Making money as a landlord in Buhl is about more than just taking rent checks. For many rental property owners, the key to long-term success is employing a range of small but important strategies designed to increase rental property income without raising your tenants’ rent. Keep reading to understand how to boost your rental revenue – none of which demands upping the rental rate.
Reduce Monthly Expenses
One of the first steps you should take to increase rental property income is to analyze your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t gone looking for landlord insurance rates in the last year, this is the opportunity to look around and determine whether you can get a good policy for a lower price. Another option to help you reduce your monthly expenses is to partner with a professional Buhl property management company. It may sound like a paradox, but working with a property management company can assist you in reducing your maintenance and repair costs. This is because regular, comprehensive property maintenance usually decreases the cost and number of emergency repairs. Besides this, well-connected brands like Real Property Management Magic Valley 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, think about updating your policy to allow for a “pet rent.” While this will increase the overall payment your tenant pays each month, pet lovers are frequently willing to do so if it means keeping their dearest animal on the property. Numerous property owners also request 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 empty garage, RV space, or shed, consider renting them out separately. Several consumers are looking for secure storage space close to home. On the other hand, huge storage unit complexes typically charge far more than many people can pay and may even require long-term contracts. If you can rent your unused storage areas for a little cheaper than the going rate, you’ll have extra profit in your pocket each month.
Offer Upgrades
Multiple property owners have decided to offer extra services and upgrades to busy tenants. As several individuals are working more than ever, anything you can do to make their life easier – for an additional fee, 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 individuals begin to outsource these services, they may jump at the chance to get the services they desire through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also impose a fee for selected furnishings in your rental homes. 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 high-quality rental home. If you have been seeking a strategy to reach a new renter demographic and maximize rental property income, simply furnishing your rental property may be the path to go.
Are you searching for ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 208-734-4001. Our property management experts can help you maximize your property’s potential for the highest possible monthly income.
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