Making money as a landlord is not just collecting rent checks. For a lot of rental property owners, the key to long-term success is utilizing a range of small but essential strategies designed to increase rental property income without raising your tenants’ rent. There are many exciting ways that you can use your rental property, not all of which would entail asking your current tenants for more money. Applying some of these strategiesis likely to maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the initial things you have to do to increase rental property income is to analyze your monthly rental expenses for places where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s time to take a look around and see if you can find a good policy for a lower price. One other option to help you reduce your monthly expenses is to get a good property management company. It may sound like a paradox, but hiring a property management company can help you reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Furthermore, well-connected brands like Real Property Management Sunstate have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider setting some changes to your policy to permit for a “pet rent.” Although this will increase the total amount your tenant pays each month, pet lovers are usually willing to do so if it means being able to keep their beloved animal on the property. Many property owners also charge an extra cleaning fee to cover more costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
On the off chance that your property has an unused garage, RV space, or shed, consider renting them out separately. A lot of people are looking for secure storage space close to home. But large storage unit complexes often charge much more than many people want to pay and may likewise require long-term contracts, on top of it all. If you can rent your unused storage areas for slightly less than the going rate, that means extra income in your pocket every month.
Offer Upgrades
Many property owners have begun offering additional services and upgrades to busy tenants. This is because so many people are working more than ever, anything you can do to make their life a bit easier – for an additional cost, of course – may be welcome. Some of the services you could present your tenants include internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people start outsourcing these services, they may jump at the chance to get the services they need via their landlord or property manager.
Furnish Your Rental
If you have the resources, you can also offer selected furnishings in your rental homes for an added cost. Furnished rentals typically rent for more than unfurnished ones. It also allows you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you have been looking for a way to reach a new renter demographic and increase rental property income, simply furnishing your rental property may be the way to go.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 877-373-8404. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
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