A great way to increase your rental property’s income is by raising rents and decreasing vacancies. Although, that being said, they are not the only ways.
You would be very surprised at how many landlords are leaving money on the table by not actually using these certain strategies in order to increase their rental income.
No matter if you plan on owning more apartments or you are simply looking for ways to earn more, these 4 tips will show you how to have a bigger income by simply renting.
Way Number 1: Rent a Room or the Whole Apartment
Whether you have an entire house to rent out to students, travelers or even current subletters, or a spare room even, both options can assist you to earn some income. Some people find it uneasy to live with a stranger. Because of that, the other option is to rent out your whole place. Just think about taking that vacation you have always wanted, and then consider the possibility that it can possibly be covered by the guests you currently have. That being said, starting an Airbnb business makes the whole process, not as stressful. This is a great way for you to advertise your extra space to the world. In case you are still feeling a little skeptical, and have a fear of not being in control of your apartment, there are services that offer to take care of it. They can manage all the logistics instead of you.
Way Number 2: Rent Additional Space
In case that your property has some extra space, for instance, a garage, dedicated parking space, or even a larger utility closet, offer your tenants the opportunity to rent the space for an additional fee.
As an example in Chicago, the average cost for an unreserved parking place is 265 dollars. So, even in the case that you are not a residential or multifamily property, you may be able to gain additional income.
Way Number 3: Offer Other Services
This strategy is the best choice for real estate investors that own a multi-family property. In case that space allows it, it would be beneficial to include an on-site laundry facility. Think about leasing those units, or, for larger facilities, you could purchase the laundry units.
It is important, and would also be wise to price out the additional electric cost and utilities for adding laundry services. In order to ensure that you do not just cover your costs, price your units, and earn some extra money on the side as well.
Way Number 4: Be a Part of a Magazine
Another valid option would be to open up your home to photographers or film crews. Have in mind that many magazine companies are always searching for new and different places to shoot at. So, in case your apartment is well designed, it could be perfect for a magazine, and as a plus, you will earn some cash.
Be creative since the ideas are endless. There are many things to consider and offer them to your renters. Additional money is just a starting bonus while other benefits are having more dependable and cleaner renters that will trust you. As a result, you will be proud of what you have to offer.