If you’re looking for ways to increase your rental income without raising the rent, it might be beneficial to think outside the box. You could lose money If you don’t look into these methods for creating extra income on your rental property each month. Using your imagination and being aware of what tenants want could be helpful when you want to increase your monthly cash flows and profit margins at the end of each month. Here are some ideas to get you going.
Partner with an Insurance Provider
If you need renter’s insurance, which you absolutely should, you might want to think about when working with a local insurance company to provide your tenants with a policy. Offering a coverage will not only help protect your tenants and their belongings, however, it might also give them comfort and add value to their renting experience.
Offer Storage Space
Many renters need affordable storage options, it doesn’t matter if it’s for a bicycle, extra furniture, or seasonal stuff. If you possess 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 can offer to maintain it for an added fee. This could 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, but 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 tand he HVAC system the general upkeep of the property, possibly averting larger, more costly maintenance difficulties in the future.
Offer a Media Package
Many renters don’t want the hassle or cost of setting up cable or internet. Charge your tenants a monthly fee for the service and offer to bundle these services for them at a discount. 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 differ depending on your area and the sort of property you own. With a little creativity and an understanding of what Rigby 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.
