More than 75% of single-family renters are interested in property-provided smart solutions 

Parks Associates today announced its new study, Single-Family Renters: Connectivity & Smart Home, which delves into the preferences and usage patterns of single-family renters regarding internet services, home networking, security systems, and smart home devices.   The study reveals that more than 13 million households in the US are single-family renters, with more than 75% reporting strong interest in receiving at least one tested smart home product from their landlord or property manager.  

“Single-family renters comprise a significant and growing piece of the market,” said Kristen Hanich, Director of Research, Parks Associates. “They are unique from single-family homeowners and multifamily residents in terms of their demographics but have similar overall wants and needs. Connected solution providers will benefit from understanding this consumer segment and targeting the messaging for product/service offerings to align with their unique circumstances.”

Renters show the greatest interest in security solutions, including both whole-home security systems and video doorbells. This follows similar trends in both multifamily renters and single-family homeowners. Single-family renters are also more likely to value security monitoring features outside of the house, including their yards.

“The market for proptech in single-family rentals market is at an early stage of its development,” Hanich said. “Leveraging the lessons learned from the retail and multifamily markets, device makers and service providers have an opportunity to capture share and growth as more and more households rent their homes.” 

The study identifies characteristics about the single-family renter market versus households that own their homes. Other research highlights from the study:

• Single-family renters are much more likely to own pets than multifamily renters – in fact, 37% report renting a single-family home specifically to accommodate a pet.  
• Single-family renters are 2.5 times more likely than multifamily renters to live with another person. They report an average of three people per household. Roughly 9% of single-family renters are single parents, with a child or children at home but no spouse or partner living with them.
• Gigabit internet speed is a top desired amenity for prospective residents of single-family renters.

Single-Family Renters: Connectivity & Smart Home, available to purchase, provides property owners, management companies, service providers, and device makers with crucial data to tailor services and products that align with the desires of single-family renters in the rapidly advancing landscape of connected living. This survey of single-family renters tested their ownership and interest in the following smart home devices: smart thermostats, smart door locks, video doorbells, smart cameras, smart lights, lighting control systems, outdoor light fixtures with a video camera, outlets/switches/dimmers, smart plugs/adapters, sprinkler systems, garage door openers, smoke/CO detectors, water leak detectors, and water shut-off valves.

To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@parksassociates.com or 972-490-1113.

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

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