Considering unconventional or creative solutions could be beneficial if you’re looking for strategies to boost your rental income, it is possible to maintain the current rent without increasing it. You could lose money if you don’t explore 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 – it is recommended that you require it, and it may be worth considering working with a local insurance company to give your tenants a policy. Providing insurance coverage can safeguard your tenants and their possessions, while also enhancing their rental experience and giving them a sense of security.
Offer Storage Space
Many renters need affordable storage options, storage units can be used for various purposes such as storing bikes, extra furniture, or seasonal items. If you happen to possess a shed, garage, or any other property that is not being utilized, 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. You can provide your tenants with a package deal that includes these options at a reduced price, and charge them a monthly fee for the service. The added convenience is expected to be valuable for many renters and could potentially improve tenant retention in the future.
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 Shelbyville 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.