Once viewed as a luxury, security systems are swiftly becoming popular for residences of all sizes. This growing trend means multiple Forest Hills rental property owners are contemplating 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. However, does your property need a security system? To answer that question, it’s necessary first to understand both the pros and cons of installing one.
Going by the numbers, you might be alarmed by how common burglaries are in your location. Statistics show that home burglary is happening every 13 seconds in the U.S. – that’s nearly 6,000 home burglaries per day. And as opposed to usual circumstances, 59% of these burglaries happen during the day, when the residents are away at work.
Obviously, crime rates vary from location to location and even from one neighborhood to the next. A few areas have lower numbers of burglaries, while in others, they seem to happen regularly. Nevertheless, it’s important to bear in mind 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 see if adding one to your rental property is right for you. One of the most important benefits of having a security system is an improved sense of security. A large number of burglaries involve some property damage, including broken windows and door locks. And the sad 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 attract and retain 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. In addition to acquiring quality tenants, one of the reasons 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 will choose to continue residing 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.
On the other side, security systems do come with a few potential disadvantages also. 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.
Generally, these costs can add up easily. Undoubtedly, there are less expensive options in home security systems nowadays. However, 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 leave.
In the end, you need to consider tenant privacy before deciding 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 unsafe 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 Forest Hills property management professionals have the information and expertise to make that decision easier. Contact us online or give us a call at 516-570-9275.
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