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How to Increase Your Rental Property Income without Raising Rent

Blue Model House Stacked on Pile of MoneyMaking money as a landlord in Shelby Carter Township is about more than simply collecting rent checks. For numerous rental property owners, the key to long-term success is utilizing a range of little yet significant strategies designed to increase rental property income without raising your tenants’ rent. There are several exciting ideas that you can utilize for your Shelby Carter Township rental property, not all of which demand asking your current tenants for more money. By utilizing some of these strategies, you can easily maximize your cash flows on every rental property you own.

Reduce Monthly Expenses

One of the important things you need to consider to increase rental property income is to analyze your monthly rental expenses for things where you might reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s an ideal opportunity to check and see if you can locate a good policy for a small price. Another alternative to help you reduce your monthly expenses is to acquire a good property management company. It might seem like a paradox, but hiring a property management company can significantly reduce your maintenance and repair costs. It is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. In addition, well-connected brands such as Real Property Management Silverstone have beneficial relationships with home service providers that also help keep costs down.

Charge Pet Rent

If you don’t previously allow your tenants to keep a pet on the property, think about switching your policy to allow for a “pet rent.” Although this will increase the total amount your tenant pays every month, pet lovers are always happy to do so if it means being able to keep their beloved animal on the property. Some property owners also request an extra cleaning fee to cover extra costs when preparing the property for a new tenant.

Rent Out a Garage, Shed, or RV Space

If your property has an unused garage, RV space, or shed, think about renting them out individually. A lot of people are searching for secure storage space close to home. However, big storage unit complexes usually charge way more than several individuals wish to pay and can even require long-term contracts, too. Suppose you can rent your unused storage areas for slightly less than the going rate, which means extra income in your pocket every month.

Offer Upgrades

Most property owners have begun offering additional services and upgrades to busy tenants. Since more individuals are working more than ever, anything you can do to make their lives simpler – at an extra fee, of course – may be welcome. Some of the services you can provide to your tenants contain internet service, alarm service, cleaning, lawn care, or maybe laundry or grocery delivery services. Since more and more individuals continue outsourcing these services, they may jump at the chance to have the services they want from their landlord or property manager.

Furnish Your Rental

If you have the resources, you can also provide selected furnishings in your Shelby Carter Township rental homes for an added cost. Furnished rentals usually rent for more compared to unfurnished ones. It also permits you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you’ve been searching for a place to meet a new renter demographic and increase rental property income, simply furnishing your rental property might be the best way to go.

Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 586-992-6419. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.

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