Keyless Smart Lock ROI Calculator
Calculates financial payback and annual landlord cost savings switching from physical brass keys to commercial smart keypad deadbolts (Schlage Encode / Yale Assure 2)—eliminating locksmith rekey fees ($125 to $175 per tenant turnover) and emergency lockout dispatch calls.
Formula
Annual Savings = Units × (Rekey Savings + Lockout Elimination); Payback Months = (Hardware Cost ÷ Monthly Savings)
1. Annual Rekey Savings per Unit: LTR = $150/yr; MTR = $450/yr; STR = $500/yr (eliminates lost physical keys & lockboxes) 2. Emergency Lockout Trip Savings = $75/year per unit 3. Total Annual Savings = Units × (Rekey Savings + Lockout Savings) 4. Hardware Cost = Units × Lock Retail Price ($110, $240, or $320) 5. Payback Months = (Hardware Cost ÷ (Total Annual Savings ÷ 12))
Inputs
- Number of Rental Doors / Units
- Rental Strategy & Turnover
- Smart Lock Hardware Grade
Worked example
Replacing standard deadbolts with WiFi smart locks across 4 rental units.
Outcome: Total hardware investment is $960 (4 × $240). Eliminates all key handoffs, late-night lockouts, and physical rekeys, saving ~$2,300/year in property manager labor and locksmith calls. Entire system pays for itself in 5.0 months.
What happens if the smart lock batteries die while a guest or tenant is outside?
Commercial smart deadbolts have low-battery warnings at 20% capacity. In emergency situations, quality models feature external 9V battery jump terminals on the bottom of the keypad to provide instant emergency power, or a concealed physical backup keyway.