--- title: "IoT and Smart Locks in Multifamily: 10 Statistics to Think About" description: Learn more about how the growth of the Internet of Things, people's attitudes toward smart locks, and smart lock security. image: https://blog.keytrak.com/hubfs/Rich%20Text%20Pasting/unknown-1594924452002.jpg --- [![keytrak](https://blog.keytrak.com/hs-fs/hubfs/unnamed-2.png?width=200&height=72&name=unnamed-2.png "keytrak")](https://blog.keytrak.com) - [Blog Home](https://blog.keytrak.com/) - [KeyTrak](https://www.keytrak.com/) - [Solutions](https://www.keytrak.com/solutions) - [Resources](https://www.keytrak.com/resources) - [Company](https://www.keytrak.com/company/about) ![Gold Bar](https://blog.keytrak.com/hs-fs/hubfs/gold%20bar%20(thin).jpg?width=3000&height=17&name=gold%20bar%20(thin).jpg "Gold Bar") ![Mobile phone controls the door lock at home \[469411262\] ](https://blog.keytrak.com/hs-fs/hubfs/Mobile%20phone%20controls%20the%20door%20lock%20at%20home%20%5B469411262%5D%20.jpg?width=3000&height=606&name=Mobile%20phone%20controls%20the%20door%20lock%20at%20home%20%5B469411262%5D%20.jpg "Mobile phone controls the door lock at home [469411262] ") # IoT and Smart Locks in Multifamily: 10 Statistics to Think About ![author icon](https://cdn2.hubspot.net/hubfs/448674/icon%20user-022794-edited.png) By [KeyTrak](https://blog.keytrak.com/author/keytrak) ![tag icon](https://cdn2.hubspot.net/hubfs/448674/icon%20tag-085511-edited.png) [multifamily](https://blog.keytrak.com/topic/multifamily), [student housing](https://blog.keytrak.com/topic/student-housing), [smart locks](https://blog.keytrak.com/topic/smart-locks), [millennials](https://blog.keytrak.com/topic/millennials), [internet of things](https://blog.keytrak.com/topic/internet-of-things), [security trends](https://blog.keytrak.com/topic/security-trends) With the rise of the Internet of Things (IoT) — everyday objects that are connected to the internet — [physical security and cybersecurity are intersecting](https://blog.keytrak.com/2017/11/combine-cybersecurity-with-these-four.html). Smart locks are a prime example of that. In the multifamily industry, IoT-enabled locks are joining properties’ list of amenities. Before your property trades in its traditional locks, however, there are key questions you need to answer: How do your residents feel about them? Are you aware of the security challenges? How will you address those risks?  Take a look at the following statistics and consider whether smart locks would be an asset or a liability for your property. ## The Growth of IoT 1. The IoT market is expected to grow to [$1.5 trillion](https://www.marketresearchfuture.com/reports/internet-of-things-market-1176) in revenue by 2028. 2. By 2034, there will be an estimated [41 billion](https://www.statista.com/statistics/1183457/iot-connected-devices-worldwide/) connected devices worldwide. 3. As of 2023, the average American household had [21 connected devices](https://www.consumeraffairs.com/homeowners/average-number-of-smart-devices-in-a-home.html#:~:text=As%20of%202023%2C%20U.S.%20households%20had%2C%20on%20average%2C%2021%20connected%20devices%2C%20covering%2013%20device%20categories.) in their household. ## People’s Attitudes Toward Smart Locks 4. Only [24% of consumers](https://www.iotinsider.com/industries/security/report-shows-low-consumer-trust-on-iot-device-security/#:~:text=In%20the%20study%2C%20only%2024%25%20thought%20that%20they%E2%80%99d%20be%20able%20to%20define%20what%20%E2%80%98The%20Internet%20of%20Things%E2%80%99.) surveyed could define "IoT." 5. [Over half (52%) of renters](https://use.rently.com/blog/2025-rently-smart-apartment-trends-report/#:~:text=Specifically%2C%20more%20than%20half%20(52%25)%20of%20renters%20are%20comfortable%20paying%20at%20least%20%2420%20more%20per%20month%20to%20secure%20smart%20home%20amenities.) are willing to pay $20 or more per month for smart home amenities. 6. When multifamily professionals were asked about how they feel about both smart locks, [44% of respondents](https://www.keytrak.com/cp/future-access-control-surprising?utm_source=keytrak-blog&utm_medium=social&utm_campaign=IoTStatistics-insights-multifamily-professionals) were indifferent about them.   ## Security    7. [60% of smart device owners](https://agentblog.nationwide.com/personal-lines-insights/risk-prevention/survey-reveals-homeowners-trends-in-embracing-smart-home-technology/#:~:text=60%25%20of%20current%20smart%20home%20device%20owners%20in%20the%20U.S.%20say%20they%20feel%20safer.) in the U.S. say the technology makes them feel safer. 8. In a separate survey, [53% of consumers](https://trustarc.com/resource/consumer-iot-privacy-expectations/#:~:text=Over%20half%20(53%25)%20distrust%20them%20to%20protect%20their%20privacy%2C%20and%2075%25%20worry%20that%20their%20data%20is%20being%20used%20by%20other%20organizations%20without%20permission.) said they don't trust smart devices to protect their privacy... 9 ...and 75% worry other companies are using their data.  10. IoT attacks [increased 124%](https://www.sonicwall.com/resources/white-papers/2025-sonicwall-cyber-threat-report) in 2024. [![Whitepaper Graphic: Are Smart Locks a Smart Move for Your Multifamily Property?](https://blog.keytrak.com/hs-fs/hubfs/SmartLocksBlogGraphic.png?width=900&height=450&name=SmartLocksBlogGraphic.png)](https://www.keytrak.com/cp/are-smart-locks-smart-move-your-multifamily-property)   [![Read More About Multifamily Key Control](https://no-cache.hubspot.com/cta/default/6975698/05960bf5-67d8-4f83-bc4e-f6cc554f3c40.png)](https://cta-redirect.hubspot.com/cta/redirect/6975698/05960bf5-67d8-4f83-bc4e-f6cc554f3c40)   *This post was originally published in 2020 and updated in 2025.* SHARE THIS STORY | | [NEXT POST](https://blog.keytrak.com/2020/03/three-reasons-your-assisted-living.html) ## Related posts #### [Smart Locks vs. Metal Keys in Multifamily Communities \[Infographic\]](https://blog.keytrak.com/new-research-smart-locks-vs.-metal-keys-in-multifamily-communities-infographic) #### [4 Things Property Managers Need to Know About Smart Locks in 2026](https://blog.keytrak.com/things-property-managers-need-to-know-about-smart-locks) #### [A 4-Minute History of Key Control](https://blog.keytrak.com/2019/03/a-four-minute-history-of-key-control.html) ![KT_GoldBar](https://blog.keytrak.com/hs-fs/hubfs/KeyTrak/KT_GoldBar.png?width=2000&height=27&name=KT_GoldBar.png "KT_GoldBar") - [Blog Home](https://blog.keytrak.com/) - [KeyTrak](https://www.keytrak.com/) - [Solutions](https://www.keytrak.com/solutions) - [Resources](https://www.keytrak.com/resources) - [Company](https://www.keytrak.com/company/about) Follow Us [Facebook Logo](https://www.facebook.com/KeyTrakSystems)   [Twitter Logo](https://twitter.com/KeyTrak)   [Linkedin Logo](http://www.linkedin.com/company/keytrak)   © 2024 KeyTrak. 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