Previously deemed to be a luxury, security systems are fast becoming common for residences of all sizes. This growing trend has many Wollforth, rental property owners wondering if they should install security systems in their properties, too. Unlike older, high-cost security systems, new technologies have created efficient, low-cost options for residential property owners. But does your property need a security system? To solve that question, it’s critical first to think about both the pros and cons of installing one.
Going by the numbers, you might be stunned at how common burglaries are in your area. Statistics show that home burglary is happening every 13 seconds in the U.S. – that’s nearly 6,000 home burglaries per day. And contrary to popular belief, 59% of these burglaries happen during the day, when the residents are away at work.
Undeniably, crime rates vary from location to location and even from one neighborhood to the next. Some areas see fairly small numbers of burglaries, while in others, they seem to happen regularly. Still, it’s important to remember that burglaries can and do happen even in “safe” neighborhoods. Just because there hasn’t been a recent burglary nearby does not mean that it couldn’t happen in the future. This is especially true in new or developing areas, where the population is increasing rapidly.
With just over 30% of homes in the U.S. with a security system, it’s worth taking a moment to think about whether adding one to your rental property is right for you. One of the most visible benefits of having a security system is the heightened sense of security. Most burglaries involve some property damage, including broken windows and door locks. And the regrettable fact is that people are sometimes hurt or even killed during burglary attempts.
Having a security system might help you lower your insurance costs and entice and keep safety-conscious tenants. Many landlord and renters insurance providers offer discounts for properties with a security system, which may help offset the cost of the system itself. As far as drawing quality tenants, a portion of the reason for this is that all types of home invasions often result not only in damage and the loss of personal property but of your tenant’s peace of mind as well. If you can offer your tenants the added measure of a security system, they may select the option to live in your rental property. When a tenant feels secure, they are also more likely to do other things that help safeguard themselves and your property.
Then again, security systems do come with a few potential disadvantages as well. Among the top concerns for rental property owners is the cost. To install a security system, you’ll need to budget not only for the initial installation costs but also for monthly monitoring fees.
All In all, these costs can add up quickly. Certainly, there are less expensive options in home security systems nowadays. But these inexpensive systems are often more vulnerable to theft. There is no guarantee that your tenant won’t try to take their video doorbell or other devices with them when they go.
Ultimately, it’s vital to consider tenant privacy before agreeing to install a security system. Some tenants may find the thought of security alarms or cameras invasive, especially if they don’t have control over what type of system it is or who might be monitoring it. The same thing is true for property owners who plan to pass the security system’s cost off to their tenants. Tenants may not want to pay for it or may even cancel monitoring services, leaving your property as exposed as if you never installed the system in the first place.
Do you still have questions about the best security measures for your rental properties? We can help! Our Wollforth property management professionals have the information and expertise to make that decision easier. Contact us online or give us a call at 806-853-6546.
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