Parks Associates Blog

Tuesday, October 28, 2008

Digital Services and Systems Attract Renters and Buyers in an Ailing Economy

Resident demand, faster sales and rentals, and differentiation driving multifamily industry adoption of digital systems and services --

Parks Associates' new research indicates high-tech amenities like broadband, security, and energy controls positively influence the sale and rental of multifamily properties. Multifamily Residences: Opportunities for Digital Systems and Services, a new primary research project of executives managing multifamily properties in the U.S., found nearly 50% are seeking new electronic products and services that will differentiate their properties in an increasingly competitive market.

In particular, in-unit broadband service is becoming a “must-have” feature, with 60% of multifamily units offering some form of high-speed Internet. Security systems and monitoring services, electronic locks, and energy/utility management systems are also becoming more common in order to increase the speed of sale or rental of an MDU property.

For Multifamily Residences: Opportunities for Digital Systems and Services, Parks Associates surveyed 500 multifamily executives, representing an estimated 145,000 new starts and over 2.6 million units across all major markets in the U.S. The research firm also conducted in-depth interviews with 25 leading MDU executives on opportunities for service providers and manufacturers.

To view the full press release on this new report, please click here.

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