Smart locks or traditional locks: Which is better for large properties? For communities with 300+ units, smart locks save time, reduce costs, and improve tenant satisfaction. While traditional locks are cheaper upfront ($30–$50 per unit), they bring recurring costs like rekeying ($50 per event) and high staff time for key management. Smart locks, though more expensive initially ($150–$300+ per unit), eliminate rekeying, offer remote access, and boost efficiency.
Key Takeaways:
- Cost Comparison: Traditional locks are cheaper initially but have higher ongoing costs. Smart locks cost more upfront but save on rekeying and staff time.
- Resident Satisfaction: 67% of renters prefer keyless smart locks, and 86% of millennials are willing to pay more for smart homes.
- Operational Benefits: Smart locks enable remote access, reduce lockout issues, and integrate with property management systems.
- Scalability: Smart locks handle large-scale operations better, with centralized control and future-ready tech integration.
Quick Comparison:
| Feature | Traditional Locks | Smart Locks |
|---|---|---|
| Upfront Cost | $30–$50 per unit | $150–$300+ per unit |
| Rekeying Cost | $50 per event | $0 |
| Access Management | Manual key handoff | Remote and digital control |
| Resident Appeal | Basic security | High convenience, modern |
| Scalability | Complex for large units | Easily scalable |
Smart locks are a long-term investment that simplifies operations, enhances security, and attracts tech-savvy tenants. While traditional locks are budget-friendly upfront, their inefficiencies make them less suitable for large properties.
Smart Technology for Multifamily Properties - Beyond Rent Podcast - Episode 124
Smart Locks: Features and Considerations
Smart locks introduce cutting-edge capabilities that can simplify and improve access management in large apartment communities. Understanding their features, costs, and impact is crucial for making informed decisions.
Smart Lock Features
Modern smart locks offer digital access options like smartphone apps, PIN codes, or biometrics - features that 75% of renters value for property-wide access control [1]. These options provide a level of convenience and security that traditional keys simply can’t match.
One of the standout advantages for large properties is the use of mobile credentials. Property managers can grant or revoke access remotely, issue temporary codes for maintenance or guests, and monitor entry activity in real time. Detailed audit trails ensure accountability by keeping a record of who accessed a property and when.
Integration is another key strength. Smart locks can connect with property management systems, enabling centralized control across multiple units. Many models also work with voice assistants like Alexa, Google Assistant, and Siri, adding an extra layer of ease for residents.
For day-to-day use, residents can rely on mobile apps, while maintenance teams often use PIN codes or key fobs. Backup keys are also available for emergencies, like power outages. High-end models, such as the Lockly Vision Prestige, boast features like a 6-month battery life, weather-resistant design (IP65 rating), and low-battery alerts [7].
Initial and Ongoing Costs
The upfront cost of smart locks can vary significantly, depending on their features and quality. Premium models with built-in cameras and displays can cost up to $500 per unit [7], while options like the Level Lock+ (Matter) are priced around $329 [6].
Installation costs depend on the compatibility of existing door hardware. Properties with standard door preparations usually face minimal installation expenses. However, older buildings might require modifications, which can increase costs. Professional installation is often recommended to ensure the system is set up correctly.
Ongoing expenses include regular battery replacements, typically required every 4–6 months. Some advanced features may also require subscription services. Beyond hardware, properties should budget for staff training, system maintenance, and technical support. While some models may have lower upfront costs, they can lead to higher long-term expenses due to maintenance or subscription fees [1].
Daily Operations Impact
Smart locks significantly improve operational efficiency by enabling centralized control and reducing the need for physical on-site interventions. For example, property managers can make instant access changes remotely, saving time and cutting down on manual tasks. Multifamily property owners have reported a 20% increase in maintenance staff efficiency by eliminating the need to retrieve keys [5].
Remote troubleshooting is another major advantage. If a resident has an issue with their lock, managers can remotely check battery levels, validate access codes, or unlock the door, reducing emergency service calls and boosting resident satisfaction.
The benefits of centralized control extend to real-world scenarios. In February 2025, 2Bayshore, a luxury living community in Tampa, adopted smart lock technology to replace physical keys, improve security, and streamline processes like fire inspections [8]. Becca Jung, their Community Manager, highlighted the transformation in their student housing operations:
"With the help of smart technology, we've automated aspects of the move-in and move-out process, each student housing bedroom is secured with its own smart lock, and we no longer worry about lost keys or manual tracking. The addition of garage gate, elevator, and building access control has created a frictionless experience for visitors and guests. Smart living is an exciting selling point that helps drive leases." [8]
Additionally, smart locks can integrate with other building systems to allow automated access for scheduled maintenance, package deliveries, and emergency services. These integrations free up staff to focus on more value-added activities, ultimately enhancing resident satisfaction and overall property performance.
