The True Cost of Re-Keying Across a Property Multifamily Portfolio
For multifamily property owners and managers, re-keying isn’t just an irritating maintenance task — it’s an ongoing operational expense that quickly chips away at your budget and time. Across a 5–50 property multifamily portfolio, those costs multiply quickly.
At Entegrity, a VIZpin brand, we work with owners and developers seeking smarter alternatives to traditional keys, especially since renters now expect keyless entry or smart access control in apartments. Renters want smart amenities that make their lives easier and offer convenience.
Let’s break down the true cost of re-keying to highlight why more people are turning to modern access control solutions.
What Does It Really Cost to Re-Key an Apartment?
When a resident moves out, loses a key, or fails to return it, rekeying is unfortunately the next step. The average cost to re-key an apartment unit ranges from:
• $75–$200 per lock (labor included)
• $150–$400 per unit if multiple locks are involved
• Higher for emergency or after-hours locksmith services
Now multiply that across a 200-unit property with typical annual turnover rates of 40–60%. For one property alone, re-keying expenses can easily reach $12,000–$40,000 annually. Across a 10-property portfolio? You could potentially be looking at six figures in recurring locksmith costs every single year.
The Hidden Costs of Traditional Keys
Re-keying isn’t only about recurring locksmith fees. Multifamily owners are seeking ways to reduce apartment turnover costs, save time, and lower overall property management expenses.
1. Staff Time & Administrative Burden – Maintenance teams have to coordinate locksmiths, track keys, and manually distribute replacements. That time could be spent on more essential operational tasks.
2. Security Risks – Lost and unreturned keys create liability issues. If all key copies are not recovered, properties are left exposed.
3. Delays Between Residents – Delays in re-keying can also slow unit turns, extending vacancy periods and reducing potential rental income.
4. Master Key Vulnerability – If a master key is lost, re-keying an entire building (or multiple buildings) becomes exponentially more expensive. Across 5–50 properties, these risks compound fast.
Portfolio-Level Math: 5–50 Properties
Below is a simplified example:
• 150 units per property
• 50% annual turnover
• $200 average re-key cost per unit
Annual re-key cost per property: 150 units × 50% × $200 = $15,000
If you scale that:
• 5 properties: $75,000 annually
• 20 properties: $300,000 annually
• 50 properties: $750,000 annually
That’s recurring year-over-year expenses, not one-time capital investments. When multifamily property owners start calculating the NOI benefits of keyless entry systems and comparing the true cost of traditional locks, the operational and financial benefits of smart access control become difficult to ignore.
Why Multifamily Owners and Operators Are Switching to Keyless Entry
As renters’ expectations evolve and operational costs rise, multifamily owners require the best access control system for apartments that improves security while reducing overhead. Traditional smart locks often require property-wide Wi-Fi infrastructure, expensive retrofits, staff training, and lengthy installation timelines. In contrast, modern keyless entry systems streamline access management, eliminate physical keys and fobs, and provide scalable solutions.
Smart locks for apartments can also play a direct role in operational efficiency and NOI. For properties seeking apartment security solutions that are easier to deploy and manage, smartphone access control delivers a more flexible, affordable way forward.
The Entegrity Advantage for Apartment Access Control
Entegrity, a VIZpin brand, delivers secure, keyless entry for multifamily properties without the infrastructure burden of traditional smart lock platforms. Unlike other systems, Entegrity solutions do not require property-wide Wi-Fi, making them ideal for both new developments and renovations. Property managers can instantly issue or revoke mobile credentials, eliminating physical key duplication and dramatically reducing locksmith calls across an entire portfolio. Secure apartment access solutions and keyless apartment entry systems can also help enhance security and attract residents.
If you’re looking to eliminate rekeying costs or implement a scalable access control system for apartments, smartphone-based, Wi-Fi-free access systems deliver measurable savings, faster unit turns, and operational efficiency. Entegrity offers secure access control designed specifically for multifamily environments.
Entegrity Solutions:
• Do Not Require Wi-Fi – No network required! The Entegrity Deadbolt is designed to meet the needs of today’s high-traffic environments and offers seamless operation without needing Wi-Fi or additional infrastructure. Never worry about losing a connection or downtime again.
• Eliminate Physical Key Duplication – When Your Phone is Your Key™, security is also improved since smartkeys cannot be copied or shared.
• Offer Unified Access Control for Multifamily Properties – Simplify access management across entire portfolios since everything can be managed in one single place! Every access point, from exterior gates to individual units and amenities, is on a single smart, cloud-managed platform. One solution opens it all!
• Reduce Locksmith Calls and Invoices – Instead of re-keying a lock, property managers simply deactivate a credential, saving time and money. No hardware swap. No locksmith invoices. No delay between residents.
• Can be Easily Installed – The battery-operated Entegrity Lever Set can be installed in just minutes. Perfect for retrofit and new-construction multifamily properties, whether needed for 1 door or 1,000.
Long-Term NOI Impact: Turning Expense into Operational Advantage
When evaluating multifamily smart technology investments, access control should be viewed through the lens of Net Operating Income. By eliminating recurring re-key expenses, properties can:
• Reduce operating costs and directly increase NOI
• Strengthen overall asset performance
• Enhance resident security and convenience
• Attract modern residents in a competitive market
Across a 5–50 property multifamily portfolio, re-keying is a recurring expense that compounds year after year. Beyond locksmith invoices, the true cost includes administrative labor, vacancy delays during unit turns, and security risks from lost or unreturned keys.
Forward-thinking owners are replacing those ongoing re-key costs with scalable, access control solutions that streamline operations and protect NOI. If your goal is to reduce expenses while strengthening security and efficiency across your portfolio, contact Entegrity, a VIZpin brand. We deliver smart access solutions designed to eliminate unnecessary costs and drive stronger financial performance — whether you manage five properties or fifty.
Contact us today!
FAQ
Tenants want and expect the latest smart technology and to control everything from their Smartphones. They love the ease and flexibility it offers them. No more carrying around or keeping track of several keys or fobs.
Smartphone credentials can be issued, modified, or revoked instantly. They also avoid storing sensitive user data directly on the lock, reducing exposure if a device is compromised. Mobile access uses encrypted digital credentials (smartkeys) that cannot be duplicated or shared, giving property managers full control over who can enter and when. Temporary access can also be granted or revoked instantly, enhancing security for residents and staff.
Yes. Because permissions are centrally managed, ACaaS platforms can support unlimited users and doors without requiring individual lock programming. No more managing access over various systems that can cause issues, time, and money.
By eliminating physical keys, fobs, and cards, smartphone access reduces labor hours, rekeying costs, and lockouts. Turnover and visitor management become faster and more cost-effective, allowing staff to focus on other priorities while improving security.