Smart locks for rental properties: A guide to choosing the best solution
Technology, or so-called smart solutions, are transforming the real-estate landscape. One of the easiest and yet most significant upgrades for rental properties is the installation of smart locks.
Smart locks are an ideal investment for building owners because they provide the convenience, increased security, and perception of modern living that attracts tenants. This article explores the types of smart-locking solutions that are available, their benefits for building owners, property managers and tenants alike, and highlights why iLOQ stands out in this growing market.
Why smart locks are ideal for rental properties
The logistical, administrative and financial difficulties associated with traditional mechanical locks are well known – security risks related to lost or stolen keys, expensive rekeying, and keeping track of who has keys and to where in properties with a high turnover of tenants. Smart locks eliminate many of these problems while offering added benefits:
For property managers:
- Enhanced security: Smart keys cannot be copied.
- Remote access management: Access rights can be granted, updated and cancelled remotely and in real time.
- No rekeying costs: Lost, stolen keys or unreturned keys when a tenant has moved out can be blocked.
- Audit trails: Who has accessed the property and when can be seen.
For tenants:
- Convenience: One smart key is all that’s needed to access all the facilities in the property or keyless entry using a smartphone, PIN code, or key fob.
- Flexible access: Digital keys can be shared with family, friends, or service providers.
- Smart living environment: This is a desirable feature for tech-savvy tenants.
Are smart locks a sound investment and what is the ROI?
Smart locks are more than just a convenience, they are a smart investment. Here’s how they can impact your bottom line:
- Higher rental value: Properties with smart features can command higher rents.
- Reduced maintenance costs: No more lock replacements or key copying. And, with companies like iLOQ, there’s no need to purchase batteries or pay ongoing maintenance to change them.
- Faster turnover: Less administration when tenants move in and out.
- Insurance discounts: Some insurance providers offer reduced premiums for properties with smart-locking systems.
- Increased property value: Maximizing security levels boosts the value of the property for building owners while improving the user experience enhances the perceived value for tenants.
Types of smart-locking solutions for rental properties
There are various types of smart lock available on the market. It’s important to choose the one that’s right for your property type, tenant turnover rate, and integration needs.
- Digital-key-based smart locks
- One digital key contains all the access rights a tenant needs to move around the property – from the front door to the building to their apartment and to access all the shared spaces, such as the garage, warehouses, gyms and garbage rooms.
- The access rights can be updated remotely and in real time as needs change or when new facilities are added. They can be immediately cancelled if a key is lost, stolen or unreturned when a tenant moves out.
- PIN-code-based smart locks
- Access codes are tapped into a numeric keypad.
- Temporary codes can be generated for guests or service staff.
- This is an ideal solution for short-term rentals or for multiple-user access.
- RFID/NFC smart locks
- Access is granted using key fobs, cards, or smartphones eliminating the need for physical keys.
- Ideal for apartments or student housing with high a turnover of residents.
A future-proof smart-locking solution
Among the many smart lock providers, iLOQ stands out for its secure, scalable, and maintenance-free digital access solutions, especially well-suited for rental properties.
What makes iLOQ different?
- Battery-free operation
- With iLOQ’s digital-key-based smart locks, the power needed to recognize access rights programmed to the key and open the locks comes from the kinetic energy generated by pushing the key into the lock. With the keyless, smartphone-based solution, the power needed to recognize access rights sent to iLOQ’s app running on the phone and open the locks comes from the NFC induction of the smartphone. No batteries, cable, WiFi or internet access are needed, and no changes need to be made to the existing infrastructure.
- Significantly reduces maintenance costs over time.
- Multiple access possibilities
- iLOQ’s powerful access solutions for residential properties include any combination of digital keys, mobile keys, keypads or key fobs. Keyless access using NFC-enabled smartphones is ideal for tech-forward properties.
- Ideal for varied access needs – permanent access for tenants and temporary or restricted access, for example, for guests, contractors and cleaners and deliveries.
- Easy to install or retrofit
- iLOQ’s smart locks can be quickly and easily installed into new properties or retrofitted into older properties. There’s no need for drilling, special tools or to make any changes to the existing infrastructure.
- Scalable for all property sizes
- From single-unit rentals to large multi-family complexes, iLOQ solutions can be scaled without any changes needing to be made to the existing infrastructure.
- Audit trails and real-time visibility
- iLOQ’s centralized access-management software provides a clear view of who has accessed where and when. Access rights can be updated remotely and in real time.
- Access rights to lost or stolen keys and phones can be immediately cancelled.
- Weather and tamper resistant
- iLOQ’s smart locks are designed for extreme environments and built to last in all weathers, reducing the long-term total cost of ownership.
To sum up, smart locks offer a compelling mix of convenience, cost-efficiency, and modern appeal for rental properties. For property managers, they reduce the time and money spent on key management. For tenants, they provide a smart, secure and seamless living experience.
If you’re looking for a long-term, scalable, and low-maintenance solution, iLOQ’s battery-free, cloud-based access-management systems are among the best options on the market. Investing in the right smart lock now can pay dividends in tenant satisfaction, operational efficiency, and ROI for years to come.
Want to find out more?
If you would like to hear more about what kind of smart-locking solution would be suitable for the rental property you own or manage, please don’t hesitate to get in touch.