Next, we’ll explore how these operational benefits compare to the challenges of traditional lock-and-key systems.
Lock-and-Key Systems: Features and Considerations
While smart locks are packed with cutting-edge features, traditional lock-and-key systems have been the cornerstone of property access control for decades. These systems offer a simple yet reliable way to secure properties and remain a go-to option for many large apartment communities. Without the need for electricity or internet connectivity, they’re particularly well-suited for older buildings, where upgrading to smart technology could require significant retrofitting. Let’s take a closer look at their key features, costs, and the challenges they present.
Lock-and-Key Features
At their core, traditional lock-and-key systems rely on mechanical locks paired with physical keys. The standard setup involves a cylinder lock that operates when the correct key is inserted and turned.
For larger properties, master key systems offer a practical solution. Property managers typically hold a master key that can unlock all units, while residents are issued keys that work only for their specific apartments. Maintenance staff might also carry sub-master keys, granting access to specific areas or floors. During tenant transitions, physical keys are handed over at move-in and returned at move-out to maintain security protocols.
Another advantage of traditional locks is their compatibility with most existing door hardware. These locks fit into standard door preparations, eliminating the need for modifications during installation.
Cost Breakdown
One of the biggest draws of traditional lock-and-key systems is their low upfront cost. Compared to smart locks, which can range from $150 to over $300 per unit, traditional locks are far more affordable[4].
However, recurring expenses can add up quickly. Rekeying a lock - common with tenant turnover or lost keys - costs around $50 per event. For a property with 300+ units, these costs can climb into the thousands annually.
| Expense Category | Traditional Locks | Annual Impact (300 Units) |
|---|---|---|
| Initial Cost per Unit | $30–$50 | $9,000–$15,000 |
| Rekeying per Event | $50 | $2,500–$7,500+ |
| Staff Time for Key Issues | $20/hour | $5,000–$12,000+ |
There are also hidden costs tied to managing physical keys. Properties need either key-cutting equipment or contracts with locksmiths to handle duplications. Beyond that, staff time spent distributing, collecting, and tracking keys adds up. Emergency lockouts and other key-related issues further strain resources. With property manager salaries ranging from $40,000 to $90,000 annually, these inefficiencies can put a dent in operational budgets[10].
The National Apartment Association has highlighted these concerns, stating:
"Old-fashioned keys drain your business of time, money and peace of mind."[11]
Daily Challenges
Managing traditional lock-and-key systems comes with its fair share of challenges. Security and efficiency are constant concerns, especially when dealing with lost or stolen keys. Each missing key poses a potential security risk, often requiring immediate rekeying to protect the property. This creates a balancing act between urgency and cost.
Mechanical wear and tear is another issue. Over time, locks can break down due to worn cylinders, broken keys, or exposure to the elements. Emergency locksmith services, which are often more expensive than routine maintenance, may be needed to address these problems.
Lockouts are a frequent headache for property managers. Whether it’s a tenant locked out late at night or a maintenance worker unable to access a unit during an emergency, these situations demand immediate attention, pulling staff away from other duties.
For larger properties, managing hundreds of keys is a logistical challenge. Keeping track of who has access to what, maintaining accurate records, and overseeing master key systems requires significant administrative effort. SALTO Systems has observed:
"The traditional metal key, once the cornerstone of security, is now a glaring vulnerability."[12]
Unauthorized key duplication adds yet another layer of complexity. Because physical keys can be easily copied at hardware stores, there’s always a risk of unknown duplicates circulating. This often forces property managers to rekey locks after every tenant turnover or lost key, further driving up costs.
These challenges have prompted some property management companies to rethink their reliance on traditional systems. For instance, RedPeak, an apartment management company, faced many of these operational burdens before switching to smart lock technology across 900 units in 15 buildings. This upgrade allowed over 60 employees to manage access remotely, significantly cutting down on the time and resources previously spent on physical key management[4].
Next, we’ll dive into how traditional and smart systems compare in terms of overall cost, maintenance, and operational efficiency.
Cost, Maintenance, and Operations Comparison
Managing properties with 300 or more units brings financial and operational choices into sharp focus, especially when comparing smart locks to traditional systems. Small savings per unit can add up quickly, making a big difference in overall costs. Understanding these factors helps property managers make decisions that can impact their budgets for years to come.
