When we talked about luxury, security systems are quickly becoming popular for residences of all sizes. This growing trend covers numerous Waterford 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. However, does your property need a security system? To address that question, it’s significant first to consider both the pros and cons of installing one.
Going by the numbers, you may be astounded 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 opposite to normal belief, 59% of these burglaries happen during the day, when the residents are away at work.
Indeed, crime rates vary from location to location and even from one neighborhood to the next. Some places have comparatively little quantity of burglaries, while in others, they seem to happen regularly. However, it’s important to keep 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 consider if installing one ton your rental property is ideal for you. One of the clearest benefits of having a security system is an improved sense of security. Nearly all burglaries involve some property damage, such as 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 as well as draw in and keep safety-conscious tenants. Several landlord and renters insurance providers offer discounts for properties with a security system, which may help offset the cost of the system itself. Apart from retaining quality tenants, some 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 may decide to stay in your rental property. When a tenant feels protected, 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 too. One of the primary 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.
Overall, these costs can add up rapidly. Obviously, 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 go to work.
Ultimately, it’s necessary 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. A similar thing applies to 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 defenseless 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 Waterford property management professionals have the information and expertise to make that decision easier. Contact us online or give us a call at 860-436-9955.
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