We here at Chase Property Management, require our landlords to have working smoke alarms in their rental properties.
When we were writing this into our Agreement, we were fearful of a backlash from our investors who don't want to spend a cent on their investments (unless they absolutely have to). Now I know many long term investors who take this approach, and I understand the logic "a penny in time saves nine".
But we have been very happy to date than not one Landlord has hesitated to agree that it is better to spend a few dollars on fire alarms, with the potential of being a life saver, and an investment protector.
We believe all rentals should have smoke alarms, and we require it. We check that smoke alarms are functioning when we inspect a property, and if the batteries are flat, then tenants are issued with a notice to remedy. Your property manager should too.
So if you dont already, then go ahead and be a hero, install fire alarms in your rental property, one day someone may owe their life to a small action you took.
Maybe this time the phrase should be "A penny this time saves lives".