It might be worthwhile to think outside the box if you’re looking for strategies to boost your rental income without raising the rent. You could lose money if you don’t investigate these techniques for making extra income on your rental property each month. Using creativity and understanding what renters desire 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 furniture, or seasonal items. If you have an unused shed, garage, or other property, consider offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can offer to maintain it for an added fee. 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
Offering to provide air filters and have them delivered directly to the rental property on a regular basis is another value-added option for your tenants. This not only provides convenience for your tenants, but also aids in the maintenance of the HVAC system and overall cleanliness of the property, thereby saving larger and more expensive repair concerns in the future.
Offer a Media Package
Many renters do not want the inconvenience or expense of installing cable or internet. Offer to combine these alternatives 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 numerous inventive ways to boost your rental income without raising the rent! You can give value-added services that will help enhance your monthly cash flows by implementing one or more of these tactics. Remember that your alternatives may differ depending on your area and the sort of property you own, so do your homework first. You can start increasing your profits today with a little innovation and an awareness of what Bushland investment property owners want!
Would you like to learn more about increasing your rental income? To get started, contact us.
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.