Key Management Systems for Multiple Properties: The Complete Landlord's Guide

By PropsManager Team · Maintenance & Repairs · Oct 22, 2025

I lost a master key once. Just once. It was somewhere between the 8:00 AM plumber appointment at unit 204 and the 10:30 showing at the duplex on Elm Street. Somewhere in a parking lot, a coffee shop, the front seat of my truck — who knows. What I do know is that replacing that one key cost me $2,800 in re-keying fees across 14 units in a single weekend.

That's the day I got serious about key management.

If you're managing more than a handful of properties, you've likely experienced some version of this headache. Maybe it's the junk drawer full of unmarked keys. Maybe it's the contractor who "forgot" to return the spare. Or maybe it's the 3:00 AM lockout call from a tenant who swears they left their key on the kitchen counter.

Whatever the scenario, the truth is simple: poor key management is a security liability, and it costs real money. According to the National Apartment Association, property access issues account for roughly 15% of all after-hours emergency calls to landlords and property managers. That's time, money, and sleep you're never getting back.

Let's walk through every key management system worth considering in 2025, from old-school lockboxes to cutting-edge smart access platforms — and I'll tell you honestly which ones have worked for me and which ones haven't.

Why Key Management Matters More Than You Think

Most landlords don't think about key management until something goes wrong. But here's the thing: access control touches nearly every part of your operation.

• Tenant move-ins and move-outs require key exchanges
• Maintenance and vendor access means handing out keys regularly
• Emergency access demands you can get into any unit, fast
• Showing vacant units requires keys for agents and prospective tenants
• Legal compliance — many states require landlords to maintain access for emergencies while respecting tenant privacy (see our post on the legalities of entering an occupied unit)

When you're managing 5 properties, you might get by with a labeled keyring. At 15 or 20 units, that system falls apart. At 50+, it becomes genuinely dangerous from a security standpoint.

A single lost key to a building with shared entry? You're looking at $150–$400 per lock, multiplied by every affected door. For a 12-unit building with a common entry, that could easily hit $2,000+ in a single incident.

Master Key Systems: The Traditional Approach

How Master Key Systems Work

A master key system is the classic solution most commercial landlords have used for decades. Here's the basic hierarchy:

• Tenant Key (Change Key): Opens only that unit's lock. The tenant carries this.
• Sub-Master Key: Opens a group of locks — say, all units in one building.
• Master Key: Opens every lock in your entire portfolio.
• Grand Master Key (optional): Used in large operations where multiple property managers each have their own master.

A licensed locksmith re-keys (or re-pins) every lock so they all respond to the master while still having unique tenant keys.

What It Costs

Expect to pay $15–$30 per lock for the initial master key setup if you're doing it during a re-key cycle. For a 20-unit portfolio, that's roughly $300–$600 upfront. Not terrible.

The problem is the ongoing cost. Every time a tenant moves out and you re-key that unit, the new pins still need to work with your master. That's $40–$75 per re-key versus the $15–$20 you'd pay for a standard re-key without a master system.

Pros and Cons of Master Key Systems

Pros:

• One physical key for all your properties
• No batteries, no Wi-Fi, no technology to fail
• Tenants use normal keys — nothing new to learn
• Works in any weather, any condition

Cons:

• If the master key is lost or stolen, you must re-key every single lock
• Each re-key within the system is more expensive
• Complex master systems have weaker pin combinations (a locksmith will confirm this)
• No audit trail — you can't prove who accessed what and when
• Physical keys can be duplicated at any hardware store for $3

I used a master key system for years. It worked fine until my portfolio hit about 25 units, at which point the re-keying costs after tenant turnover started adding up fast. Reducing tenant turnover helps, but it doesn't eliminate the problem.

Smart Locks and Keypad Systems: The Modern Standard

Why Smart Locks Have Changed the Game

Smart locks have gone from a luxury to a near-necessity for serious landlords. The ability to grant, revoke, and track access remotely is transformative once you've experienced it.

Here's what a typical smart lock setup looks like for a rental property:

• Tenant gets a unique PIN code — usually 4 to 8 digits
• You have a master code that works on every lock
• Temporary codes can be generated for contractors, cleaners, inspectors
• Auto-lock features engage after 30 seconds, so no more "did I lock the door?" calls
• Access logs show exactly who entered and when

Top Smart Lock Options for Landlords

My personal pick for most landlords? The Schlage Encode Plus or Yale Assure Lock 2. Both have physical key backup (critical for when batteries die), built-in Wi-Fi (no extra hub to buy), and enough user code slots to handle any property.

