If you’re looking for ways to increase your rental income without raising the rent, it can be worthwhile to think outside the box. If you do not investigate these approaches, you may lose money if you don’t think of ways 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. Providing coverage will not only protect your tenants and their possessions, but it could additionally give them 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 provides convenience for your tenants, but also aids in the maintenance of the HVAC system and overall cleanliness of the property, thereby saving larger and more expensive repair concerns in the future.
Offer a Media Package
Many renters do not want the inconvenience or expense of installing cable or internet. Offer to combine these alternatives at a lower rate for your tenants, and charge them a monthly fee for the service. This increased convenience will almost certainly be worth it for many renters – and may even aid in tenant retention in the long run.
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 Williamsburg 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.
