Exploring the Rise of Single-Family Renters in America: Insights from Parks Associates
According to a recent study by Parks Associates, over 13.5 million households in the United States are currently renting single-family homes. This growing sector is attracting attention for its distinct preferences when it comes to technology and connectivity. The report, titled Single-Family Renters: Connectivity & Smart Home, sheds light on the interests and behaviors of these renters, focusing particularly on their appetite for smart home solutions.
The study highlights that more than 75% of single-family renters express a strong desire to receive smart home products from their landlords or property managers. This is a significant indication of the evolving expectations of renters, who are increasingly leaning towards more connected living environments. Traditional homeowners may have different priorities when it comes to the amenities they value in their homes, but it seems renters aspire for similar, if not identical, smart technologies to enhance their living experiences.
Kristen Hanich, the Director of Research at Parks Associates, emphasizes that single-family renters are a unique demographic with needs and expectations that differ from both single-family homeowners and those living in multifamily housing. By recognizing these differences, companies providing connected solutions can tailor their offerings specifically to engage this consumer segment effectively.
One of the most notable interests reported in the study is for security solutions. Renters have shown a preference for comprehensive home security systems, including video doorbells and monitoring features. This aligns with trends seen in both multifamily rentals and single-family home ownership, suggesting an overarching need for safety and security among modern tenants. Importantly, many single-family renters are also seeking outdoor security solutions, indicating a worry for both the home itself and the surrounding space.
As the market for property technology (proptech) develops, there’s a clear gap that brands can fill. The study forecasts that with appropriate strategies and outreach, device manufacturers and service providers can secure their share in this market poised for expansion. By mirroring successful practices from multifamily housing and retail markets, stakeholders can cultivate this relatively young sector.
Additional findings from Parks Associates illustrate that pet ownership is prevalent among single-family renters, with 37% specifically choosing to rent a single-family home to accommodate their pets. The report states that single-family renters are also more likely to live with multiple housemates, averaging three occupants per household. Interestingly, approximately 9% of these renters are single parents, providing further insight into the diverse demographic landscape of single-family renters.
The demand for high-speed internet service is also a critical point, with gigabit internet cited as a top amenity desired by prospective residents in this category. These technological preferences underline the increasing importance of connectivity in rental decisions.
Parks Associates’ report, Single-Family Renters: Connectivity & Smart Home, is available for purchase and aims to assist property owners, management firms, service providers, and manufacturers in making informed decisions. By tapping into the distinct characteristics of single-family renters, stakeholders are positioned to create tailored services that meet the needs of this evolving consumer base.
As the landscape of rental housing continues to change, the findings from Parks Associates reveal significant opportunities not just for renters looking for smart solutions but also for businesses aiming to innovate within the connected living space. Understanding and addressing the unique needs of single-family renters could be key in driving future market success. For additional information or specific data requests, interested parties can contact Parks Associates directly.
The study highlights that more than 75% of single-family renters express a strong desire to receive smart home products from their landlords or property managers. This is a significant indication of the evolving expectations of renters, who are increasingly leaning towards more connected living environments. Traditional homeowners may have different priorities when it comes to the amenities they value in their homes, but it seems renters aspire for similar, if not identical, smart technologies to enhance their living experiences.
Kristen Hanich, the Director of Research at Parks Associates, emphasizes that single-family renters are a unique demographic with needs and expectations that differ from both single-family homeowners and those living in multifamily housing. By recognizing these differences, companies providing connected solutions can tailor their offerings specifically to engage this consumer segment effectively.
One of the most notable interests reported in the study is for security solutions. Renters have shown a preference for comprehensive home security systems, including video doorbells and monitoring features. This aligns with trends seen in both multifamily rentals and single-family home ownership, suggesting an overarching need for safety and security among modern tenants. Importantly, many single-family renters are also seeking outdoor security solutions, indicating a worry for both the home itself and the surrounding space.
As the market for property technology (proptech) develops, there’s a clear gap that brands can fill. The study forecasts that with appropriate strategies and outreach, device manufacturers and service providers can secure their share in this market poised for expansion. By mirroring successful practices from multifamily housing and retail markets, stakeholders can cultivate this relatively young sector.
Additional findings from Parks Associates illustrate that pet ownership is prevalent among single-family renters, with 37% specifically choosing to rent a single-family home to accommodate their pets. The report states that single-family renters are also more likely to live with multiple housemates, averaging three occupants per household. Interestingly, approximately 9% of these renters are single parents, providing further insight into the diverse demographic landscape of single-family renters.
The demand for high-speed internet service is also a critical point, with gigabit internet cited as a top amenity desired by prospective residents in this category. These technological preferences underline the increasing importance of connectivity in rental decisions.
Parks Associates’ report, Single-Family Renters: Connectivity & Smart Home, is available for purchase and aims to assist property owners, management firms, service providers, and manufacturers in making informed decisions. By tapping into the distinct characteristics of single-family renters, stakeholders are positioned to create tailored services that meet the needs of this evolving consumer base.
As the landscape of rental housing continues to change, the findings from Parks Associates reveal significant opportunities not just for renters looking for smart solutions but also for businesses aiming to innovate within the connected living space. Understanding and addressing the unique needs of single-family renters could be key in driving future market success. For additional information or specific data requests, interested parties can contact Parks Associates directly.
Topics Consumer Technology）
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