If you’re having trouble thinking creatively, it might be beneficial to start looking for strategies to boost your rental income without a rent increase. You could lose if you don’t look into these methods for producing extra income on your rental property each month. Using your imagination and being aware of what tenants want could be effective to increase your monthly cash flows and profit margins at the end of each month. Here are some ideas to get you started.
Partner with an Insurance Provider
If you require renter’s insurance – and you should unquestionably demand it – you ought to think about working with a local insurance company to provide your tenants with a policy. By providing coverage, you’ll not only help to protect your tenants and their possessions but also perhaps provide them some piece of mind and improve their rental experience.
Offer Storage Space
Many renters need affordable storage options, it doesn’t matter if it’s for a bicycle, extra furniture, or seasonal stuff. If you own a shed, garage, or other property that is unoccupied, consider offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you could propose to keep it for an additional cost. This could include mowing the lawn, trimming hedges and trees, even planting flowers or putting up holiday 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 choice you may make for your tenants is 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 the general upkeep of the property, possibly averting larger, more costly maintenance difficulties in the future.
Offer a Media Package
Many renters don’t want the hassle or cost of setting up cable or internet. Offer to bundle these services at lower rates for your tenants in exchange for a regular monthly charge. For many tenants, this extra convenience will probably be worth it, and it might even help with long-term tenant retention.
There are many creative ways to increase your rental income without actually raising the rent! Using a few or all of these techniques, 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 Frisco 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.