Recording everything on an internal DVR that runs on a seven-day (or 30-day reduced framerate) loop is one thing. Preferably a DVR with an air-gap firewall, read: no Internet connection. It’s enough time to save footage if a crime is reported, but the footage isn’t kept for life.
Giving the data to third-party scum like Dropcam (and by extension Google and the NSA) is unconscionable, and any property manager doing so deserves to be sued into bankruptcy and jump under a bus.
Recent events (JLaw *ahem*) have proven that cloud services — even those run by the largest firms — are NOT secure and subject to abuse.