Cost Comparison
The initial price tag is only part of the equation. While traditional locks are cheaper upfront, their recurring costs can pile up over time. Smart locks, on the other hand, require a bigger upfront investment but eliminate many of the ongoing expenses tied to traditional systems.
| Expense Category | Traditional Locks | Smart Locks |
|---|---|---|
| Initial Cost per Unit | $30–$50 | $150–$300+ |
| Rekeying (Annual) | $50 per event | $0 |
| Staff Time for Key Issues | $20/hour | $0 with remote management |
| Battery Replacement | N/A | $8–$20 annually |
For a 300-unit property, the upfront costs range from $9,000–$15,000 for traditional locks compared to $45,000–$90,000 for smart locks. However, recurring expenses like rekeying can quickly tip the scales. If just 10% of units need rekeying annually - due to lost keys or tenant turnover - that’s an extra $1,500 per year. Over time, the savings add up. For a smaller property with 50 doors, switching to smart locks could save over $3,000 annually in rekeying costs alone[4]. For larger properties, these savings multiply significantly, making smart locks a cost-effective choice in the long run.
These numbers set the stage for evaluating how maintenance and staffing requirements differ between the two systems.
Maintenance and Staffing Requirements
Traditional locks demand a lot of staff time for day-to-day key management. This includes handing out keys, tracking who has access, and responding to lockout calls - tasks that can quickly eat into employee hours.
Smart locks, however, change the game by allowing managers to take a proactive approach. Tasks like battery replacements and software updates can be scheduled during regular hours, cutting down on emergencies and reducing staff workload.
According to RemoteLock:
"Smart locks are not just an upgrade - they're an investment in security, efficiency, and user experience. By reducing operational costs and enhancing convenience, they quickly pay for themselves."[4]
For large properties, features like remote management eliminate the need for constant on-site key tracking and distribution. This is especially helpful during busy leasing seasons or when managing multiple properties at once. Automation and remote access make the entire process more streamlined and less labor-intensive.
Long-Term Cost Analysis
Looking beyond the immediate expenses, the long-term picture reveals even more advantages for smart locks. Over three to five years, traditional locks can rack up hidden costs, while smart locks maintain predictable maintenance expenses. Security breaches caused by lost or stolen keys can lead to costly lock replacements and assessments. In the U.S., nearly 7 million property crimes occur annually, and 34% involve entry through a front door with a compromised lock or key[4].
Smart locks, by contrast, offer a more predictable maintenance schedule. Regular tasks like battery changes and software updates are manageable and can be planned into the budget. A survey found that 93% of property owners felt the upfront cost of smart locks was worth it[2].
Operational efficiency also plays a big role in long-term savings. Smart locks simplify access management, keeping common areas secure without requiring constant oversight[13]. They also make it easier to handle vendor access for maintenance and repairs, further reducing staff involvement.
From a resident perspective, smart locks add value. Studies show that 86% of millennials are willing to pay up to 20% more for a smart apartment[3], and properties with smart technology see a return on investment of 5% to 6%[3]. These perks can help attract and retain tenants, boosting the property’s overall value.
Maintenance needs differ significantly between the two systems. Traditional locks require occasional lubrication but are prone to mechanical failures and weather-related damage. Smart locks, while needing regular battery replacements and updates, follow a predictable schedule that can be easily budgeted for. This reliability, combined with operational and financial benefits, makes smart locks a compelling choice for property managers looking to enhance efficiency and cut costs over time.
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Resident Experience and Security
When it comes to long-term property success, the resident experience and security play a huge role alongside operational efficiencies. How residents access their homes can directly impact occupancy rates and profitability, especially in larger properties. By understanding how entry systems affect residents, property managers can make choices that not only protect their bottom line but also keep tenants happy.
Resident Convenience and Satisfaction
Today's renters expect convenience, and entry systems are no exception. Smart locks have become a game-changer, doing away with the hassle of physical keys. With these systems, residents can unlock their doors using smartphone apps, PIN codes, or even voice commands linked to smart home devices.
These locks also allow for temporary access codes, which are perfect for guests, delivery drivers, or maintenance staff. This feature helps reduce delivery delays and scheduling headaches. Plus, activity logs that track who enters and exits add an extra layer of trust and reassurance. In fact, residents are willing to pay an average of $50.03 per month for the convenience of keyless smart locks[17]. It's no surprise that 97% of property owners report improved resident satisfaction after adopting smart technology[2].
On the flip side, traditional lock-and-key systems can be a hassle. Lost keys often lead to costly locksmith visits and stressful lockouts. Managing physical keys for multiple tenants also raises security concerns, especially if keys aren’t returned. While convenience is important, reliable security is just as crucial for earning residents' trust.
