Making money as a landlord in Piedmont is about more than just receiving rent checks. Several rental property owners believe that implementing a range of small but important strategies intended to enhance rental property income without raising your tenants’ rent is the answer to long-term success. Keep reading to understand how to boost your rental revenue – none of which needs upping the rental rate.
Reduce Monthly Expenses
One of the first actions you must take to increase rental property income is to evaluate your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t looked into landlord insurance rates in the last year, this is your opportunity to look around and see if you can acquire a good policy for a lower price. Another option to help you reduce your monthly expenses is to engage with a good Piedmont property management company. It may sound like a paradox, but hiring a property management company can help lower your maintenance and repair costs. This is because regular, comprehensive property maintenance often vastly lowers the cost and number of emergency repairs. Also, well-connected brands like Real Property Management Pacific have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already approve your tenants to keep a pet on the property, try adjusting your policy to allow for a “pet rent.” While this will increase the whole cost your tenant pays each month, pet lovers are typically eager to do so if it means being able to keep their beloved animal on the property. Several property owners also ask for a cleaning fee to cover additional costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an extra garage, RV space, or shed, think about renting them out separately. Numerous people are searching for secure storage space close to home. Yet, huge storage unit complexes regularly charge much more than many people are willing to spend and may even require long-term contracts. If you can rent your unused storage areas for slightly lower than the going rate, you will have extra profits in your pocket each month.
Numerous property owners have started to offer more services and upgrades to busy tenants. As several people are working more than ever, anything you can do to make their life easier – at an additional cost, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals begin outsourcing these services, they may jump at the chance to get the conveniences they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you may also impose a fee for certain furnishings in your rental homes. Furnished rentals commonly rent for more than unfurnished ones. It also helps you to rent to corporate and cross-country tenants who pay well for a great quality rental home. If you’ve been seeking a technique to reach a new renter demographic and boost rental property income, simply furnishing your rental property may be the way to go.
Do you need more ideas to improve your rental’s monthly cash flows? Contact us today either online or by calling 510-900-4544. Our property management experts can help ensure that you maximize your property’s potential for the highest possible monthly income.
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.