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 time and money required to hook up cable or internet is too much for many tenants. You can charge a monthly fee to your tenants if you package these services and provide them at a discount. Many tenants may find this increased convenience to be worthwhile, and it may help landlords keep their current tenants.
There are a variety of ingenious approaches you may use to boost your rental income without increasing the rent. You can increase your monthly cash flows by employing one or more of these tactics to supply value-added services. It is important to remember that the choices available to you will differ depending on factors such as your region and the sort of property you own. Profits can be increased immediately with some imagination and familiarity with the needs of Nashua investment property owners.
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.