There are lots of inventive solutions available if you’re trying to find ways to increase your rental income without having to raise the rent. Actually, if you’re not looking into these strategies for earning extra income on your rental property monthly, you may be losing money. Innovation and awareness of what renters want could help you boost your monthly cash flows and leave a little extra in earnings at the end of each month. Here are some suggestions to get you going.
Partner with an Insurance Company
If you require renter’s insurance—and Sarasota property managers should definitely require their tenants to get renter’s insurance—you might need to consider partnering with a local insurance provider to provide your tenants with a policy. Providing insurance can not only help protect your tenants and their belongings, but it might also ease their minds and improve their rental experience.
Offer Storage Space
Numerous renters want affordable storage options for a bike, additional furniture, or seasonal goods. If you have an unused shed, garage, or other property, think about 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 entail pruning trees and bushes, planting flowers, or putting up seasonal decor. This will not only add value to the property, but it may also save your tenants time and stress in performing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is having to provide air filters and have them delivered routinely directly to the rental property. This adds convenience for your tenants and helps maintain the HVAC system and general property cleanliness – potentially averting more significant and costly repair concerns.
Offer a Media Package
A lot of renters wish 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 charge a monthly price for the service. Many renters will probably find this extra convenience worth it, which might eventually aid in tenant retention.
There are several creative ways to increase your rental income without having to increase the rent! By utilizing one or more of these tactics, you can give value-added services that will help boost your monthly cash flows. Remember that your options could change based on your location and the type of property you own – so make sure you’ve done your homework first. By being creative and considering your renters’ needs, you can begin increasing your revenues right now!
Real Property Management Seaside is prepared to help you achieve financial freedom and a passive income through real estate investments in Sarasota and its vicinity. Regarding property management and real estate investment issues, our professionals can provide knowledgeable and amiable counsel. Contact us online or call us at 941-225-2533.
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.
