If you’re in search of ways to increase your rental income – without shooting up the rent – there are multiple ingenious options. In truth, if you’re not applying these strategies for earning extra income on your rental property each month, you may be losing money. Innovation and grasping well what renters want could help you boost your monthly cash flows and leave a bit more in profits at the end of each month. Here are several practical tips to get you moving with it.
Partner with an Insurance Company
If you require renter’s insurance—and Mill Creek property managers should require their tenants to get renter’s insurance—you may start partnering with a local insurance provider to provide your tenants with a policy. Not only will granting or offering a policy help protect your tenants and their belongings, but certainly it may furthermore bestow them peace of mind and add great value to their rental experience.
Offer Storage Space
Multiple renters demand storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, look into bestowing it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can simply offer to maintain it for an added fee. This could include mowing the lawn, trimming hedges and trees, and planting flowers or seasonal embellishments. Not only will this add value to the property, but in fact, it may equally save your tenants time and stress in executing 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 at set times. This adds convenience for your tenants and helps maintain the HVAC system and general property cleanliness – probably avoiding substantial (and more exorbitant) repair concerns.
Offer a Media Package
Majority of renters opt to avoid the hassle or cost of setting up cable or internet. Offer to bundle these options for your tenants at a discounted rate and obtain a monthly fee for the service. This added convenience will certainly be worth it to lots of renters – and may even help tenant retention at the end of the day.
There are a lot of creative ways to increase your rental income without amplifying or raising the rent! By utilizing one or more of these procedures, you can give value-added services that will help boost your monthly cash flows. Take into consideration that your options may vary contingent on your location and the type of property you own – so see to it you do your assessment first. By thinking proactively and creatively and considering your renters’ needs, you can commence increasing your profits today!
Real Property Management North Puget Sound is ready to aid you with developing a passive income and obtaining financial freedom through real estate investments in Mill Creek and the surrounding area. Our experts can give profitable and applicable advice on property management and real estate investment matters. Contact us online or call us at 425-527-6562.
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.
