IoT and Smart Locks in Multifamily: 10 Statistics to Think About

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. The IoT market is expected to grow to $1.5 trillion in revenue by 2028.
2. By 2034, there will be an estimated 41 billion connected devices worldwide.
3. As of 2023, the average American household had 21 connected devices in their household.

People’s Attitudes Toward Smart Locks

4. Only 24% of consumers surveyed could define "IoT."
5. Over half (52%) of renters 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 were indifferent about them.

9 ...and 75% worry other companies are using their data. 
10. IoT attacks increased 124% in 2024.