New whitepaper developed for Cox Communities addresses growing demand for connectivity in multidwelling units
New research from Parks Associates reveals 40% of MDU renters in US broadband households are interested in bulk broadband internet bundled with their rent and 77% of those are willing to pay higher rent in exchange for these services. The firm also tracks growing ownership in smart home devices among MDU residents, with 41% of all MDU broadband households owning at least one smart home device, compared to 34% of single-family households. The firm’s latest whitepaper, Future-Ready Broadband: Ubiquitous Connectivity for MDUs, developed for Cox Communities, evaluates the benefits of next-generation connectivity services for MDU property managers and residents and the role of the service provider as a key partner in smart MDU living.
“Consumers need broadband to live, work, learn, shop, and connect to healthcare, banking, and more,” said Jennifer Kent, VP, Research, Parks Associates. “Social distancing during the COVID-19 pandemic has revealed consumer dependence on reliable connectivity and high-speed access, as it is the foundation for access to and quality of connected services like telehealth, video conferencing, and online fitness solutions to meet their daily needs.”
“Today’s homes are dependent on technology and connectivity, and this requires a strong need for consultative engagement for MDU developers and managers. From optimizing operational efficiencies, connectivity solutions, cloud-based services, device choices and integration, Cox supports as a trusted advisor in the industry,” said Vickie Rodgers, VP, Cox Communities. “Smart homes don’t work without great broadband connections and the appropriate integration and Cox Communities provides that solution.”
High smart home device adoption among MDU residents correlates with age. Consumers 25-34 years old are among those more likely to adopt smart home devices, and they are also the most likely to live in a multidwelling unit.
Building on a high-performing broadband backbone, MDU property managers can leverage connected devices and smart platforms that integrate connected solutions to streamline property management tasks and lower operating costs, attract and retain residents, and increase rental revenues. Sixty-five percent of MDU builders report their business model leverages smart home technology to differentiate properties and add value.
Parks Associates will examine the demand for smart home products and services in the multifamily housing market on July 14 at the 25th annual CONNECTIONS™: The Premier Connected Home Conference during the virtual session MDUs: Scaling Up. This session examines the demand for smart home products and services in the multifamily housing market and the unique opportunities and challenges this market provides. Register available at www.connectionsus.com.
To request data or an interview, please contact Rosey Ulpino at rosey@parksassociates.com, 972.996.0233.
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