If you’re looking for ways to increase your rental income without raising the rent, it might be beneficial to think outside the box. If you don’t look into these methods for generating extra cash on your rental property each month, you could lose money. You might be able to improve your monthly cash flows and profit margins by using innovation and an awareness of what tenants want. Here are some ideas to get you going.
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 get 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 supply air filters and have them regularly delivered right to the rental property is another value-added choice you can give your tenants. This not only gives your tenants additional convenience, but it also contributes to maintaining the HVAC system and the property’s general cleanliness, perhaps averting larger and more costly repair concerns in the future.
Offer a Media Package
Many tenants don’t want to deal with the inconvenience or expense of installing 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.
You can improve your rental income in a variety of inventive ways without having to raise the rent itself! You can give value-added services that will help increase your monthly cash flows by utilizing one or more of these tactics. Do your homework first because your alternatives may change depending on your region and the sort of property you own. You may start increasing your profits right away with a little ingenuity and knowledge of what Menifee investors want!
Do you want to learn more about how to increase your rental income? To begin, 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.