If you’re going in pursuit of methods to increase your rental income – without raising the rent – there are a lot of imaginative options. If you’re not considering these techniques for earning extra income on your rental property each month, you may be losing money. Making use of creativity and knowing what renters like and need could aid you to boost your monthly cash flows and leave some extra in profits at the end of each month. Here are some thoughts to get you started.
Partner with an Insurance Company
If you require renter’s insurance – and Dawsonville property managers should indeed require their tenants to get renter’s insurance – you may like to try partnering with a local insurance provider to offer and provide your tenants with a policy. Not only will offering a policy help protect your tenants and their belongings but, it may likewise endow them peace of mind and add value to their rental experience.
Offer Storage Space
Almost all renters are looking for affordable storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, take into account giving it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can easily offer to maintain it for an added fee. This could comprise mowing the lawn, trimming hedges and trees, and planting flowers or seasonal decorations. Not only will this add value to the property, hence it may similarly save your tenants time and stress in doing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is presenting to provide air filters and have them delivered directly to the rental property regularly. This not only adds convenience for your tenants but equally aids to maintain the HVAC system and general cleanliness of the property – possibly avoiding serious (and uneconomical) repair matters later on.
Offer a Media Package
Some renters don’t fancy the hassle or cost of setting up cable or internet. Extend your assistance and offer to bundle these options for your tenants at a discounted rate and have a monthly fee for the service. This added comfort will perhaps be worth it to many renters – and may even help tenant retention in the long run.
There are multiple resourceful techniques to increase your rental income without raising the rent! By making use of one or more of these courses of action, you can give value-added services that will help boost your monthly cash flows. Bear in mind that your options may change depending on your location and the type of property you own – so be sure to do your research first. By thinking outside the box and considering your renters’ needs, you can start boosting your profits today!
Would you like more information on how to effectively and easily increase your rental income? Contact us online today!
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.
