If you’re searching for ways to increase your rental income – without increasing the rent – there are plenty of inventive methods. In fact, if you don’t look into these strategies for earning extra income on your rental property every month, you could be losing money. Innovation and knowing what renters want could help you boost your monthly cash flows and increase your revenues at the end of each month. Here are some suggestions to help you get started.
Partner with an Insurance Company
If you require renter’s insurance—and Frisco property managers must absolutely require their tenants to get renter’s insurance—you may want to try partnering with a local insurance provider to provide your tenants with a policy. Not only will offering a policy help protect your tenants and their belongings, but it may also give them peace of mind and add value to their rental experience.
Offer Storage Space
Several renters require affordable storage options for a bike, spare furniture, or seasonal belongings. If you have an unused shed, garage, or other property, look into leasing it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you might want to maintain it for an added fee. This may involve mowing the lawn, cutting hedges and trees, and planting flowers or seasonal decorations. This will not only add value to the property, but it may also save your tenants time and stress in executing it themselves.
Air Filters Direct Delivery
One more 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 adds convenience for your tenants and aids maintain the HVAC system and entire property sanitation – potentially avoiding more major (and more expensive) repair problems.
Offer a Media Package
Numerous renters choose 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. This increased convenience will most likely be worth it for several renters, and it may even help with tenant retention over time.
There are numerous creative ways to increase your rental income without increasing the rent! By employing any or all of these methods, you can deliver value-added services that will help boost your monthly cash flows. Don’t forget that your options may differ according to your location and the type of property you own – so remember to conduct your research first. You may start increasing your earnings right away by thinking outside the box and considering your renters’ needs!
Real Property Management Icon is ready to help you earn a passive income and achieve financial independence through real estate investments in Frisco and the neighboring regions. Our professionals can provide qualified and approachable advice on property management and real estate investment matters. Contact us online or call us at 469-895-9788.
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