Tuesday, March 31, 2020
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Home Real Estate News Commercial No Internet? No Tenants.

No Internet? No Tenants.

Study: High-Speed ‘Net A ‘Must Have’ For Apartment Hunters

BroadbandNow, a database that informs people which Internet providers are in their area, recently conducted a study, “High Speed Internet aMust Have” for Apartment Hunters; Essential Amenity Equal to a Dishwasher,” which asked more than 5,700 renters a series of questions about their Internet connection and the amenities they’d be looking for in their next apartments.
Overall, the study found that high-speed Internet was at the top of most shoppers’ lists and almost half of all apartment hunters would pay more for ultra high-speed Internet connections via fiber. Additional discoveries included that fiber Internet in particular drives high satisfaction for apartment dwellers, influences rental decisions, and provides an investment opportunity for landlords.
When asked about “must haves” when searching for an apartment, high-speed Internet was the most important for 39 percent of respondents. An in-unit washer and dryer was the only amenity that ranked higher. Additionally, that number increases for fiber customers, according to the study.
Whether or not the respondent was a fiber customer was a factor, too—current fiber customers were more likely to rank high-speed Internet as a “must have” compared to non-fiber customers, according to the study. When presented with a list of amenities, like high-speed Internet, gym/fitness center, swimming pool, and covered parking, more than half of current fiber customers added high-speed Internet to their list of must haves, compared to only 39 percent of non-fiber customers.
The study also revealed 75 percent of apartment renters who were fiber customers said their Internet speed was “good” or “very good” compared to 70 percent of non-fiber customers. Meanwhile, 30 percent of customers without fiber connections stated fiber would be a consideration when looking an apartment in the future. Given how satisfied current fiber customers are, BroadbandNow was not surprised that 47 percent of fiber customers also said a fiber connection would be a consideration in future housing.
Building owners may be interested to know that apartment shoppers would be willing to pay more for an apartment if it had a fiber connection—35 percent of current fiber customers would pay $50 more per month while 17 percent of non-fiber customers would do the same.
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