Security Features and Risks
Smart locks and traditional locks each have their strengths and weaknesses when it comes to security. Here's a quick comparison:
| Security Aspect | Traditional Locks | Smart Locks |
|---|---|---|
| Physical Vulnerabilities | Susceptible to lock picking, key duplication, and lost keys | Durable designs; no physical key duplication |
| Digital Vulnerabilities | None | Risks of hacking, Wi-Fi breaches, or app issues |
| Access Control | Limited - requires physical key handoff | Flexible - remote access and temporary codes |
| Monitoring Capabilities | No entry/exit tracking | Detailed logs and real-time alerts |
| Emergency Access | Requires spare keys or physical presence | Remote unlocking available |
Smart locks improve security by addressing issues like lock picking and key duplication, and they allow property managers to quickly revoke access when residents move out. This eliminates the risk of unreturned keys compromising security.
However, smart locks come with their own set of challenges. Digital vulnerabilities, such as hacking through Wi-Fi networks or compromised apps, are a concern[15]. Regular firmware updates, strong passwords, and secure Wi-Fi configurations can help reduce these risks. Additionally, the data logs generated by smart locks can raise privacy concerns for some residents[16]. Striking the right balance between convenience and security is key to fostering tenant loyalty.
Effect on Resident Retention
Upgraded entry systems can have a noticeable impact on lease renewals. By reducing daily inconveniences, boosting security, and offering a modern living experience, smart locks enhance the appeal of a property. Some communities have even seen renewal rates climb by up to 40% after installing smart locks[18].
Younger, tech-savvy renters, in particular, are drawn to smart home features. As Becca Jung, a Community Manager, explains:
"Smart living is an exciting selling point that helps drive leases."[8]
With more residents expecting tech-friendly amenities, keyless entry systems are becoming essential for staying competitive in the rental market[1]. When these systems are integrated with other building features - like package lockers, fitness centers, and shared spaces - they create a seamless, modern living experience that encourages residents to stay.
While traditional locks still meet basic security needs, they lack the convenience and modern appeal that can set a property apart. As tenant expectations shift toward tech-enabled living, properties relying solely on traditional systems may struggle to attract and retain tenants in today’s competitive market.
Scalability and Future Planning
When you're managing properties with 300 or more units, the access system you choose today will directly influence your operations for years to come. Your ability to grow efficiently and embrace new technologies hinges on selecting a system that can handle expansion and adapt to future needs. This scalability ties closely to earlier points about cost and operational efficiency.
Scaling Challenges with Lock-and-Key Systems
Traditional lock-and-key systems struggle to keep up when scaled to larger properties. Imagine managing hundreds - or even thousands - of physical keys. It's a logistical headache [2]. As the number of tenants and access points increases, tracking who has which keys, replacing lost or stolen ones, and ensuring their return becomes a time-consuming task [19]. Property managers often find themselves buried in the complexities of monitoring every key issued or duplicated [21].
Rekeying locks adds another layer of difficulty. Whenever a tenant moves out or a key is lost, locks need to be changed, and new keys must be distributed [2]. On top of that, traditional systems offer very little flexibility. Limiting access to specific times or areas is cumbersome, and unauthorized entry becomes harder to prevent [19]. These inefficiencies not only slow down operations but also make it harder to meet tenant needs quickly, underscoring why traditional systems often fall short in large-scale settings [20].
Smart Lock Scalability Benefits
Smart locks, on the other hand, are designed to scale seamlessly across large properties. They simplify management by offering centralized control and integration with other systems. For instance, smart locks can connect directly to Property Management Systems (PMS), automating processes like issuing and revoking credentials during move-ins and move-outs [1]. Mobile credentials, which allow tenants to unlock doors via an app, eliminate the need for physical keys and reduce trips to the leasing office [22].
These systems also integrate with other property technologies, such as intercoms, enabling residents to manage both their unit and common areas from a single platform [1]. This level of integration not only saves time but also scales effortlessly across entire property portfolios. Companies like DUSAW have partnered with properties such as Parker New York and Resorts World Catskills to implement smart lock systems, cutting down on management overhead while boosting security [14].
Future Technology Integration
Beyond scalability, smart locks shine in their ability to integrate with emerging technologies. They work seamlessly with smart home ecosystems, property management software, and other building systems, creating a centralized hub for automation [1]. By 2025, leading smart lock brands are expected to support platforms like Apple Home Kit, Google Assistant, and Amazon Alexa, as well as protocols like BLE, Z-Wave Plus, and Zigbee [1].
