Renters Want Keyless Entry, But Is It Worth the Risks?

With the growing popularity of internet-connected devices, collectively called the Internet of Things (IoT), more renters are looking for homes that reflect their connected lifestyles. Over half (52%) of millennial multifamily residents prefer to live in apartments with electronic door locks that use an alternative to a key, such as a smartphone, pin, fingerprint, fob, or card. In fact, one study showed that residents would pay $33 more for an apartment with intelligent upgrades like smart locks.

With these figures in mind, you might be considering trading in your property's traditional locks for smart locks. Before implementing such a system, however, weigh the benefits against the following factors.

Keyless Entry Systems Are Easy to Hack

Like other IoT devices, smart locks can be vulnerable to hackers since manufacturers often use security protocol that's not as secure as it could be to prioritize ease of use. Security researchers have found that flaws in the design and implementation of smart locks on the market allow hackers “to learn private information about users and gain unauthorized home access.” Some locks can even be hacked by someone with minimal tech skills.

These vulnerabilities not only put residents at risk but increase your property’s liability. In a poll, 73% of security professionals said they wouldn't use smart locks to protect their own homes.

Managing the System Can Be a Full-Time Job

You Don't Eliminate the Need for Key Control

You might think implementing a keyless entry system eliminates the need for key control, but that's not necessarily the case. Here are a few reasons why:

1. Backup Keys

Although some smart locks operate without traditional keys, many still have key slots that allow you to use backup keys in case the smart lock malfunctions — and having this option is critical. Why? Some users have reported that certain models of smart locks frequently crash or show that the lock is unlocked when it's not. In addition, security professionals have warned that a cyberattack or flawed software update could knock out thousands of locks at a time. 

2. Locks That Haven't Been Converted

Even after installing a smart lock system, you could still have some traditional locks on your property, such as on common area doors, patio doors, or outdoor storage closets.

3. Security Tokens

Some smart lock systems use security tokens such as cards or fobs. It’s important to treat these tokens with the same level of security as physical keys. Tracking access to tokens is critical if they’re programmed to open all units, which is in effect like using master keys.

Unless your property is truly 100% digital, you’ll still need a key control policy to manage traditional keys or security tokens.

As CNET says, “A smart lock doesn’t necessarily equal a safer lock.” Renters might be willing to pay more for keyless entry, but is it worth the added administrative burden, security risks and increased liability? To help you decide, download our whitepaper "Are Smart Locks a Smart Move for Your Multifamily Property?"