Are you using a bulk security system?

Do any of you provide monitored security systems to your residents? Do you pass along the cost? Can you share details regarding cost/etc?

Actually, I managed an affordable community in Palm Beach that had this option. They used Neighborhood Network, and the cost monthly was about $9,500.00 a month, and we charged the residents $45.00 a month for the service. The community was 264 units, and the monthly profit was about $2,380.00 a month. Great source for other income!

Thanks for the feedback, Pedro! Anybody else want to chime in with their experiences?

I manage a community with bulk monitored alarms. We use Protection One (formally known as Network Multifamily) We add an additional $20.00 to the market rent for this. We gain some income from it and the residents like it. I should mention that we do not remove the charge if they elect to not use the system. We also quote our rents with this fee in place - we only break it down on our actual lease for accounting purposes. 208 units is roughly $1,400-$2,000 - We have had them for years so that affects our pricing.

The company will install the alarms and provide maintenance so long as you have a contract with them for monitoring. The resident has the option to use it as a monitored alarm or a local alarm (this will only sound in the apartment and not alert police) They typically bill on a "per unit" basis.

The newer alarms can run without a land line telephone - through an internet connection only.

I would check to see the local laws and costs involved for false alarms and make sure to include that fee, if any, in your lease docs. I am fortunate enough to manage in a city that does not charge for false alarms.

I used to sell for a company that is very large in this space. Would be happy to give a person that is considering purchasing this as an amenity some good advice. Sent a private note and we can talk.

Great call, and thanks for the guidance, Robert! And Michelle, I appreciate you sharing your experiences!