Monday, May 20, 2024
HomeSUCCESSReal Estate InvestingChanging Locks on Your Rental: 5 Things to Know

Changing Locks on Your Rental: 5 Things to Know

Every 13 seconds, a burglary occurs in the U.S. As much as 34% of the time, the thief enters through the front door. Apartment complexes, in particular, are uniquely susceptible to front-door break-ins. Since tenants are constantly circulating through each unit, it’s not uncommon for a key to go missing or someone to make a copy. Consequently, it’s relatively easy for burglars to find their way into apartment units.

For this reason, many landlords change the locks on their rentals. If you’re looking to do the same, you should know a few things before you begin.

1. How to Handle Move-Outs and Evictions

For the security of your new tenants, it’s good practice to change the locks after an eviction or move-out. In the case of an eviction, doing so is probably a common-sense move. After all, the tenants have reason to be angry and may make copies of the key so they can return and either rob or trash the place.

However, with a typical move-out, you might see no real need to change the lock. Regardless, changing the locks on your rental will give you and new renters peace of mind, whether the previous tenants left on good terms or not.

2. What to Do About Lost or Stolen Keys

Tenants might also give you good reason to change the locks before their lease is up. For instance, if a tenant tells you they lost one or more of their keys, it’s best to change the locks. Of course, lost keys don’t necessarily mean someone will find a way into the apartment. However, it’s better to be safe than sorry and change the lock as a precaution.

Likewise, if a tenant reports stolen keys, you must respond quickly and replace the lock immediately. Often, stolen keys signal that a burglar with an agenda will break into the unit soon unless you take action.

3. How to Respond to Break-Ins

Sometimes, you can’t prevent a thief from breaking into your rental, even if you take all necessary precautions. Maybe someone makes a copy of the key without your tenants knowing or your tenants fail to alert you to a missing key.

In this case, it’s best to involve the police and have tenants file a full burglary report. Assess property damages and contact your insurance company. You should also relocate the victims to a hotel or another safe place while you remedy the problem. When they return, assure them you changed the locks and present them with new keys.

4. How to Manage Tenant Concerns

As a landlord, you’re responsible for keeping your tenants and their belongings safe to the best of your ability. Residents have the right to feel safe in their apartments and, besides, you risk them terminating their lease agreement early and leaving a bad review if you fail to provide safety assurances. Ultimately, neglecting to take responsibility could result in a bad reputation and lost revenue.

Therefore, if your tenant is concerned about their safety and you didn’t change the locks before they moved in, it may be in your best interest to replace them — even if state law doesn’t require it. For example, California doesn’t require landlords to rekey the unit before a new tenant moves in, yet 68% of them do, anyway.

5. When to Add a Lock Policy to the Lease

On occasion, a tenant will change the locks with or without notifying you. If the lease doesn’t explicitly forbid them from doing so, you may not be able to access your property from there on out. Moreover, you won’t have much legal ground to retaliate. Of course, being unable to enter may prove problematic in the case of an emergency or unruly tenants. Thus, you should include a lock policy in the lease.

Include language in the lease prohibiting tenants from rekeying the locks without your permission or them granting you an extra key. Additionally, you might include a clause forbidding them from making copies of the key and a separate statement addressing a fee for lost or stolen keys. Then, you’ll at least have some authority if tenants try to challenge you or break the lease agreement.

Changing the Locks on Your Rental

Rekeying or changing locks on your rental in each of the above situations may seem like an unnecessary cost, especially if you receive all the keys when a tenant moves out. However, regardless of whether the law requires it or not, replacing locks is a smart way to invest in your rental property.

Getting in on the real estate market when you had a chance was a wise choice — one that will certainly pay off. After all, there are only so many rental properties out there, and demand is high. However, to keep and grow your investment, you must be willing to make some sacrifices — one of them is changing the locks.

If you want to save money in the long run, upgrade every key lock in the complex to a digital keypad deadbolt. These electronic locks are much more secure than a typical lock and key design. Plus, they’ll make tenants feel safer, earning you more happy residents over time.

 

RELATED ARTICLES

Most Popular