Running a multifamily property today takes grit. You’re competing with brand‑new Class A builds that can out‑amenity you, while rising insurance, utilities and maintenance costs squeeze your NOI. Add in capital hurdles, compliance risks and staff burnout and it’s clear: keeping your property competitive requires more than hard work—it requires smart, strategic upgrades.
That’s why Allegion is hosting Operation: Retrofit Refresh—a campaign designed to celebrate multifamily property owners and operators like you, while showing how even small retrofits can deliver big returns. And to kick things off, they’re giving one property the chance to win a $20,000 access control overhaul.
Why Access Control, Why Now?
Mobile access control and smart locks aren’t just conveniences anymore—they’re leasing differentiators and value drivers:
- 6 in 10 renters say they’d likely choose a property that offers mobile access control.
- Over half would pay 1–10% more for property technology, and nearly 3 in 10 would pay at least 11% more.
- Lease conversions jump 86% when prospects use self‑guided tours, powered by smart access solutions.
- Smart locks directly boost property value: A quality mobile-enabled smart lock can eliminate costly rekey expenses. For example, a 100‑unit property averaging 50 rekeys per year at $200 each = $10K in annual expenses. With smart locks, rekey costs drop to $0. At a 7% cap rate, that’s $140K in added equity—all from one simple upgrade.
Beyond the numbers, access control reduces lockouts, speeds up move‑ins and gives staff time back to focus on residents. For owners, that means fewer headaches, stronger retention and a property that feels modern without the cost of a full renovation.
How to Enter the Sweepstakes
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What: Win a $20,000 Retrofit Refresh access control overhaul for your multifamily property + a $1,000 gift card to treat yourself
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When: November 3 – December 5, 2025
- Where to Enter: Enter the Sweepstakes at RetrofitRefresh.com
