During the Locksmith Ledger webcast on Multifamily Security earlier this month, we asked the panel of speakers to look in their crystal ball for predictions on the new year and beyond. As it does every time around this year, the conversation tends to turn to expectations, usually based on past experiences. And the same can be said for security, where the bar keeps getting higher as new technology is introduced and consumer awareness is heightened by using this technology in their everyday lives, such as around the house, or at school, or on vacation.

“The expectations from the consumer side are high because of all of other technologies [in people’s lives] where things just happen,” says Elizabeth Parks, president and CMO, Parks Associates, noting that people expect the type of convenience that Uber provides, for example, where what they want is at their fingertips. “So, access control and the electronic security industry will rise to meet the demand, and it’s a large demand.”

Joshua Sands, owner, Key City Locksmith and Security in Kansas City, Mo., is seeing these same heightened expectations on the locksmith side, as end users become more educated and tech-savvy on what options are available. “Now I don't have to upsell as much anymore,” he says. “Now I get phone calls and emails with them telling me they want electronic access, so there's a huge trend toward it and the [consumer] already knows that this stuff's out there and affordable.”

The multifamily market, much like we are seeing with higher-ed which is being driven by expectations by this new generation, is a good indicator of where the industry is going as people have come to expect both convenience and security. Currently, 90% of multi-dwelling unit owners and operators in the U.S. are planning to deploy, upgrade, or replace a smart building solution in the next 12 months, while 70% have smart door locks on at least one property.

“We see a lot that's going to happen and not just in five years – in the next 12 to 18 months – there's a lot of pent-up money that must get spent out there, especially with the big real estate groups, and they will be making decisions and investing in a very big way,” says Parks.

With the same spirit of “new year, new expectations,” Locksmith Ledger is hosting a State of the Industry webcast on Jan. 29, 2025, at 1 p.m. ET, where we will be looking at top trends and outlook for the new year. See you there!

Paul Ragusa