The Real Cost of Smart Locks

A quality smart lock runs $200–$330 per door. For a 20-unit building, that's $4,000–$6,600. Sounds steep, right?

Now run the math the other way. In a typical year with 30% turnover, you'd re-key 6 units at $40–$75 each — that's $240–$450 per year in locksmith fees alone. Add in lost key incidents (figure one or two per year at $150+ each), after-hours lockout calls, and the time you spend driving to hand off keys to contractors, and you're easily spending $1,000–$1,500 annually on key-related costs for a building that size.

Smart locks pay for themselves within 3–4 years, and they last 7–10 years. That's a solid ROI.

Handling the Battery Problem

The biggest complaint about smart locks: batteries die. And they always seem to die at the worst possible time.

Here's how I handle it:

1. Schedule battery replacements every 9 months, regardless of battery level. It takes 2 minutes per lock and costs about $4 in AA batteries. Do it during seasonal inspections.
2. Use lithium batteries, not alkaline. They last 30–40% longer and perform better in cold weather.
3. Always install locks with a physical key backup. This is non-negotiable. When the battery dies at 2 AM, the tenant can still get in.
4. Set low-battery alerts if your lock supports them. Most smart locks will beep or send a notification at 20% battery.

Key Tracking Cabinets: Essential for Physical Key Management

Even if you've gone fully digital on your locks, you probably still have physical keys floating around — mailbox keys, storage unit keys, gate keys, laundry room keys. A proper key tracking system keeps these organized and accountable.

Setting Up a Key Cabinet

A commercial key cabinet costs $50–$300 depending on size. Here's how to set one up properly:

1. Tag every key with a code, NOT an address. If the cabinet is stolen, you don't want a thief to have a map to your properties. Use something like "B3-101" instead of "247 Oak Street, Unit 101."
2. Maintain a separate master list (digital, encrypted) that matches codes to addresses.
3. Use a sign-out log — physical or digital — for every key that leaves the cabinet. Record: who took it, when, which key, and when it was returned.
4. Bolt the cabinet to a wall or floor. A portable key cabinet is just a gift box for burglars.
5. Keep your cabinet in a secure location — a locked office, not a garage.

Key Tracking Checklist

Use this checklist every month to audit your physical keys:

• All keys accounted for in cabinet
• Sign-out log reviewed — no keys outstanding more than 48 hours
• Spare keys verified for all units
• Key codes cross-referenced with master list (no orphan keys)
• Cabinet lock functioning properly
• Master list updated for any recent tenant turnovers
• Old tenant keys collected and disposed of securely

Digital Key Management Platforms

This is where things get really interesting. Digital key management platforms combine smart lock control, access scheduling, and audit logging into a single dashboard. For landlords managing 10+ properties, this is the tier where things stop being chaotic.

What to Look for in a Platform

A good digital key management system should offer:

• Centralized dashboard — manage all locks from one screen
• Role-based access — different permission levels for tenants, maintenance staff, and managers
• Scheduled access — grant a contractor access from 9 AM to 5 PM on Tuesday, and the code automatically expires
• Audit trails — complete logs of every entry, timestamped and user-identified
• Integration with property management software — this is the big one

If you're already using a platform like PropsManager to handle leases, rent collection, and maintenance requests, having your access management feed into the same system saves enormous time. You can tie a maintenance work order directly to a temporary access code, so there's a clear record of who entered which unit and why.

The Security Advantage of Digital Systems

Physical keys have zero accountability. Anyone can copy a key at a hardware store for $3, and you'd never know. With digital access:

• Every entry is logged with a timestamp
• Codes can be set to expire automatically
• You receive real-time notifications of access events
• Lost "keys" (codes) can be revoked instantly — no locksmith needed
• You can prove compliance with notice-of-entry laws if a tenant disputes access

For landlords in states with strict entry notification requirements, this audit trail isn't just convenient — it's legal protection.

Hybrid Systems: The Best of Both Worlds

Most experienced landlords I know — myself included — don't pick just one system. They run a hybrid approach:

• Smart locks with keypads on all unit entry doors
• Master key system on common area doors (lobbies, laundry rooms, storage areas) where smart locks would be impractical or too expensive
• Key tracking cabinet for specialty keys (mailbox, utility room, gate remotes)
• Digital platform tying it all together with audit logs and scheduling

This gives you the convenience and accountability of digital access where it matters most (individual units) while keeping costs reasonable on doors that don't need the same level of tracking.

