It could pay for one to look 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 look into these methods 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 concepts to get you started.
Partner with an Insurance Provider
If you require renter’s insurance – and you should really need it – you may want to think about 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, it could give them peace of mind, though 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 holiday things. If you have a shed, barn, or other property that you don’t use, think about 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
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 overall cleanliness of the property – potentially preventing bigger and more expensive repair issues down the road.
Offer a Media Package
Many renters don’t want the hassle or cost of setting up cable or internet. Offer to bundle these options for your tenants at a discounted rate, and collect a monthly fee from them for the service. This added convenience will likely be worth it to many renters – and may even help with tenant retention in the long run.
There are a lot of clever ways to make more money from your rentals without raising the rent. By using one or more of these ideas, you can offer services with extra value that will help you make more money each month. Keep in mind that your choices may change based on where you live and what kind of property you own, so do your research first. You can start making more money right away if you’re creative and know what Redwood City rental property owners want.
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.
