Yale Survey Report: Renter Financials and Security

Yale Survey Report: Renter Financials and Security 

Overview: Yale recently conducted a survey to understand the financial and security concerns of renters. The findings highlight significant stressors and interests among renters, with a focus on financial stability and the desire for enhanced security features. For some relief, Yale’s “Secure Start” program aims to help unlock peace of mind, help cover security deposits, and enhance home security. 

Survey Findings and Analysis

Financial Pressures

Renters across the country face high levels of financial pressure, where even a temporary reprieve can significantly alleviate stress.

• Renters today are navigating a maze of financial pressures, where even small reliefs can make a world of difference. Over 80% of respondents indicated that receiving one month of free rent—equivalent to the average cost of a security deposit—would offer peace of mind.
• 93% believe it is very/extremely important to stay within budget, but 70% have needed help finding affordable housing in their preferred neighborhood. Even if renters do find the perfect place, they’re sure to face surprising upfront costs, from application fees to moving expenses, and, of course, the hefty security deposit.

Financial Stress

Nearly all renters have financial concerns that are negatively impacting them. 

• The financial pressures on renters are more than minor inconveniences—they are major hurdles. In fact, 74% state the rising cost of rent is hindering their ability to achieve their financial goals. With a break, 70% of respondents would add to savings or pay off other bills.
• The “cost of rent” and ”location” top the list of the most important factors when looking for a rental property, but many struggle to find affordable options in their preferred neighborhoods. In fact, 87% have noticed rental prices increasing in their preferred location. Renters are not only facing higher costs but are also struggling to find value in their rental options.

Safety Features

Safety features such as intercom systems, smart locks, and surveillance cameras are important to most renters when selecting a rental property.

• As renters seek comfort and security in their homes, the demand for safety features is evident. Despite 89% of respondents not currently having a smart lock, there is a strong interest in adopting such technology, with 94% expressing interest in having one.
• Additionally, 76% agree that having a smart lock would provide them with better security, and 74% agree that having a smart lock would provide them peace of mind. This growing interest underscores the importance of integrating modern security solutions into rental properties.

“With the retrofit Yale Approach™ Lock with Wi-Fi, we're not just offering a security solution for the front door; we're providing peace of mind by ensuring that renters have access to top-notch smart lock security at an affordable price point,” says Ryan Daviau, Product Manager at Yale. “We're here to cover the security aspect so renters can focus on achieving their financial goals and enjoying their homes."

Conclusion

Financial stability and the need for secure, affordable housing are paramount concerns for renters across the country. Additionally, the clear interest in smart lock technology underscores an opportunity for innovations that enhance both home security and peace of mind. 

The new retrofit Yale Approach Lock with Wi-Fi and a wireless Yale Keypad is specifically designed with renters in mind as it is easy to install and the ultimate do-it-yourself smart lock system for those who typically cannot change their locks. Attracting many first-time smart lock users and young renters with the new retrofit lock, Yale also launched the “Secure Start” contest on Instagram. The contest is designed to help provide both financial and security support for new renters with prizes including a $2,000 check to help cover the security deposit, the Yale Approach Lock with Wi-Fi and the wireless Yale Keypad, and a Yale Smart Safe with Wi-Fi to protect valuable belongings in the home for five (5) Grand Prize Winners. Plus, up to one-hundred (100) First-Prize Winners can win a Yale Approach Lock with Wi-Fi and a wireless Yale Keypad for key-free convenience and security.

Methodology: An online survey was fielded among US residents to collect attitudes and behaviors regarding renting, finances, and security. Screening criteria included: US residents, 18+ years old, Currently rent or plan to in next 6 months, not competitively employed, N=1,000.