If you want to make more money from your rentals without raising the rent, you might want to think outside the box. You could lose money if you don’t look into these ways to make more money each month from your rental home. If you’re creative and know what renters want, you might be able to increase your regular cash flows and profit margins. Here are some ideas 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 things, but it may also give them 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
You can also offer to provide air filters and have them delivered directly to the rental property on a frequent basis. This not only makes life easier for your renters, but it also helps keep the HVAC system and the property clean, which could help you avoid bigger and more expensive repairs in the future.
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. 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 Port Charlotte 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.
