Making money as a landlord in Shelby Charter Township is about more than just picking up rent checks. For many rental property owners utilizing a range of small but important strategies meant to increase rental property income without raising your tenants’ rent is the solution to long-term success. Keep reading to learn ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
Analyzing your monthly expenses for opportunities to reduce costs on your rental property must be one of the first steps to do to increase rental property income is to. If you haven’t searched for landlord insurance rates in the last year, it’s time to look around and see whether you can locate a good policy for a lower price. Another option to help you reduce your monthly expenses is to appoint a reputable Shelby Charter Township property management company. It may sound like a paradox, but working with a property management company can help you spend less on your maintenance and repair costs. This is because regular, comprehensive property maintenance often substantially cuts the cost and number of emergency repairs. Additionally, well-connected brands like Real Property Management Silverstone have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider modifying your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are commonly prepared to do so if it means being able to keep their dearest animal on the property. Several property owners also include 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, try renting them out separately. Many people are searching for secure storage space close to home. However, huge storage unit complexes commonly charge much more than many people are willing to pay and may even require long-term contracts. If you can rent your unused storage areas for a little less than the going rate, that means extra revenue in your pocket each month.
Multiple property owners have started proposing additional services and upgrades to busy tenants. Since numerous 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 people start outsourcing these services, they may jump at the chance to get the resources they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also demand higher prices for particular furnishings in your rental homes. Furnished rentals typically rent for more than unfurnished ones. It also enables you to rent to corporate and cross-country tenants who pay well for a high-quality rental home. If you have been exploring a way to reach a new renter demographic and increase rental property income, simply furnishing your rental property could be what you are looking for.
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.
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.