Making money as a landlord in Yardley is about more than just accepting rent checks. For most rental property owners, utilizing a variety of tiny but important strategies meant to boost rental property income without raising your tenants’ rent is the way 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
One of the first things you should do to increase rental property income is to review your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t shopped for landlord insurance rates in the last year, it’s time to look around and see if you can find a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a good Yardley property management company. It may sound like a paradox, but hiring a property management company can help reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Also, well-connected brands like Real Property Management Prosperity have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already permit your tenants to keep a pet on the property, consider modifying your policy to accommodate a “pet rent.” While this will increase the overall expense your tenant pays each month, pet lovers are frequently eager to do so if it means being able to keep their favorite animal on the property. Several property owners additionally impose 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 a vacant garage, RV space, or shed, suggest renting them out separately. There are a lot of people asking for secure storage space close to home. Large storage unit complexes, however, frequently charge much more than many people are prepared to pay and sometimes even require long-term contracts. If you can rent your unused storage areas for a little less than the going rate, you’ll have extra cash in your pocket each month.
Offer Upgrades
Multiple property owners have started providing additional services and upgrades to busy tenants. Since many individuals are working more than ever, anything you can do to make their life easier – for an extra expense, of course – may be welcome. You could 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 services they require through their landlord or property manager.
Furnish Your Rental
If you have the means, you can charge more for specific furnishings in your rental homes. Furnished rentals often rent for more than unfurnished ones. It also enables you to rent to corporate and cross-country tenants who pay well for an excellent rental home. Simply furnishing your rental property might be the answer if you’ve been seeking a solution to reach a new renter demographic and boost rental property income.
Would you like to improve your rental’s monthly cash flows? Contact us today either online or by calling 267-364-5785. Our property management specialists can help guarantee 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.
