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. Applying creativity and thorough understanding with what renters truly want could help you increase your monthly cash flows and profit margins at the end of each month. Here are some ideas to help you get going.
Partner with an Insurance Provider
Consider getting renter’s insurance if you’re required to have it, which you should be – working with a local insurance company to give your tenants a policy. Providing coverage for your tenants is a great way to ensure the safety of their things and add value of their rental 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
Yard maintenance is an additional service you can provide for renters if your rental property has one. This could include mowing the lawn, trimming hedges and trees, and perhaps some flower or holiday decoration planting. 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
One more way to generate value for your tenants is to provide air filters and get them sent straight to your rental property on a regular basis. This not only adds convenience for your tenants, but also helps maintain the HVAC system and general tidiness of the premises, which might help forestall the need for costly and time-consuming fixes down the road.
Offer a Media Package
It’s not worth the time or money to many tenants when setting up cable or internet. You can charge a monthly fee to your tenants and offer them a discount if they sign up for all of these services at once. 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’s important to remember that your choices will differ depending on factors like your region and the sort of home you own. With a little creativity and an understanding of what Houston Heights 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.
