There are numerous inventive ways to increase your rental income without raising the rent. If you’re not exploring these strategies for earning extra income on your rental property each month, you might be missing out on potential earnings. Originality and understanding what renters want can help you boost your monthly cash flows and leave you with a bit more profit at the end of each month. Here are a few ideas to get you started.
Partner with an Insurance Company
If you require renter’s insurance—and Wesley Chapel property managers should definitely require their tenants to get renter’s insurance—you may want to try partnering with a local insurance provider to provide your tenants with a policy. Offering a policy will not only provide assistance to protect your tenants and their belongings, but it may also give them peace of mind and add value to their rental experience.
Offer Storage Space
Many renters need affordable storage options 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 property has a yard, you can offer to maintain it for an added fee. This could include mowing the lawn, trimming hedges and trees, and planting flowers or seasonal decorations. Not only will this add value to the property, but it may also save your tenants time and stress in doing 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 regularly. This adds convenience for your tenants and helps maintain the HVAC system and overall property cleanliness – potentially preventing more extensive (and more expensive) repair issues.
Offer a Media Package
Many renters want 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 collect a monthly fee for the service. This added convenience will likely be worth it to many renters – and may even help tenant retention in the long run.
There are many creative ways to increase your rental income without 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. By considering your renters’ needs, you can start boosting your profits today!
Real Property Management Zenith is here to help you generate passive income and achieve financial freedom through real estate investments in Wesley Chapel and the surrounding areas. Our experts provide knowledgeable and friendly advice on property management and real estate investment matters. Contact us online or call us at 813-698-1001 .
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.