If you’re seeking ways to increase your rental income – without raising the rent – there are a variety of inventive alternatives. Indeed, failure to seek out these strategies for earning extra income on your rental property every month could result in financial loss. Creativity and understanding what renters want could help you boost your monthly cash flows and leave a little extra in profits at the end of each month. Listed below are some suggestions to assist you in commencing.
Partner with an Insurance Company
If you require renter’s insurance—and Holland property managers should definitely require their tenants to get renter’s insurance—you might consider partnering with a local insurance provider to provide your tenants with a policy. Providing a policy may not only protect your tenants and their belongings, but it may also enhance their rental experience and instill a sense of security.
Offer Storage Space
Several renters want affordable storage options for bicycles, additional furniture, and seasonal goods. Consider renting an unused shed, garage, or other property 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 may involve seasonal furnishings, mowing the lawn, and trimming hedges and trees. Not only will this add value to the property, but it may also save your tenants time and stress in performing it themselves.
Air Filters Direct Delivery
An additional value-added option for your tenants is to provide air filters and have them delivered directly to the rental property frequently. This adds convenience for your tenants and helps maintain the HVAC system and overall property sanitation, which may prevent the need for greater and more expensive repair problems.
Offer a Media Package
Several renters prefer 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 receive a monthly fee for the service. This extra ease may even contribute to long-term tenant retention and will likely be appreciated by a significant number of renters.
There are numerous creative ways to increase your rental income without raising the rent! By implementing one or more of these approaches, you can provide value-added services that will help boost your monthly cash flows. Bear in mind that your options may differ based on your location and the type of property you own – so be sure to conduct adequate research beforehand. You can begin increasing your profits immediately by planning ahead and considering your renters’ needs!
Real Property Management Neighbors is prepared to provide assistance in establishing financial independence and generating passive income via real estate investments in Holland and the adjacent regions. Regarding property investment and management, our specialists are able to provide knowledgeable and accessible counsel. Contact us online or call us at 616-465-2378.
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.