Ninety-two percent of property managers and owners of multi-family housing say that fast Internet is a necessity, not an amenity, according to Research from Xfinity Communities.
Xfinity Communities provides connectivity and smart technology to greenfield and brownfield communities.
“As fast Internet and smart home technology become the industry standards, residents expect to see these types of technologies in their apartments,” the company said in an infographic posted on LinkedIn. “Between boosting resident satisfaction, increasing peace of mind for management teams, and leading the path towards sustainability, smart home technology is here to stay.”
According to Xfinity Communities data, six percent of multi-family housing developments have 1 Gbps internet or faster speeds available, 25% have 500-999 Mbps, 44% have 250 to 499 Mbps, 17% have 50-249 Mbps and 4% have less than 50 Mbps.
The main technology-related complaint reported by property managers, owners, and developers are slow Internet and WiFi speeds at 31%. That was followed by three issues that essentially were of equal importance: slow installation breaks in service/crashing and lack of bandwidth (20%, 19%, and 19% respectively).
Eighty-five percent of property owners and managers agreed that smart home technology provides peace of mind for the respondent and their team and 82% said it provides residents with peace of mind. Seventy-five percent said that smart technology is good for the organization’s bottom line, 74% says it makes jobs easier and 74% said it is environmentally responsible.
Finally, the survey asked if smart technology was key to keeping current residents satisfied. Ninety-three percent said that it is—compared to 78% who said so in 2019. Ninety-one percent said it is important in attracting new residents, 18% more than the 83% who said that two years ago.