6 Creative Ways to Increase Your Rental Income
Looking for creative ways to increase your rental income? If you want to implement some of these ideas but aren’t sure how your tenants will react, ask them! The key to finding the sweet sauce is talking to the people paying you, find out what they would pay to be able to have or do one of these items, then charge it. Win, win!
6 creative ways to increase your rental income:
1. Pet Fees
If you don’t accept pets, you could be missing out on a ton of great tenant, especially in the single family space. Adding pet fees is a way to compensate yourself and make your tenant happy. Pet fees can range between $25-$100 a month. I also recommend requiring a pet deposit.
2. Parking
If you don’t have enough parking spaces for every unit, consider renting them separately so those who want one on site, (or covered) parking have a chance to pay for it. A parking spot can cost anywhere between $15-$150 a month depending on the market and property.
3. Custom Lease
Consider offering custom lease terms for a premium. If you normally do 12 month leases, you could add a $50 premium per month to choose a custom lease length. Not a bad way to add to your bottom line! Just make sure your premium outweighs your turnover costs.
4. Storage
Extra space in a basement or in a shed outside? Rent it back out to your tenants. Some might already be paying for storage elsewhere. A common rate might be between $15-$50 per month depending on the size and climate.
5. Garages
Do you have a multi unit with only one garage? Not all apartment dwellers need or want a garage, so rent it out separately to someone who will be excited to pay it.
6. Coin Laundry
Consider adding coin laundry to your property. This is common with multi-family units. you can charge between $1.5-$4.00 per load. This is beneficial to both you and the tenant.
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