#4 INCREASED PROPERTY VALUE
#5 ATTRACTING AND RETAINING RESIDENTS
Since high-quality broadband usually scores at the top of resident surveys, investing in connectivity makes much sense. A property with top-notch internet service can stand out from the competition and stands a better chance of drawing and retaining residents who prioritize connectivity. Renters already lean toward multifamily communities that advertise high-speed broadband. If residents feel they can't use all their smart devices effectively at a property, they'll keep looking for a home that meets those tech needs. Plus, there's the convenience of having internet service pre-installed when residents move in. Owners that invest in bulk service arrangements can provide this for their renters, saving them the time, effort, and the waiting that often comes with setting up their service on their own. A bulk plan can also allow owners to take advantage of more attractive rates and create new revenue streams if they build internet prices into rent or pass their savings along to residents.
Multifamily property owners know the importance of focusing their investments on a community's most essential and beneficial amenities. With fiber internet, those benefits can be significant when it comes to increasing property value. Fiber allows building owners to increase rent prices since they can provide a vital amenity residents and potential renters want. Even as far back as 2016, a study by RVA, LLC for the Fiber Broadband Association showed fiber could add up to 11 percent in net income per apartment. The revenue increase came from a combination of higher rental rates, lower churn, and reduced operating expenses. Owners who market their fiber internet offerings can benefit from better residency, potentially higher rent, and thus, increased property values. Cost-effectiveness also plays a role. A single fiber- optic cable can bring multiple communication services, including internet, streaming video, and voice, into a multifamily community without the need to run separate wiring for each. Plus, since fiber internet is "future-ready," it has enough bandwidth capacity to handle ever-increasing use without becoming quickly outdated.
A RELIABLE INTERNET CONNECTION IS NOW A ‘MUST’, ESPECIALLY WITH RECENT SHARP UPTURNS IN WORKING FROM HOME, ONLINE SHOPPING, AND STREAMING
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