If you’re in search of useful techniques to increase your rental income – without raising the rent – there are multiple resourceful options. If you’re not taking into account these approaches for earning extra income on your rental property each month, you may be losing money. Putting to use creativity and recognizing what renters need could help you easily find ways to boost your monthly cash flows and leave a few extra in profits at the end of each month. Here are several concepts to get you started.
Partner with an Insurance Company
If you do require renter’s insurance – and Appleton property managers should require their tenants to get renter’s insurance – you may look to try partnering with a local insurance provider to present your tenants with a policy. Not only will offering a policy help protect your tenants and their belongings but it may, more importantly, give them peace of mind and add value to their rental experience.
Offer Storage Space
A lot of renters need affordable storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, deem offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you may seriously consider offering to maintain it for an added fee. This could involve mowing the lawn, trimming hedges and trees, and planting flowers or seasonal decorations. Not only will this add value to the property, but, it may equally save your tenants time and stress in doing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is extending to provide air filters and have them delivered directly to the rental property regularly. This not only adds convenience for your tenants but aside from that, it similarly helps maintain the HVAC system and total cleanliness of the property – possibly preventing major (and exorbitant) repair problems in the future.
Offer a Media Package
A lot of renters don’t like the hassle or cost of setting up cable or internet. Simply offer to bundle these options for your tenants at a discounted rate and obtain a monthly fee for the service. This added service will possibly be worth it to many renters – and may even help tenant retention in the long run.
There are a lot of creative and practical approaches to increasing your rental income without raising the rent! By taking advantage of one or more of these approaches, you can render value-added services that will help boost your monthly cash flows. Just always keep in mind that your options may differ depending on your location and the type of property you own – so be sure to do your research first. By simply thinking outside the box and considering your renters’ needs, you can start boosting your profits today!
Would you be interested in more information on how to 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.