Community WiFi Report

Only 1% of Renters Have the Internet Service They Want

SmartRent, Inc. (NYSE: SMRT), the leading provider of smart home and property operations solutions for the rental housing industry, today announced the release of a new research report, “Community WiFi: A Tactical Guide for the Multifamily Market.”

The third-party study, conducted by Parks Associates and available for download, sought to better understand the current competitive landscape and provide guidance to multifamily owners and operators on how to best meet the demand for connectivity in the industry. The report includes insights from 2,000 apartment residents in the United States and 12 technology leaders in the multifamily housing market. Highlights include the importance of Wi-Fi service selection, renter preferences, insights from operators and opportunities to create operational efficiencies via Community WiFi.

“As an industry, rental housing is falling short of renters’ Wi-Fi needs and expectations, and those demands will only continue to grow,” said SmartRent CEO Lucas Haldeman. “Renters not only need reliable service, but the flexibility to move about their communities without losing connectivity. A lot of people now have flexible jobs, but their apartment communities aren’t supporting that flexibility and catering to that lifestyle. Renters need full-time connectivity that follows them wherever they go, and it is up to operators to meet that demand.”

The report revealed an opportunity for communities to differentiate themselves and create a competitive advantage through superior connectivity. Research data revealed that only 1% of renters have the freedom to roam their apartment communities with uninterrupted Wi-Fi service, despite 79% sharing that they have interest in seamless connectivity. Among market rate renters, 48% reported a willingness to pay $79.99 a month for a gigabit Wi-Fi service.

Furthermore, when compared to properties with traditional retail internet, modern managed Wi-Fi offers a 26-point boost to apartment net promoter scores (NPS) — a measure of resident satisfaction and willingness to recommend their residential community. Communities with modern managed Wi-Fi see a 33-point NPS improvement over communities with legacy Wi-Fi (single access point for multiple units).

“The Community WiFi report provides operators with actionable data and insights to recognize renters’ Wi-Fi requirements and how to meet those evolving demands,” said Elizabeth Parks, president and chief marketing officer for Parks Associates. “Operators can attract more residents, improve both staff and resident retention and streamline operations with seamless Wi-Fi service that encompasses an entire property. The report points not only to operational savings but potential revenue generation, beyond what antiquated retail and bulk Wi-Fi can offer. We are proud to partner with SmartRent to bring this invaluable resource to the industry and highlight the potential and current shortcomings of this essential amenity offering.”