When managing multifamily properties, choosing between smart locks and physical keys comes down to balancing cost, convenience, and security. Here's the bottom line:
- Smart Locks: Offer features like remote access, digital entry logs, and integration with property management systems. They reduce rekeying costs, improve security, and align with modern tenant expectations. However, they require a higher upfront investment, regular maintenance (like battery replacements), and can face cybersecurity risks.
- Physical Keys: Cost less upfront and work without Wi-Fi or batteries. They’re simple to use and reliable in power outages. But they lack flexibility, pose security risks like key duplication, and require frequent rekeying during tenant turnover.
Quick Overview:
- Smart Locks: $150–$300 per unit; save on rekeying costs; better for larger properties or tech-savvy tenants.
- Physical Keys: $30–$50 per unit; affordable for smaller properties but less secure and harder to manage at scale.
For small properties with stable tenants, physical keys may suffice. For larger properties or those with frequent turnover, smart locks provide long-term savings and convenience.
Multifamily Access Control
Smart Locks: How They Work and What to Expect
Smart locks replace traditional keys with digital alternatives like PIN codes, smartphone apps, or key cards. These locks connect via Wi‑Fi, Z‑Wave, or Bluetooth, allowing for features such as temporary or recurring access, detailed entry logs, and the ability to revoke access remotely. They often integrate with property management software and video doorbells, offering a more streamlined approach to access control[5]. Let’s break down what smart locks bring to the table and some of the hurdles they face.
What Smart Locks Can Do
Smart locks are game-changers for remote access management, simplifying security operations. Property managers, for example, can issue time-limited access to maintenance staff, generate temporary codes for prospective tenants, and monitor who enters and exits. One example is the Schlage Control Mobile Enabled Smart Lock, which integrates with various access control systems and smart apartment platforms like Homebase, making it ideal for multifamily properties[8]. Similarly, Latch provides a complete access control system, with smart locks for both individual units and shared entryways in multifamily buildings[8].
These systems offer a range of credential options, including PIN codes, RFID cards, mobile apps, and even backup physical keys, catering to different user preferences[11]. Some smart locks can even operate offline, delivering their benefits without requiring constant Wi‑Fi connectivity[6]. Additionally, they can integrate with other smart building systems - like thermostats and leak detectors - to create a more connected and efficient living environment[9].
Why Property Managers Choose Smart Locks
The numbers tell a compelling story. Properties equipped with smart locks and electronic access control systems report 10% fewer maintenance requests and save an average of $80,000 annually per building[7]. Tenant satisfaction also gets a significant boost - 97% of property owners report happier residents, and 93% say the investment in smart locks was worthwhile[10].
One large regional operator upgraded two communities with smart technology and saw impressive results: a 17% drop in energy costs, 38% fewer maintenance work orders, better tenant satisfaction scores, more lease renewals, and an increase in Net Operating Income (NOI)[9]. Residents, too, value the convenience, with many willing to pay an extra $20–35 per month for smart locks[6]. Still, these benefits don’t come without challenges.
Common Problems with Smart Locks
Despite their advantages, smart locks aren’t without flaws. Cybersecurity concerns are a significant issue since these systems rely on stable Wi‑Fi connections and require regular security updates to prevent hacking[12]. Tenant turnover adds another layer of complexity, making it essential to erase old access codes promptly to avoid unauthorized entry[14]. Privacy concerns and unfamiliarity with the technology can also make some tenants hesitant to embrace smart locks[4].
Technical reliability is another sticking point. Older buildings may struggle with integration, and the process can be both challenging and expensive[13]. Maintenance tasks like replacing batteries, updating firmware, and troubleshooting system failures add a level of complexity not seen with traditional locks. Real-world feedback has highlighted these issues - online forums feature complaints from residents, such as those in Huntsville, Alabama, where smart locks were installed by landlords without tenant consent[4].
Still, many of these challenges can be managed with proper planning. Elizabeth Parks, President and CMO of Parks Associates, emphasizes this point:
"Smart building solutions can create innumerable benefits to multifamily properties, provided the deployment and ongoing support are planned correctly for each property." [7]
To address potential issues, property managers can adopt a phased approach. This might include pilot programs to gather feedback, conducting vulnerability assessments every three to six months, and keeping firmware up to date[12][13]. The following section will dive into how these findings stack up against traditional key systems, offering a more complete comparison.
