGHT:

"The market for proptech in single-family rentals market is at an early stage of its development. Leveraging the lessons learned from the retail market and from multifamily, device makers and service providers have an opportunity to capture share and growth." - Kristen Hanich, Director of Research, Parks Associates.

Executive Summary

Trends of Resident Types
Intention to Move and Type of Future Home
Importance of Internet Services for Future Home Rent/Purchase
Resident-Procured vs. Property-Provided Devices
Smart Home Device Purchase Intentions by Resident Types
Desired Products from Property for Single-Family Renters
Impact of Security System and Smart Home Devices on Rental Decision by MDU vs. Single-Family Renters
Additional Monthly Rent for Pre-installed Smart Home Devices Home by Resident Type

Single-Family Renter Market

Resident Types: Single Family, Multifamily, Renters and Owners
Landlord Type by Single-Family Renters vs. MDU Renters
Perception of Rental Fee Among Single-Family Renters
Perception of Rental Fee Among All Renters
Reasons for Renting Single-Family Houses, Instead of Apartment or Condo
Reasons for Renting Single-Family Houses, Instead of Buying a House
Number of Pets Owned by Resident Type
Pet Type Owned by Resident Type
Family Size by Resident Type
Household Composition: Single-Family vs. Multifamily Renters
Resident Types by Age of Respondents
Resident Types by Household Income
Renting History Length by Single-Family Renters vs. MDU Renters

Connectivity in Single-Family Rentals

Importance of Internet Services for Future Home Rent/Purchase by Resident Types
Home Internet Models Among Single-Family Renters
Router Received from Landlord
Home Internet Net Promoter Score by Residence Type
Average Monthly Cost of Home Internet (Excluding Traditional Services Bundles, Such as Pay TV)
Interest in Paying for Gigabit Internet + TV Bundle from Landlord
Reasons for Disinterest in Tested Bundle
Attitude Toward 5G Fixed-Wireless Access by Resident Types

Adoption of Smart Home and Security

Top 5 Important Amenities for Future Home Rent/Purchase by Resident Types
Impact of Security System and Smart Home Devices on Rental Decision
Security System Adoption by Resident Type
Adoption of Security Services
Security System Purchase Method
Home Security Model Among Single-Family Renters
Resident-Procured vs. Property-Provided Devices
Preferred Method of Acquiring Smart Home & Security Devices by Market
Preferred Payment Method Smart Home Device Package by Resident Types
Additional Monthly Rent for Pre-installed Smart Home Devices Home by Resident Type

Demand for a Smarter Rental Home

Desired Property-Provided Products for Single-Family Renters
Valuable Benefits of Using Smart Home Devices among Renters
Smart Device Familiarity by Resident Types
Smart Home Device Purchases by Resident Types
Inhibitors to Smart Home Device Purchases Among Renters
Property-Provided Device Penetration
Resident-Owned Smart Device Adoption

Appendix

Demographic Profiles of Respondents Based on Resident Types
Demographic and Housing Breakdown of Respondents Based on Resident Types