Making money as a landlord in Scott County is about more than just gaining rent checks. The secret to long-term success is applying a variety of small but important strategies designed to increase rental property income without raising your tenants’ rent for multiple rental property owners. Keep reading to discover approaches to boost your rental revenue – none of which demands upping the rental rate.
Reduce Monthly Expenses
One of the primary actions you need to perform to increase rental property income is to examine your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t checked for landlord insurance rates in the last year, this is your time to look around and see if you can obtain a good policy for a lower price. Another option to help you reduce your monthly expenses is to engage with a decent Scott County property management company. It may sound like a paradox, but hiring a property management company can help you save money on your maintenance and repair costs. This is because regular, comprehensive property maintenance often greatly lowers the cost and number of emergency repairs. In addition, well-connected brands like Real Property Management Viking have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already grant your tenants to keep a pet on the property, consider adjusting your policy to allow for a “pet rent.” While this will increase the actual sum your tenant pays each month, pet lovers are commonly willing to do so if it means being able to keep their adored animal on the property. Many property owners also require 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 unfilled garage, RV space, or shed, consider renting them out separately. Many consumers are searching for secure storage space close to home. Large storage unit complexes, however, often charge far more than many people can spend and may even require long-term contracts. If you can rent your unused storage areas for slightly cheaper than the going rate, that implies extra income in your pocket each month.
Many property owners have offered additional services and upgrades to busy tenants. Because numerous people are working more than ever, anything you can do to make their life easier – for an additional payment, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people start to outsource these services, they may jump at the chance to get the amenities they want 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 commonly rent for more than unfurnished ones. It also allows you to rent to corporate and cross-country tenants who pay well for a great quality rental home. If you want to reach a new renter demographic and boost rental property income, furnishing your rental property may be the answer.
Do you like to improve your rental’s monthly cash flows? Contact us today either online or by calling 612-230-3953. Our property management team can assist you in guaranteeing 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.