Traditional Key Systems: Simple but Limited
Traditional key systems have been a cornerstone of multifamily access control for decades. Even as smart technology gains traction, many properties still rely on traditional locks. In fact, 16% use a mix of traditional locks and keyless entry systems[15]. This enduring reliance speaks to the practicality of mechanical systems but also highlights their operational challenges.
Let’s take a closer look at how these systems work and why they persist.
How Traditional Key Systems Work
At their core, traditional key systems are built on simple mechanical mechanisms. Physical keys interact with pin tumbler locks or similar hardware to control access to units, common areas, and building entrances. These systems don’t require digital infrastructure, Wi-Fi, or software updates - just keys and locks.
The process is straightforward. Residents are handed physical keys when they move in, and property managers typically collect them when they move out. To maintain security, locks are often rekeyed for new tenants. Maintenance teams use master keys or individual unit keys to access apartments for repairs and inspections. Unlike digital systems, traditional locks function reliably during power outages or connectivity failures.
Why Some Properties Stick with Keys
Traditional key systems remain popular for several reasons, starting with their affordability. Mechanical locks cost significantly less upfront compared to smart lock systems, making them attractive for properties with limited budgets or those hesitant to adopt newer technologies.
Another benefit is their independence from digital infrastructure. In older buildings or areas with unreliable Wi-Fi, traditional locks provide consistent security without connectivity concerns. Additionally, these systems are familiar to both staff and residents, avoiding the need for training or adjustments to new processes.
For smaller properties, traditional keys simplify maintenance. There are no batteries to replace, no software updates to manage, and no risks of hacking. Mechanical upkeep is straightforward, often handled in-house without specialized technical expertise. However, these advantages come with notable limitations.
Where Traditional Keys Fall Short
While simple, traditional key systems pose significant challenges for modern multifamily properties. One major issue is the ease of key duplication. Lost keys or tenant turnover can lead to frequent rekeying, increasing both security risks and administrative burdens[3]. Without digital tracking, there’s no way to monitor who might have unauthorized copies.
Managing access for maintenance or housekeeping is also more cumbersome. Property managers must physically distribute keys, track who has them, and ensure timely returns. This manual process can create delays, especially in larger properties[3].
Another drawback is the wear and tear on mechanical locks. High-traffic areas often require repairs or replacements, adding to costs and inconveniencing residents[16]. Over time, these recurring expenses - combined with the risks of lost keys and lack of control - can outweigh the lower upfront costs of traditional systems[2].
These limitations highlight why more multifamily properties are exploring advanced access control solutions that offer greater efficiency and security.
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Side-by-Side Comparison: Smart Locks vs. Traditional Keys
Choosing between smart locks and traditional keys often comes down to weighing costs, security, and operational efficiency.
Comparing Costs, Security, and Operations
When it comes to cost, the difference is noticeable. Smart locks require a higher upfront investment, typically ranging from $150 to $300+ per unit, compared to traditional locks, which cost around $30 to $50 per unit. Installation adds another layer of expense: professional installation for smart locks can run $250 to $400, while traditional locks are much simpler and cheaper to set up[17][18].
The ongoing costs tell a different story. Traditional locks often need rekeying, especially during tenant turnovers, costing about $50 per event[17]. For properties with 50 doors, this adds up fast. Smart locks, on the other hand, eliminate rekeying expenses entirely with remote management features, potentially saving over $3,000 annually in rekeying costs alone[17].
Security is another area where these systems diverge. Smart locks come equipped with features like encrypted communication, biometric authentication, and real-time activity monitoring. Traditional locks, relying solely on mechanical security, are more vulnerable to picking, bumping, and unauthorized key duplication. Alarmingly, 34% of property crimes involve entry through a front door with a compromised lock or key[17]. Smart locks also allow temporary access without physical keys and provide audit trails for entry activity, addressing many of the risks traditional locks face[19][20].
