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5 Ways to Diversify Your Rental Income

Property manager analyzing increasing rental income with digital augmented reality graphics. If you’re a landlord trying to increase your rental income without increasing the rent, it may be worthwhile to consider some creative alternatives. If you don’t look into these ways to increase your monthly rental income, you could be losing money. If you’re a landlord, increasing your monthly cash flows and profit margins could be as simple as becoming creative and learning more about what your renters want. Here are some ideas to help you get rolling.

Partner with an Insurance Provider

If you require renter’s insurance – and you should definitely require it – you might want to consider working with a local insurance company to get your tenants a policy. Offering a coverage will not only help protect your tenants and their belongings, but it may also provide them with peace of mind and add value to their renting experience.

Offer Storage Space

Many renters need affordable storage options, whether it’s for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, consider offering it to your tenants for an additional monthly fee.

Provide Yard Care

If your rental property has a yard, you can offer to maintain it for an added fee. This could include mowing the lawn, trimming hedges and trees, and even planting flowers or seasonal decorations. Not only will this add value to the property, it may also save your tenants time and stress in having to do it themselves.

Air Filters Direct Delivery

Another value-added option for your tenants is offering to provide air filters and have them delivered directly to the rental property on a regular basis. This not only adds convenience for your tenants, but also helps maintain the HVAC system and overall cleanliness of the property – potentially preventing bigger and more expensive repair issues down the road.

Offer a Media Package

The time and money required to hook up cable or internet is too much for many tenants. You can charge a monthly fee to your tenants if you package these services and provide them at a discount. Many tenants may find this increased convenience to be worthwhile, and it may help landlords keep their current tenants.

There are a variety of ingenious approaches you may use to boost your rental income without increasing the rent. You can increase your monthly cash flows by employing one or more of these tactics to supply value-added services. It is important to remember that the choices available to you will differ depending on factors such as your region and the sort of property you own. You may immediately begin increasing your profits with just a little ingenuity and an awareness of the needs of Irmo investment property owners.

Would you like more information on how to boost your rental income? Contact us to get started.

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