If you’re looking for ways to increase your rental income without raising the rent, it might be beneficial to think outside the box. If you don’t look into these methods for generating extra cash on your rental property each month, you could lose money. You might be able to improve your monthly cash flows and profit margins by using innovation and an awareness of what tenants want. Here are some ideas to get you going.
Partner with an Insurance Provider
If you require renter’s insurance – and you should definitely require it – you might want to consider working with a local insurance company to get your tenants a policy. Offering a coverage will not only help protect your tenants and their belongings, but it may also provide them with peace of mind and add value to their renting experience.
Offer Storage Space
Many renters need affordable storage options, whether it’s for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, consider offering it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental home has a yard, you can consider charging extra to maintain it. This can entail mowing the grass, pruning the bushes and trees, or even planting seasonal flowers or ornaments. This will not only increase the property’s worth but could also spare your tenants the hassle and effort of having to do it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is offering 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 and overall cleanliness of the property – potentially preventing bigger and more expensive repair issues down the road.
Offer a Media Package
Many tenants don’t want to deal with the inconvenience or expense of installing cable or internet. Offer to combine these services at a cheaper price 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! By using one or more of these strategies, 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 Ponte Vedra 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.