That said, smart locks aren't perfect. They can be vulnerable to hacking, but strong passwords and regular software updates can help reduce this risk[19]. Meanwhile, traditional locks remain at constant risk from lost or copied keys, posing ongoing challenges for property managers.
| Factor | Smart Locks | Traditional Keys |
|---|---|---|
| Upfront Cost | $150-$300+ per unit | $30-$50 per unit |
| Installation | $250-$400 (professional) | Minimal cost |
| Rekeying | $0 (remote management) | $50 per event |
| Security Features | Encrypted communication, biometrics, monitoring | Mechanical security only |
| Vulnerabilities | Hacking (mitigated with updates) | Picking, bumping, key duplication |
| Staff Time | Minimal (remote management) | High (key handling, distribution) |
| Power Dependency | Battery replacement needed | None |
| Lockout Resolution | Remote unlock capability | Physical key required |
Operational differences also become clear in daily use. Smart locks allow remote lockout resolution, temporary access for guests or vendors, and detailed audit trails, making them ideal for properties with frequent tenant turnover.
Take, for example, RedPeak, a property management company that, in 2025, implemented RemoteLock's universal access control system across 900 units in 15 buildings. This integration, combined with Yardi Voyager, automated access for residents, staff, and vendors. The result? Faster unit turnovers, reduced security risks, and significant time savings for over 60 employees who could now manage access remotely instead of dealing with physical keys[17].
However, reliability is another factor to consider. Traditional locks work during power outages and don’t rely on software updates, making them dependable in all conditions. Smart locks, while offering advanced features, require battery replacements and can face connectivity issues. Many high-quality models address this with backup power options and offline functionality.
For smaller properties with limited turnover, traditional locks may still be a practical choice. But for larger properties with frequent tenant changes and more complex access needs, smart locks often deliver better long-term returns by reducing administrative work and improving security.
Smart locks now include features like two-factor authentication, temporary guest codes, and smartphone alerts, offering a level of flexibility that traditional locks simply can’t match. While traditional locks remain mechanically reliable, they lack the operational adaptability that many modern properties require.
These differences highlight how each system aligns with the needs of properties of different sizes. Next, we’ll explore which option works best for varying property scales.
Which System Works Best for Your Property
The size of your property plays a critical role in determining the most suitable access control system. Each property scale comes with its own unique challenges and needs.
Small Properties (Under 50 Units)
For smaller properties, budget constraints and straightforward management often guide the decision-making process. Smart locks are an excellent option for properties with frequent tenant turnover. Why? Because 52% of U.S. consumers appreciate remote-control features[21]. Smart locks also eliminate rekeying costs and provide added security benefits like audit trails and temporary access codes, making them a competitive edge.
That said, traditional keys still work well for properties with stable, long-term tenants and limited budgets. Their simplicity appeals to owners who prefer to avoid tech-heavy solutions. If you’re considering smart locks, options like digital keys, PIN codes, or RFID/NFC-based systems can meet your needs effectively[22]. As your property grows, these considerations become even more critical.
Mid-Sized Properties (50–200 Units)
Once a property exceeds 50 units, managing access with traditional keys becomes a logistical headache. Tasks like distributing, retrieving, and replacing keys across numerous units can quickly overwhelm property managers[10]. This is where smart locks shine. They allow for remote access management and digital credential delivery, significantly reducing manual labor.
The numbers back this up: 97% of property owners report improved resident satisfaction after adopting smart technology, and 93% believe the upfront cost is worth it[10]. Integration with property management systems further simplifies operations, automating tasks like credential delivery and centralizing property data. For example, platforms like RemoteLock's cloud-based system let managers grant or revoke access in real time, offering unmatched control and security[10].
Smart locks also enhance security. Unlike physical keys - which can be lost, stolen, or copied - digital systems allow for real-time access control. For mid-sized properties, scalable smart lock solutions are ideal, starting with common areas and high-turnover units, and expanding as needed.
Large Properties and High-Rises (200+ Units)
For large properties with over 200 units, the advantages of smart locks become even more apparent. The sheer scale of key management, heightened security demands, and increasing resident expectations make automation almost essential. Smart access systems can save properties about $80,000 annually by reducing administrative and maintenance costs, while also cutting maintenance requests by 10% after installation[7].
Resident expectations are higher for large properties - 67% of renters prefer keyless smart locks, and in competitive markets, digital-first living is now the norm[11]. Features like secure, temporary access for self-guided tours are becoming standard[5]. Additionally, smart locks offer advanced security options such as tamper alerts, end-to-end encryption, remote locking/unlocking, and detailed audit trails. Residents can choose from multiple credential types, including PIN codes, RFID cards, mobile apps, and backup physical keys[11].
