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Smart Lock Rollout ROI Calculator
Smart locks eliminate rekeying cost and enable self-guided tours.
Payback months
40
Annual savings
$24,000
Total capex
$80,000
How the math works
Capex = units × (lock + install). Savings = rekey avoided × cost × units + self-tour value.
200 × $400 = $80k. 200 × 0.5 × $90 = $9k + $15k = $24k/yr. Payback 40 mo.
How to Use
- Enter units.
- Enter smart lock cost per unit.
- Enter rekeys avoided per year per unit.
- Enter rekey cost.
- Enter self-guided tour savings.
- Read annual savings and payback.
Frequently Asked Questions
Smart lock savings?
Rekeying cost eliminated: $50-150/unit per turnover. Average 40-60% turnover rate: $20-90/unit/year rekey savings. Lost key replacement: $35-75/incident. Self-guided tour capability: enables 20-40% more tour capacity without extra leasing agent hours. Vendor service calls reduced (maintenance access codes): $10-40/unit/year. Total savings: $40-150/unit/year.
Smart lock costs?
Hardware per unit: $200-450 (RemoteLock, Latch, Smartrent, Level, August). Install: $50-150/unit (existing hardware removal + install). Network/software: $5-20/unit/year ongoing. Batteries: $2-5/unit/year. Staff training: $500-2,000 one-time. Total rollout for 200-unit building: $50k-120k capex, $3-8k annual software.
Integration benefits?
Property management system integration (Entrata, RealPage, Yardi): automatic access provisioning at move-in, revocation at move-out. Maintenance access: time-limited codes for contractors. Virtual tour enablement (prospect self-tours with scheduled access). Emergency access (police/fire): central override. Package delivery (some buildings): driver-specific codes for specific units. Mobile app keyless entry for tenants.
Risks?
Battery failure: lock dies, tenant locked out. Backup: physical key (most smart locks retain bypass). Network/internet outage: lock reverts to local codes. Cybersecurity: smart lock vulnerability if not regularly updated. Tenant privacy: usage logs need data policy. Hardware lifespan: 5-8 years typical. Replacement capex cycle 8-10 years. ROI holds over multiple cycles.
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