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. One way to succeed is to use your imagination and learn what tenants really want so you can increase your monthly cash flows and profit margins at the end of each month. Here are some ideas to help you get rolling.
Partner with an Insurance Provider
If you require renter’s insurance – and it’s something you’ll need without a doubt; it’s something you ought to think about – working with a local insurance company to give your tenants a policy. Offering coverage will not only help protect your tenants and their belongings, but it could give them some much-needed reassurance and improve their rental experience overall.
Offer Storage Space
Many renters need affordable storage options, bike, holiday decorations, or extra furnishings. A storage shed, garage, or other underused outbuilding on your property, consider offering it to your tenants for an additional monthly fee.
Provide Yard Care
In the event that 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 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. It is important to remember that the choices available to you will differ depending on factors such as your region and the sort of property you own. With some ingenuity and knowledge of Roslindale 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.
