If you want to increase rental income without boosting rent, think outside the box. If you don’t research these ways to increase your rental property’s monthly income, you could lose money. Creativity and understanding renters’ needs can boost monthly cash flows and profit margins. Start with these ideas.
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 provide your tenants with 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
Renters dislike installing cable and internet. Offer to bundle these options at a discount and charge tenants a monthly fee. Many renters will appreciate this convenience, which may help retain tenants.
Creative solutions to boost rental income without raising rent exist! These tactics can help you enhance monthly cash flows by offering value-added services. Do your homework first because your alternatives may depend on your area and property type. With a little innovation and knowledge of what Plano investment property owners desire, you can raise your profits now!
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.
