RENT Magazine Q1 '23

WHO IS GEN Y AND WHAT DO THEY VALUE? IoT-enabled tech in real estate is also an opportunity for property investors and managers to dramatically improve their workflows. By applying IoT-enabled tech to properties, they can automate repetitive tasks, work offsite and monitor the safety and security of a property at any time, from anywhere. Gen Z and Gen Y grew up with the Internet of Things (IoT), meaning internet connected smart phones and devices. This technology is an expectation, not just something nice to have. And the use of IoT-enabled technology in real estate will especially impact how Gen Z renters choose a residence. In fact, Gen Z renters value smart tech amenities so much that they’ll pay up to $30.00 more a month in rent to get them. So, with generational change comes a change in the type of amenities that building owners and property managers need to provide in order to attract high-value renters. But this article is also about opportunity—the opportunity for property owners and managers to attract and keep high-value renters by offering the smart tech amenities that today’s renters want. Let’s take a closer look at Gen Y, aka millennials. They were born between 1977 to 1994, making them between the ages of 28 to 45. Gen Yers are called ‘digital natives’ because they have grown up in a world where they were surrounded by technology at a time when technology was developing at a faster rate than ever before.

Gen Y By the Numbers

Of Gen Y respondents would be willing to pay more per month for a unit with remote controlled devices or automated features.

86 % 55 % 63 % 61 %

Of Gen Yers are likely to pay more for higth-tech door locks.

Of Gen Y respondents are more likely to rent a unit because of electronic access, such as keyless entry.

Of Gen Y would move out due to lack of security.

Source: Schlage’s Industry Insight Survey


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