With the rise of the Internet of Things (IoT) — everyday objects that are connected to the internet — physical security and cybersecurity are intersecting. 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. IoT devices will generate up to $35.6 billion in revenue by 2028.
2. By 2030, there will be an estimated 50 billion connected devices worldwide.
3. Approximately 152,200 IoT devices will connect every minute by 2025.
4. In 2020, the average American had more than 10 connected devices in their household.
People’s Attitudes Toward Smart Locks
5. 65% of baby boomers and 86% of millennials would pay more for an apartment with intelligent upgrades, such as locks.
6. 61% of millennial renters look specifically for apartments with smart locks.
7. 67% of U.S. consumers think smart devices are "creepy" in the way they collect data about people and their behaviors.
10. 64% of IoT networks in a study had unencrypted passwords traversing the network.
To help you in your decision about whether or not to implement smart locks, download our whitepaper “Are Smart Locks a Smart Move for Your Multifamily Property?”