In an effort to both satisfy its residents desire for faster Internet speeds and better overall technology in their apartment homesas well as saving on their monthly billsCamden has successfully introduced a Technology Package as part of their leasing agreement.
Enrolling in the program is required by all new and renewing residents. Existing residents have the option to sign up before their lease comes up for renewal. Residents save up to 60 percent off the retail price for such services had they negotiated them on their own.
Residents are charged $75 to $100 per month for the robust package, which includes all fees and taxes. The program, introduced about two years ago, is available at 124 of Camdens 150 communities. Specific services offered are based on consumer demand in the market and the underlying service provider.
Based on the high initial enrollments, most residents have been very receptive to the fee for the service, Kip Zacharias, Vice President of Business Services, Camden, says. It is a value-add service. We have negotiated a great deal for our residents, who save significant money--up to $75 per month. So they are happy.
Zacharias says that 40 percent to 50 percent of residents enroll immediately in the program, which typically includes 200 or more high-definition channels with an HD-DVR and HBO or Showtime; high-speed Internet with Wi-Fi (speeds are 45 Mbps to 300 Mbps); access to the cable or Internet providers mobile app; access to online rent payments and service requests; Wi-Fi throughout the common areas; and Mycamden.com--a resident exclusive social site.
Camden communicated the plan to its residents through email, letters, signage, social media and resident events. When the Technology Package is first introduced at a community, Camden invites residents to attend a community event.
This is a great opportunity for residents to speak with the technology providers one-on-one to review their current contract, and test and preview all new equipment and services that come with the Technology Package, Zacharias says. Residents can schedule free installation as well as get to know their neighbors. Of course, we provide delicious food and drinks along with some fun giveaways.
Zacharias says he is not aware of any other apartment owner or manager that charges a similar tech fee. The Technology Package gives us a competitive advantage just as other amenities Camden offers, he says.