7 Ways to Increase Rental Income
Landlords realize the value of owning rental properties. They generate cash flow each month. However, are there ways to increase the total rental income besides rent? Let’s realize majority of income opportunity is rent itself. These suggestions are ways to increase your rental income a little more. With each applied method, rental income can increase more and more.
People have junk. A lot of it! If you have extra space then consider renting it out. This works whether you are a tenant, homeowner or landlord. Owners of boats and RV’s need a space to store their over-sized toy. Invest in additional fencing to isolate the storage from your yard. These owners will want an RV-gate, double gates. They will want access without your involvement. Even an empty garage can be storage. Clean out your belongings to make space. Offer your garage for money. Although you give up yard, this opportunity can net you an extra $25-50 per month. Check out Store At My House.
Dog owners need space for their furry loved one. Apartments do not allow certain breeds or size of dogs. Capitalize on this market. There are 3 ways to handle pets money-wise. A pet deposit, which must be returned minus repairs. Like security deposit. Pet fees which are a one-time non-refundable fee. Or pet rent. Pet rent has advantages if the tenants stay a long time. While pet fees are paid upfront, there is no relation to the duration the tenants stay. However, pet rent is tied to lease duration. Each month you can charge an additional $15-25 per pet. Even if the tenants renew their lease, pet rent continues monthly.
Multi-family properties can include an on-site laundry mat. Not only is this a selling point, it generates additional income. Tenants will pay more for washer and dryers on-site. The downside is the potential for more maintenance.
Live in a city that gets a lot of sunshine? Capitalize on free UV rays to earn more rental income. Tenants want to know the monthly budget for expenses. In hot states, such as Arizona, the summer electric bill can be $300-500. Although solar requires an investment upfront, solar can increase the rent. Do research on rebate programs. Cities and electric companies run special programs to home-owners. Solar panels can be bought or leased. Check out great companies, like For Energy.
After paying rent, tenants may not have a lot of disposal income. Consider renting additional luxury items that will attract tenants. These items can justify higher rent rates than the market. Include a game room. Pool tables are favorites for younger male. Dart boards are cheap and fun. These items allow tenants to stay in and save money. Consider an electronics package. This is an opportunity to increase your rental income. Charge tenants per month for additional TV’s and gaming systems.
Everyone wants the latest technology. Google, Apple and Amazon are creating new devices that make homes smarter. Like electronics, offer a Smart Home package. Audio devices for playing music. Smart locks for the front door. Smart thermostats to reduce energy. Each device can be added to the lease for more rental income.
If your property is near a college campus, sell your land for parking! College parking are notorious for being expensive. Students are willing to pay a fraction of the price and walk quarter-of-a-mile to campus. This opportunity can generate a few extra hundred dollars per semester. There are apps that help students find parking.
More Rental Income
When combined, even 2 or 3 additional streams of rental income can add $100-200 per month. Be creative. As a landlord, this is a chance to inch closer to financial freedom.
Manage Your Rental Income Better
Do you self-manage your rental property? Or perhaps manage another person’s? Burbz offers free software to automate your management. Free tools for rent collection, tenant screening and maintenance coordination. Learn more and start today.