If you wish to find ways to increase your rental income – without boosting the rent – there are numerous novel alternatives available. In reality, failing to explore these strategies for earning extra income on your rental property each month could lead to a monetary loss. Boosting your monthly cash flows and increasing earnings can be achieved by leveraging creativity and comprehending what renters want. Here are some initial suggestions to help you begin.
Partner with an Insurance Company
If you require renter’s insurance—and Irving property managers should surely require their tenants to get renter’s insurance—you can consider partnering with a local insurance provider to provide your tenants with a policy. Providing a policy can not only help protect your tenants and their belongings, but it can also provide them with a sense of security and enhance their rental experience.
Offer Storage Space
A multitude of renters seek affordable storage options for a bike, extra furniture, or seasonal stuff. If you possess an unused shed, garage, or other property, contemplate the possibility of providing 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. Tasks may encompass activities such as mowing the lawn, trimming hedges and trees, and cultivating flowers or seasonal decorations. This will not only add value to the property, but it may also save your tenants time and stress in doing 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 regularly. This adds convenience for your tenants and helps maintain the HVAC system and general sanitation of the property, thus mitigating the occurrence of more severe (and costlier) repair issues.
Offer a Media Package
Most renters desire 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 demand a monthly fee for the service. Many renters will find this additional convenience valuable, and it may even contribute to long-term tenant retention.
There are countless creative ways to increase your rental income without raising the rent! Through applying one or more of these tactics, you can offer value-added services that will help boost your monthly cash flows. It is important to consider that the choices available to you may differ based on your location and the type of property you own. Therefore, it is advisable to conduct a thorough study before making any decisions. By employing innovative approaches and considering your renters’ needs, you can commence enhancing your financial gains immediately!
Real Property Management Engage is eager to aid you in producing a passive income and attaining financial independence through real estate investments in Irving and its vicinity. Our experts can provide informed and accessible guidance on property management and real estate investment issues. Contact us online or call us at 214-257-0101.
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.
