LAKE FOREST, Calif., Aug. 11, 2015 /PRNewswire/ -- A recent study from Kwikset, the leader in residential door hardware, reveals that among rental property owners, Millennials and Generation Xers are significantly more likely than Baby Boomers (67% vs. 15%) to own vacation rental properties. With such high influence, they are driving trends in the vacation rental market by making smart or connected home devices a standard amenity in rental homes.
With rising use among consumers of online short term rental services like HomeAway®, Millennials and Gen Xers are investing in technology that improves the short term property management experience, with nearly 80 percent of their homes having smart or connected products, as opposed to a 55 percent industry average. Compared to Baby Boomer vacation rental owners, the average Millennial is willing to spend 163% more per year on security upgrades to their vacation rental home.
Kwikset's nationwide study of 500 U.S. rental property owners ages 18 and older reveal the influence Millennials and Gen Xers have on the booming market:
- Millennials and Gen Xers are significantly more likely than other generations to use an online service to help manage their rental properties (81% vs. 30%)
- 67 percent of Millennial and Gen X rental property owners own a vacation home, compared to just 15 percent of Baby Boomer rental property owners
- 77 percent of Millennial and Gen X property managers have an electronic or Wi-Fi lock installed on their vacation rental property
- The average Millennial vacation rental owner is willing to spend $778 per year on security upgrades, compared to boomers who are willing to spend an average of $295 per year
"As more vacationers look for short term rentals online, we expect to see increased investment in smart home devices that simplify the rental process," says Marty Hoffmann, vice president, marketing, Kwikset. "Amenities like keyless or Bluetooth smart locks and home automation make renting easier for property owners who change tenants frequently."
Visit http://kwikset.com/welcomeconvenience to learn about Kwikset's suite of secure and convenient smart lock options for vacation rental owners. For information about Kwikset's latest products, to access high-resolution images and request product samples, please visit http://kwiksetpresskit.com.
Kwikset is the leading residential lock manufacturer, making homeowners feeling safe for over 60 years. Kwikset works hard to understand the world you live in, so that we can do everything we can to protect it. The company's unwavering commitment to meeting homeowners' needs has inspired its innovative lock portfolio that includes patented SmartKey deadbolts, keyless entry combination locks, connected home technology, first-to-market smart lock, Kevo and a wide variety of styles and finishes. Our interior and exterior door products provide customers with the quality, technology, durability and style they want while guaranteeing the highest level of security. Headquartered in Orange County, Calif., Kwikset is part of the Hardware and Home Improvement (HHI) division of Spectrum Brands Holdings, Inc. (NYSE: SPB). Kwikset products are sold online and through retailers and distributors throughout the U.S., Canada, Mexico and Australia. Visit us at http://kwikset.com and http://kwiksetpresskit.com.