Perhaps it would be profitable to attempt unconventional strategies 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. Using originality and comprehending what tenants want could help you increase your monthly cash flows and profit margins at the end of each month. 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 a good deal to your renters. Offering a coverage will not only help protect your tenants and their belongings, It could give them peace of mind and make their rental experience better.
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
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 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 numerous inventive strategies to increase rental income without increasing rent! By employing one or more of these strategies, you can provide services with added value that will increase your monthly cash flows. Keep in mind that your options may vary based on your location and the type of property you own; therefore, you should conduct research beforehand. With some ingenuity and an awareness of the desires of Three Forks investment property owners, you can immediately increase your profits.
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.