The importance of understanding what multi-family residents are looking for in a rental facility is critical for property managers and operators to keep up with the competitive rental market. In today’s technological society, updating multi-family facilities to feature the most updated building technology and amenities is expected among many renters. Until recently, updating buildings to include electronic locks was more a question of if, not when, for property managers and operators. Elevated installation and implementation costs were enough for even the most experienced multi-family operator to turn away. The question has now become where the best place to start implementing these locks is. The answer – the renter’s front door.

Today, the cost of installing electronic locks in a multi-family community has decreased significantly and become more mainstream. What’s more, this technological upgrade is an amenity that residents have come to look for when searching for an apartment as it is the first thing a prospective renter sees upon touring a facility.

While installing a smart interconnected lock was once more difficult, the trouble has since been mitigated and these locks now provide an added sense of security for both property managers and renters. Electronic locks log who comes and goes and gives property managers the ability to manage who has access to the facility and when.

To entice more potential renters, property managers and operators should consider the switch to electronic locks. For example, in a recent survey of 1,000 Americans by Wakefield Research, 61 percent of millennial renters said they were more likely to rent an apartment that had electronic locks. Additionally, 55 percent said they would be willing to pay more in rent for the convenience of high-tech access control. Specifically, researchers found that 86 percent of millennials are willing to pay one-fifth more for smart apartment amenities, including smart locks, automated thermostats and lighting controls.

While the upfront cost of implementing a smart interconnected lock to all multi-family doors in a facility may seem high, the price translates into a one-year payback for all the times staff saves from not having to rekey locks upon move out or make new keys upon lost ones. Therefore, the question of upgrading to electronic locks in multi-family complexes has become much easier for property managers and operators to answer.