Smart home technology is rapidly taking the place of conventional homes in the market. Many people are resorting to modern structures that are fitted with energy efficient amenities and smart technology that improves the general quality of life. In the past, smart home technology majorly focused on targeting the homeowners rather than renters. This was effective then but is presently not strategically feasible.
Between 2005 and 2015 the figure that represented renters in the country shifted from just 9 million to 43 million renters. This significant increase was specifically centered around demographics that had integrated smart technological improvements to the homes. Companies that produce and manufacture smart devices meant for home improvement recorded broader and bigger sales owing to these developments. Samsung Vice president for global business mainly stated that areas like Manhattan and New York have featured as some of the largest markets for Samsung smart home technology
Renters have highly adapted to smart technology as opposed to homeowners. The older millennials between the age of 26 and 30 have been seen to be twice as receptive to smart home devices in comparison to other age groups. Americans in the higher income bracket are more likely to be homeowners more than people in the lower income bracket. Despite this fact, the number of individuals in the home ownership bracket has declined substantially over the last ten years.
An interesting fact that has been proven by various independent studies have highlighted the fact that renters are not homeowners since they aren’t able to afford mortgages, high home improvement costs or home down payments. However, when it gets down to splurging on the latest home improvement device, they do so effortlessly.
Experts state that renters who are looking to invest in home devices should not go for major changes like installing a thermostat or a smoke detector. This is due to the fact that any malfunctions that may lead to damages will have serious implications on the renter. The safest option for renters, in this case, is DIY smart devices that aim to make the home efficient.