Making money as a landlord in Chesapeake is about more than only collecting rent checks. For various rental property owners, the key to long-term success is utilizing a range of insignificant yet beneficial strategies designed to increase rental property income without raising your tenants’ rent. There are numerous impressive approaches that you can use for your Chesapeake rental property, which do not demand asking your current tenants for more money. By adopting just a few of these strategies, you can maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the primary things you need to do to increase rental property income is to analyze your monthly rental expenses for things where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, you need to take a look and know if you can get a good policy at a reasonable price. Another strategy that will reduce your monthly expenses is to collaborate with a good property management company. It may seem a paradox, but hiring a property management company can easily reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Furthermore, well-connected brands such as Real Property Management Hampton Roads have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you do not currently allow your tenants to keep a pet on the property, it is best to change your policy to allow for a “pet rent.” Though that will increase the total amount your tenant pays per month, pet lovers are always prepared to do so if it means being able to keep their beloved animal on the property. Most 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, start renting them out separately. Many individuals are searching for secure storage space close to home. But big storage unit complexes regularly impose much higher costs than many people want to pay for and may even require long-term contracts, as well. If you can rent your unused storage areas for slightly less than the going rate, that signifies extra income in your pocket monthly.
Offer Upgrades
Many property owners have initiated offering additional services and upgrades to busy tenants. As several individuals are working more than ever, anything that you can offer to make things easy for them – for an extra expense, of course – may be welcome. Some of the services you can suggest to your tenants are internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. Since a lot of consumers start outsourcing these services, they may jump at the chance to get the services they want through their landlord or property manager.
Furnish Your Rental
If you have the ability, you can also offer selected furnishings in your Chesapeake rental homes for an added cost. Furnished rentals often rent rather than 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 are looking for guidance to reach a new renter demographic and increase rental property income, simply furnishing your rental property might be the answer.
Are you looking for 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 ensure that you maximize your property’s potential for the highest possible monthly income.
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