Integrating smart locks with property management systems streamlines processes like move-ins and move-outs by automating credential updates and centralizing lock management[11]. Experts recommend a phased rollout for large properties - starting with exterior doors and common areas before expanding to individual units[6]. This approach helps maintain operations while spreading costs over time.
At this scale, traditional keys become increasingly impractical. Keeping track of key inventories, managing replacements, and addressing security risks can create significant operational hurdles. Enterprise-grade smart lock systems with centralized management and scalable capabilities are the ideal solution for efficiently handling hundreds of units[23].
Making the Right Choice for Your Property
Choosing the right access system means aligning it with your property's size, resident demographics, and operational goals. Let’s break down the key factors to consider.
Property size and resident demographics play a big role in selecting the right system. Smaller properties might lean toward budget-friendly smart locks that are easy to install, while larger properties often need on-site servers to ensure smooth performance [24]. With millennials making up more than half of U.S. homebuyers [26], there’s a growing demand for tech-forward access solutions. Younger, tech-savvy residents often prefer mobile access and smart lock features, while older residents may stick to the familiarity of traditional keys. Adding to the mix, nearly one in five Americans now live in multigenerational households - double the rate from 40 years ago [26]. This highlights the diverse preferences you might encounter.
For properties in busy urban areas or those facing higher security risks, smart locks with advanced features like audit trails, temporary access codes, and real-time monitoring could be a game-changer [24]. While traditional keys are reliable, they just can’t match the added security and flexibility of these modern systems.
Infrastructure matters too. Before diving into upgrades, take a close look at your property’s existing wiring and network setup. Installing smart locks might require significant electrical work, which could impact your budget [24].
The industry is also moving toward digital-first solutions. Features like self-guided tours for potential residents are becoming the norm, thanks to electronic access systems that allow for temporary digital credentials [1]. Additionally, the rise of centralized leasing across multiple properties is another trend that smart locks can support effectively [1].
If you’re unsure about going all-in, consider starting small. Test a smart lock program in high-turnover units or shared spaces to see how residents respond and to gauge operational benefits before scaling up.
"The goal is to let people in - in a safer, more convenient, and smarter way." [25]
FAQs
What are the key security risks of smart locks, and how can property managers address them?
Smart locks, while convenient, come with potential security concerns such as hacking vulnerabilities, signal interception, and physical tampering. To minimize these risks, it’s essential to take a proactive approach. Start by keeping the lock’s firmware updated, using strong and unique passwords, and enabling two-factor authentication for an extra layer of security. On top of that, securing your Wi-Fi network and turning off unnecessary remote access features can help reduce the chances of network breaches.
When it comes to physical security, opt for smart locks with sturdy designs and built-in tamper-detection alarms. Conducting regular security assessments can also help uncover and address weak points before they become problems. By combining smart digital habits with dependable hardware, you can significantly improve the safety of smart locks in multifamily properties.
How do smart locks improve efficiency in managing large multifamily properties?
Smart locks make managing large multifamily properties much easier by letting property managers handle access remotely. No more running back and forth for key exchanges or in-person visits. This remote control feature cuts down on administrative tasks, reduces the hassle of lost or duplicated keys, and simplifies the whole process.
On top of that, smart locks boost security and help cut operational expenses. Tasks like handling lockouts or managing unit turnovers become faster and more efficient. The result? Time saved and a smoother experience for both residents and property management teams.
What should property managers consider when choosing between smart locks and traditional key systems for multifamily buildings?
When choosing between smart locks and traditional key systems, property managers should weigh a few important considerations:
- Security and Convenience: Smart locks come with modern perks like remote access, temporary codes, and the ability to manage users. These features work well for larger or more dynamic properties. On the other hand, traditional locks are straightforward, reliable, and don’t rely on technology.
- Cost and Maintenance: While smart locks often require a higher upfront cost and occasional tech support, they can streamline administrative tasks in the long run. Traditional locks are usually cheaper to install but may lead to recurring expenses like replacing or duplicating keys.
- Property Needs: Think about your property’s size and how comfortable residents are with technology. For smaller buildings or areas where advanced tech might feel out of place, traditional locks are a practical choice. Larger properties, however, might benefit from the added security and operational ease of smart locks.
The right option will depend on your budget, the size of your property, and how much convenience or security you want to offer your residents.
