Since internet connectivity has become a necessary utility like electricity and water, having the fastest, most reliable fiber internet available has a significant impact on property value—raising its worth by 3-8%. Potential tenants seek out properties with high-speed connectivity, so to stand out, your community needs to meet or exceed their growing expectations. Learn how fiber internet affects your property valuation and how to get the best ROI from today’s most in-demand property feature.
Why High-Speed Internet Matters for Multi-Family Properties
When looking for a new place to call home, tenants look for more than just your standard amenities like ample parking, gym equipment and swimming pools. They expect reliable, high-speed internet in their units to stream, game, work remotely and connect all their smart home devices. Installing fiber internet in your multi-family units gives your property an advantage in a competitive real estate market, can lead to a higher occupancy rate and allows you to charge a higher monthly rent.
How Fiber Internet Increases Property Value
Having fiber internet in your units increases your property value the same way updated kitchens and bathrooms do. Let’s look at some ways fiber internet directly impacts your property value.
1. Higher Tenant Retention & Demand
According to the National Multifamily Housing Council, 90% of prospective tenants were either interested in or wouldn’t rent without high-speed internet. Studies also show that having fiber internet in apartments reduces vacancy rates and improves lease renewals.
2. Increased Rental & Property Prices
According to the Fiber Broadband Association, properties with fiber internet command about 12.8% higher rents than those without. Due to fiber internet’s scalability, tenants appreciate the long-term benefits of a seamless digital experience no matter how their online streaming, gaming, working and other online habits change.
3. Competitive Edge in the Market
Especially in the luxury apartment market, fiber internet is a key selling point for premium units. Cable internet doesn’t offer the speed, reliability and bandwidth needed to attract higher-income, tech-savvy renters who need the connectivity that only fiber internet provides.
4. Smart Building Integration & Operational Efficiency
Automating your building systems through fiber internet can lower maintenance costs and enhance security and convenience for both property owners and tenants. By integrating smart building technology, all stakeholders can save valuable time and money that adds up significantly over time.
What Real Estate and Property Management Leaders Need to Know About Fiber Installation
Fiber internet isn’t just a convenience for owners and tenants; it’s a revenue driver that can lead to substantial business growth.
Cost vs. Long-Term ROI
While constructing and installing a fiber internet network can be a higher upfront investment than other offerings, the resulting higher rent prices, increased renter retention and easier management make fiber internet a smart financial decision for properties of any size. Additionally, many fiber internet providers offer bulk discounts that add even more value for investors.
How to Upgrade Your Property with Fiber Internet
By partnering with a trusted fiber internet provider, you can leave the setup to them while you focus on running your community. They’ll take care of it all, from construction and installation to ensuring every unit has the infrastructure in place for your tenants to connect to the network.
Is Fiber Internet a Good Investment for Your Multi-Family Property?
From financial advantages to competitive benefits, fiber internet could be the enhancement your community needs to thrive. Lumos is here to help you connect your buildings like never before with ultra-fast, always-reliable, 100% Fiber Internet that enhances the lives of property managers and tenants alike. Plus, it’s all backed by 24/7 customer and property support so you can focus on what matters most—delivering exceptional resident experiences.
To learn more about fiber internet for multi-family communities from Lumos, call us today at 855.977.6059.