Common Key Management Mistakes to Avoid

After managing properties for years, I've seen — and made — every mistake in the book. Here are the ones that cost the most:

Labeling Keys With Addresses

I mentioned this above, but it bears repeating. Never, ever put a property address on a physical key tag. If a key ring is lost or stolen, you've just given someone a map to every property you own plus the keys to get in. Use coded tags and keep the legend separate.

Not Collecting Keys at Move-Out

Your unit turnover checklist should include key collection as step one. Charge for unreturned keys — $50–$75 per key is standard — and re-key the unit regardless. You have no idea how many copies a tenant made during their lease.

Giving Contractors Your Master Key

Just don't. Ever. Generate a temporary code on a smart lock, or check out a unit-specific key from your cabinet with a sign-out log. If a contractor needs regular access to multiple units, create a time-limited sub-master code.

Ignoring Common Area Access

Unit doors get all the attention, but what about the building's main entry, the parking garage gate, the pool area, the mailroom? These shared access points are actually higher-risk because more people have the access credentials.

Skipping the Audit

If you're not reviewing your key inventory at least quarterly, you're asking for trouble. Keys walk away. Codes get shared. Former tenants sometimes keep copies. A regular audit catches problems before they become incidents.

How PropsManager Simplifies Access Management

Keeping track of keys, codes, contractors, and access logs across a growing portfolio is exactly the kind of operational headache that property management software is built to solve.

With PropsManager, you can log key assignments, track who has access to which units, and tie access events to maintenance work orders — all from one dashboard. When a tenant moves out, the system flags outstanding keys automatically so nothing slips through the cracks during turnover.

If you're scaling your portfolio and want to see how centralized access tracking fits into your workflow, check out our pricing plans or request a personalized demo.

Explore More PropsManager Resources

Looking for the right property management software? Check out our in-depth guides:

• Compare Property Management Software — See how PropsManager stacks up against Buildium, AppFolio, Rent Manager, and Propertyware.
• Software for Small Landlords — Built for landlords managing 1–50 units without the enterprise price tag.
• AI-Powered Property Management — Discover how automation can save you 5–10 hours per week.
• Solutions for Property Managers — Scale from 50 to 500+ units without scaling your costs.

Frequently Asked Questions

How often should I re-key rental units?

Re-key every unit at every tenant turnover — no exceptions. Even if the outgoing tenant returned all their keys, you have no guarantee they didn't make copies. The $20–$75 cost of a re-key is cheap insurance against a break-in liability claim. If you're using smart locks, simply delete the old code and create a new one — it takes about 30 seconds and costs nothing.

Are smart locks reliable enough for rental properties?

Yes, with one caveat: always choose a model with a physical key backup. Modern smart locks from Schlage, Yale, and Kwikset have been on the market for 5+ years with strong reliability track records. Battery life on most models is 9–12 months, and mechanical key override means tenants are never locked out even if the electronics fail. I've had smart locks running on my properties since 2019, and I've had exactly two failures — both resolved under warranty.

What should I do if a tenant loses their key?

Charge a key replacement fee (most leases specify $25–$75) and re-key the unit immediately. Don't just cut a new key for the same lock — you don't know where the lost key ended up. With smart locks, deactivate the lost code and issue a new one. Document the incident and the charge in your property management system for your records.

Can I require tenants to use smart locks instead of traditional keys?

In most jurisdictions, yes. As long as the lock meets local building code requirements for egress (tenants must be able to exit without a code or key from inside), you can install whatever locking mechanism you choose on your property. Some older tenants may push back, so consider offering a brief tutorial at move-in. It also helps to choose locks with a simple keypad interface rather than app-only models.

How do I manage key access for maintenance emergencies?

For after-hours emergencies, you need a system that doesn't depend on you being awake or available. Smart locks with remote code generation are ideal — you can create a temporary code from your phone and text it to the maintenance tech. If you're using physical keys, designate a trusted on-call person who has cabinet access and follows your sign-out procedure. Always document emergency access in your records. In most states, emergency access doesn't require the standard 24–48 hour notice, but you still need to notify the tenant as soon as reasonably possible.

Take Control of Your Property Access

Key management isn't glamorous. Nobody got into real estate investing because they were excited about lock cylinders and PIN codes. But poor access control leads to security breaches, liability exposure, wasted time, and unnecessary costs that eat directly into your returns.

Whether you're managing 5 units or 50, take 30 minutes this week to audit your current system. Count your keys. Check your locks. Review who has access to what. If the answer to "where is the key to unit 307?" takes more than 10 seconds, it's time to upgrade.

PropsManager helps landlords centralize property operations — including access tracking — into a single, streamlined platform. Start your free trial today and see how much simpler property management can be when everything's in one place.