If you’re looking for strategies to boost your rental income without raising the rent, it might be helpful to think outside the box. If you don’t look into these methods for gaining extra income on your rental property each month, you could lose money. Using creative thinking and being aware of what tenants want could be beneficial to 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 coverage will not only help protect your tenants and their belongings but it might also provide them peace of mind and improve the quality of their rental experience.
Offer Storage Space
Many renters need affordable storage options, it does not matter if it’s for a bicycle, extra furnishings, or festive stuff. If you have a vacant shed, garage, or other piece of land, think about offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you may offer to keep it up for an extra cost. This might include mowing the lawn, trimming hedges and trees, even planting flowers or putting up holiday decorations. Not only will this add value to the property, it may also save your tenants time and stress in having to perform it on their own.
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 combine these services at a cheaper price for your tenants in exchange for a regular monthly charge. For many tenants, this extra convenience will probably be worth it, and it might even help with long-term tenant retention.
There are many imaginative ways to increase your rental income without actually raising the rent! By exhausting one or more of these approaches, you can provide value-added services that will help boost your monthly cash flows. Keep in mind that your options may vary depending on your location and the type of property you own – so be sure to do your research first. With a little creativity and an understanding of what North Logan 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.
