What are smart locks and access control worth in an apartment building?
The short answer
Less in direct income than most owners expect, and more in risk and operations. PropertyAlpha's benchmark puts access and entry operations at about $16 of NOI per unit per year, net of software: rekeys avoided at turnover (which requires smart unit locks) and lockout calls saved. If self-guided tours actually change on-site leasing hours, the figure rises to about $46 per unit per year.
Updated October 2026 · PropertyAlpha benchmarks (engine 2026.11-v3) · Figures are modeled
Where the $16 comes from
- Rekeys avoided at move-out. This only applies with smart unit locks, which can be re-credentialed instead of rekeyed.
- Lockout calls saved, because residents and staff can unlock remotely.
- Minus the monthly software cost.
At a 5.5% cap rate, $16 a year is about $290 of asset value per unit, or about $840 per unit if leasing hours change.
Why leasing labor only counts sometimes
Self-guided tours can reduce the hours a leasing office needs to be staffed. But savings on paper are not savings in NOI unless staffing actually changes. PropertyAlpha counts leasing time only when the owner says on-site hours will change.
The bigger value is resilience
Credentialed, auditable entry reduces loss, supports self-guided operations, and gives owners a record of who entered and when. That value depends on the building's own loss history and insurance terms, so it is described in the free report and quantified in a building's full Impact Model.
How confident is the number?
PropertyAlpha grades the access benchmark Low. Operator data on rekeys, lockouts and leasing time varies widely, so the figure is deliberately conservative.
What is it worth to your building?
The free Property Impact Report applies these benchmarks to your property, by class and unit count, and shows the method behind every number.
Run your Impact AnalysisSources
Related questions
Figures are modeled decision-support: not a guarantee, not an appraisal, not investment advice. Third-party figures are national context, not projections for any one property.