How Strong Multi-Family Security Saves Money

​In multi-family property management, the financial stakes are high, and ensuring the security of tenants and property assets is paramount. Every decision impacts not just tenant satisfaction, but also the long-term profitability of the investment.

A comprehensive security system can be perceived as a pesky expense rather than a strategic investment. This misconception can lead property managers to opt for less effective security measures or forego security altogether. When that happens, they put their tenants and investments at risk.

Informed security investments—especially in video surveillance—can be a difference-maker. They offer significant benefits beyond enhanced safety. In the long run, multi-family security saves money, provided property managers make the right decisions.

The Cost of Inadequate Security

Before jumping into the benefits of strong multi-family security, let’s examine the potential costs associated with inadequate security measures.

According to the FBI, index property crimes—including burglary, theft, and vandalism—accounted for roughly $30 billion in losses in 2019 alone. The total value of stolen items in 2022 was well over $463 billion.

For multi-family properties, which are often targets for such crimes due to their high-density nature, the financial toll can be severe.

The Numbers Don’t Lie: Multi-Family Security ROI

Security isn’t just about peace of mind. It’s also about dollars and cents. Studies have found that properties with security measures in place saw a 5-15% reduction in insurance premiums compared to those without. This translates to substantial savings over time.

But it doesn’t stop there. Another report revealed that crime can reduce property values by as much as 10% for a one-standard-deviation increase in property crime.

A secure property is a valuable property, allowing managers to command higher rents and attract a better caliber of tenants.

Video Surveillance: A Cost-Effective Solution

One of the most effective forms of multi-family security is a video surveillance system. Investing in high-quality surveillance equipment offers several advantages over traditional security measures like overnight guard patrols.

Surveillance cameras are far more cost-effective in the long run. Once you’ve purchased hardware, you typically only pay for monitoring services (likely a few hundred dollars). By comparison, full-time guards easily cost thousands of dollars per month. Cameras also provide better coverage, operating continuously without the limitations of human patrols.

A study conducted by the Urban Institute examined the impact of security cameras in major cities. In Baltimore, installing 500 cameras resulted in 30 fewer incidents per month. Chicago also saw positive results, with their widespread deployment of over 8,000 cameras contributing to an estimated 12% reduction in crime. Translation? More cameras = less crime.

This reduction in crime translates directly into cost savings for property managers, as fewer incidents mean fewer damages to repair and lower insurance premiums.

Enhancing the Impact of Your Security Cameras

A comprehensive home security system, combining visible signage, alarms, and cameras, offers superior protection compared to cameras alone. Strategically placing these elements where potential intruders can see them serves as a powerful deterrent.

• Illuminate the Threat: Outdoor lighting—especially motion-activated lights—not only increases visibility for your cameras but also acts as a deterrent. Some cameras have built-in spotlights.
• Sound the Alarm: Cameras equipped with sirens and speakers provide active deterrence.  Deep Sentinel cameras boast 104-decibel sirens that activate when LiveSentinel Guards deem it necessary.
• See in the Dark: Invest in cameras with excellent night vision capabilities—either through color night vision or infrared LED sensors—to ensure clear footage even in low-light conditions.
• Weather the Storm: Choose cameras with durable construction that can withstand your local climate. Check their temperature range and IP rating to ensure they can handle rain, snow, and extreme temperatures.

The Financial Impact of Enhanced Security

Investing in strong multi-family security yields tangible financial benefits that extend beyond mere crime prevention.

• Tenant Retention and Higher Rents: A secure living environment is a top priority for tenants when choosing a place to live. Properties equipped with extensive security measures—including video surveillance—attract tenants and encourage them to stay longer. According to The National Multifamily Housing Council (NMHC) Renter Preferences Survey, 71% of renters list controlled access as one of their most desired amenities when considering a new place to live. And tenants are often willing to pay higher rents for the peace of mind that comes with enhanced security.
• Reduced Maintenance Costs: Properties that experience less crime incur fewer damages, resulting in reduced maintenance costs. From repairing broken windows to replacing stolen appliances, the expenses associated with property damage can quickly add up. By deterring criminal activity through visible security measures like surveillance cameras, property managers can mitigate these costs and allocate resources more efficiently.
• Increased Property Value: Enhanced security systems—combined with proactive crime management by property managers—contribute to a heightened sense of safety for residents. This, in turn, can lead to improved tenant retention, positive online reviews, more reliable rental income, and ultimately, increased property values for potential investors and buyers.
• Faster Incident Resolution: Video footage provides invaluable evidence in the event of disputes, accidents, or property damage. This can expedite insurance claims, reduce legal fees, and prevent costly misunderstandings.
• Legal Protection: Investing in top-tier apartment security cameras allows property managers to proactively mitigate the risk of lawsuits by showcasing a commitment to reasonable, effective safety measures.
• Lower Insurance Premiums: Insurance companies recognize the value of robust security systems in mitigating risks associated with property crime. Many insurers offer discounts for properties equipped with security measures such as surveillance cameras, access control systems, and alarm systems. By investing in these technologies, property managers can not only reduce the likelihood of insurance claims but also enjoy lower premiums, resulting in long-term cost savings.

Add these benefits together, and it’s easy to see how multi-family security saves money in the long run.

Maximizing ROI through Strategic Investments

The upfront costs of implementing strong multi-family residential security solutions may seem significant. However, it’s essential to view them as long-term investments, rather than mere expenses.

Moreover, advancements in technology have made security systems more affordable and accessible than ever before. Cloud-based surveillance solutions, for example, eliminate the need for expensive onsite equipment, offering scalability and flexibility to meet the evolving needs of multi-family properties.

Planning Your Multi-Family Security Investment

To maximize your ROI, it’s crucial to approach security strategically.

• Comprehensive Assessment: Conduct a thorough risk assessment to identify your property’s specific vulnerabilities. This will help you tailor your security solutions accordingly.
• High-Quality Equipment: Invest in high-resolution cameras with features like night vision and motion detection. While the upfront cost may be higher, the long-term benefits outweigh the initial investment.
• Professional Installation and Monitoring: Partner with a reputable security provider who can design, install, and monitor your system effectively. This ensures optimal performance and reduces the risk of downtime.
• Tenant Education: Communicate the security measures in place to your tenants. This promotes a sense of partnership and encourages them to be vigilant.

Multi-Family Security Is an Investment, Not an Expense

In the competitive multi-family market, security is no longer a luxury. It’s a necessity. By investing in powerful security measures—particularly multi-family residential video surveillance—property managers can unlock a wealth of financial benefits, from reduced operational costs and insurance premiums to higher rents and increased property values.

Deep Sentinel offers a unique solution for multi-family property managers looking to elevate their security measures. Unlike traditional security cameras that merely record incidents, Deep Sentinel uses live guards who proactively monitor properties. This approach allows for immediate intervention, deterring potential criminals, and minimizing damage or loss.

By partnering with Deep Sentinel, property managers gain an additional layer of security that goes beyond passive surveillance. The live guards can verbally warn intruders, activate sirens, and even contact law enforcement if necessary. This real-time response not only deters crime but also provides residents with peace of mind, knowing that their safety is a top priority.

The ROI of multi-family security is undeniable. Don’t wait for an incident to occur. Take proactive steps to protect your property and your bottom line today. See how multi-family security saves money for your property by calling Deep Sentinel at 833.983.6006.

Need a Solution that Prevents Crime? Deep Sentinel is the only security technology that delivers the experience of a personal guard on every customer’s home and business. Visit deepsentinel.com/business or call 833-983-6006