If you’re stuck, it can be useful to think beyond the box when looking for strategies to boost your rental income without raising the rent. You could lose money if you don’t look at these methods for making extra income on your rental property each month. Using your imagination and understanding what tenants want could help you increase your monthly cash flows and profit margins at the end of each month. Here are some suggestions to get you started.
Partner with an Insurance Provider
If you require renter’s insurance – and you should definitely require it – you might want to consider working with a local insurance company to give your tenants a policy. Offering a coverage will not only help protect your tenants and their belongings, but it may also provide them with peace of mind and add value to their renting experience.
Offer Storage Space
Many renters need affordable storage options, whether it’s for a bike, extra furnishings, or seasonal things, we’ve got you covered. If you own an unused shed, garage, or other piece of property,, consider offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property If you have a yard, you might offer to maintain it for an additional price. This could include mowing the lawn, trimming hedges and trees, and even planting flowers or seasonal decorations. Not only will this add value to the property, it may also save your tenants time and stress in having to do it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is offering to provide air filters and have them delivered directly to the rental property on a regular basis. This not only adds convenience for your tenants, but also helps maintain the HVAC system and the overall cleanliness of the home – perhaps preventing larger and more costly repair issues in the future.
Offer a Media Package
Many renters don’t want the hassle or cost of setting up cable or internet. Offer the combination of those options at a lower rate for your tenants, and charge them a monthly fee for the service. This increased convenience will almost certainly be worth it for many renters – and may even aid in tenant retention in the long run.
There are many creative ways to increase your rental income without actually raising the rent! By using one or more of these strategies, you can provide value-added services that will help boost your monthly cash flows. Keep in mind that your options may vary depending on your location and the type of property you own – so be sure to do your research first. With a little creativity and an understanding of what Hampden investment property owners want, you can start boosting your profits today!
Would you like more information on how to boost your rental income? Contact us to get started.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.