Making money as a landlord in Chesapeake is about more than just acquiring rent checks. The path to long-term success for many rental property owners lies in applying a variety of small but important strategies designed to increase rental property income without raising your tenants’ rent. Keep reading to find out how to boost your rental revenue – none of which requires upping the rental rate.
Reduce Monthly Expenses
One of the vital steps you must take to increase rental property income is to monitor your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t looked at landlord insurance rates in the last year, it’s time to look around and see if you can get a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a qualified Chesapeake property management company. It may sound like a paradox, but partnering with a property management company can help lower your maintenance and repair costs. This happens because regular, comprehensive property maintenance often greatly lessens the cost and number of emergency repairs. Plus, well-connected brands like Real Property Management Hampton Roads 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, think about adjusting your policy to permit a “pet rent.” While this will increase the overall fee your tenant pays each month; pet lovers are usually ready to do so if it means being able to keep their precious animal on the property. Numerous property owners also 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 an idle garage, RV space, or shed, consider renting them out separately. Multiple people are hunting for secure storage space close to home. However, large storage unit complexes typically charge much more than many people are eager to pay and may even require long-term contracts. If you can rent your unused storage areas for slightly below the going rate, you’ll get extra revenue in your pocket each month.
Most property owners have begun to provide additional services and upgrades to busy tenants. Given that more individuals are working more than ever, anything you can do to make their life easier – for additional payment, of course – may be welcome. You could give your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals subcontract these services, they may jump at the chance to get the necessary services through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also furnish certain furnishings in your rental homes for an added charge. Furnished rentals often rent for more than unfurnished ones. It also helps you to rent to corporate and cross-country tenants who pay well for a first-class rental home. If you’re trying to figure out how to reach a new renter demographic and increase rental property income, furnishing your rental property could be the solution.
Are you seeking more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 757-395-4274. Our property management professionals can help 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.