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. Using creativity and understanding what renters desire could help you increase your monthly cash flows and profit margins at the end of each month. Here are some suggestions 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 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
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
The installation of cable or internet can be a bother for renters, and it can also be expensive. Make your tenants an offer to combine these alternatives at a discounted rate, and then charge them a monthly price for the service. This additional amenity will most likely be worthwhile to a significant number of renters, and it may even contribute, in the long run, to a higher rate of tenant retention.
There are a variety of ingenious approaches you may take to boost your rental income, even without increasing the rent itself. You can increase the amount of money coming into your business each month by offering services with added value and employing one or more of the tactics listed here. Remember that your choices could be different based on where you live and the kind of property you own, so it is important to perform some preliminary study before making any decisions. You are able to immediately begin increasing your profits if you are just a little bit creative and if you have an awareness of what the owners of investment property in San Bernadino want.
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.