--- 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. --- [KeyTrak Blog](https://blog.keytrak.com) # [IoT and Smart Locks in Multifamily: 10 Statistics to Think About](https://blog.keytrak.com/2020/03/iot-and-smart-locks-in-multifamily-10.html) Written by [KeyTrak](https://blog.keytrak.com/author/keytrak) | March 3, 2020 at 6:53 PM 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.     *This post was originally published in 2020 and updated in 2025.* [View full post](https://blog.keytrak.com/2020/03/iot-and-smart-locks-in-multifamily-10.html) ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "KeyTrak" }, "dateModified" : "2025-09-24T19:29:46.943Z", "datePublished" : "2020-03-03T18:53:00Z", "headline" : "IoT and Smart Locks in Multifamily: 10 Statistics to Think About", "image" : { "@type" : "ImageObject", "height" : 1068, "url" : "https://f.hubspotusercontent40.net/hubfs/6975698/Rich%20Text%20Pasting/unknown-1594924452002.jpg", "width" : 1600 }, "mainEntityOfPage" : "https://blog.keytrak.com/2020/03/iot-and-smart-locks-in-multifamily-10.html", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 60.0, "url" : "https://f.hubspotusercontent40.net/hubfs/6975698/KeyTrak/KeyTrak%20Logo_RED-BLACK_NO%20TAGLINE_Signature.png", "width" : 162.03822 }, "name" : "KeyTrak Blog" } } ```