In contrast, traditional lock-and-key systems are stuck in the past. They can't integrate with modern tools, making them difficult to adapt as technology evolves [26]. As the industry moves toward AI-driven property management and IoT solutions that can cut energy costs by 15–30% [24], properties relying on outdated systems risk falling behind. The market reflects this shift: 67% of renters prefer keyless smart locks [1], 75% want property-wide access control [1], and many are willing to pay $20–35 more per month for the added convenience [22]. Communities using smart technology for features like self-guided tours have even seen leasing rates increase by up to 20% [23].
Looking ahead, video locks - which combine smart locks with video doorbells - are becoming a major trend for 2025 [25]. Properties already equipped with smart lock infrastructure will be well-positioned to adopt these innovations, while those relying on traditional systems may need to start from scratch. Choosing systems with open APIs is critical for staying flexible and meeting the evolving expectations of residents and technological advancements [24].
Conclusion
For property managers overseeing communities with 300+ units, deciding between smart locks and traditional entry systems often boils down to weighing short-term costs against long-term benefits. While traditional locks are priced at $30–$50 per unit - significantly cheaper than the $150–$300+ price tag of smart locks - the recurring expenses of traditional systems can quickly diminish those savings[4].
Smart locks eliminate the need for the $50 annual rekeying fee, cut maintenance time by up to 50%[9], and offer features like digital credentials, audit trails, and tamper alerts. These upgrades not only enhance security but also directly improve resident satisfaction. In fact, 67% of renters prefer keyless entry, and 57% are more likely to renew their leases when such features are available[1][27].
Scalability is another key advantage, especially for larger properties. Take RedPeak, for instance: their implementation of RemoteLock across 900 units in 15 buildings allowed over 60 employees to manage access remotely. This streamlined approach significantly reduced the risks and inefficiencies tied to manual key handling[4]. Traditional systems simply can't deliver this level of operational efficiency at scale, making smart locks an optimal choice for large communities.
"Smart locks are not just an upgrade - they're an investment in security, efficiency, and user experience. By reducing operational costs and enhancing convenience, they quickly pay for themselves."
– RemoteLock[4]
Smart locks also integrate seamlessly with property management software, keeping properties adaptable to future technologies. Properties equipped with smart locks report a 5–6% ROI[3] and a 60% higher lease renewal rate. Additionally, 86% of millennials are willing to pay extra for keyless entry features[9][28][27].
The combination of increased efficiency, improved security, and higher resident satisfaction translates into better overall property performance. For large-scale properties, smart locks clearly emerge as the more cost-effective solution over time. While the upfront investment is higher, the long-term advantages - reduced labor, eliminated rekeying costs, higher lease renewals, and the ability to charge premium rents - make smart locks a worthwhile investment. In a competitive, tech-driven rental market, adopting smart lock technology ensures your property stays ahead of the curve.
FAQs
How can smart locks help property managers save money in large apartment communities?
Smart locks offer property managers a practical way to cut costs, especially when it comes to maintenance and rekeying. Unlike traditional locks that rely on physical keys and often require locksmith services for replacements, smart locks can be digitally reprogrammed in no time. This streamlined process can reduce rekeying expenses by as much as 50%, saving both money and valuable time.
On top of that, smart locks make access management much simpler. Property managers can grant or revoke access remotely, which helps speed up unit turnovers and eliminates the need for staff to spend time handling physical keys. These improvements not only reduce operational costs but also boost security and create a better experience for residents.
What security risks do smart locks pose, and how can property managers address them?
Smart locks, like other connected devices, aren't immune to security risks. Hackers can exploit weaknesses in Bluetooth, Wi-Fi, or mobile apps, potentially gaining unauthorized access if these vulnerabilities aren't addressed.
To reduce these risks, property managers should prioritize strong encryption protocols, activate two-factor authentication, and keep the lock’s firmware updated. It's also important to follow practical steps like regularly checking battery levels and ensuring a reliable connection. These precautions go a long way in strengthening security, helping residents and property managers feel more at ease.
Why are tenants often willing to pay higher rent for apartments with smart locks instead of traditional locks?
Tenants are increasingly drawn to apartments with smart locks, often willing to pay extra for the convenience and added security these systems bring. With features like keyless entry and remote access, smart locks simplify daily routines. They also allow tenants to grant temporary access to guests or service providers, adding a level of flexibility that traditional locks simply can't match.
On top of convenience, smart locks offer enhanced security features like activity tracking and real-time alerts. These capabilities not only help residents feel safer but also create the impression of a more modern and secure living environment. It's no surprise that these perks make properties equipped with smart lock technology more appealing - and worth the higher price tag for many renters.
