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How to Increase Your Rental Property Income without Raising Rent

Blue Model House Stacked on Pile of MoneyMaking money as a landlord in Tamarac is more than just about collecting rent checks. For many rental property owners, the key to long-term success is using a range of small but essential strategies designed to increase rental property income without raising your tenants’ rent. There are lots of exciting methods that you can use for your Tamarac rental property, which doesn’t always demand asking your current tenants for more money. By implementing some of these strategies, you can maximize your cash flows on every rental property you own.

Reduce Monthly Expenses

One of the important things you need to accomplish to increase rental property income is to analyze your monthly rental expenses for spots where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s advisable to examine and see if you can get a good policy for a low price. One more method to help you reduce your monthly expenses is to hire a good property management company. It might appear like a paradox, but hiring a property management company can greatly reduce your maintenance and repair costs. This is due to regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Also, well-connected brands such as Real Property Management Premier have beneficial relationships with home service providers that also help keep costs down.

Charge Pet Rent

If you currently do not allow your tenants to keep a pet on the property, try changing your policy to allow for a “pet rent.” Even though this will increase the total amount your tenant pays every month, pet lovers are always willing to do so if it means being able to keep their beloved animal on the property. Lots of property owners also require an extra 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 contains an unused garage, RV space, or shed, try renting them out separately. Many individuals most likely prefer a secure storage space close to home. However, large storage unit complexes typically charge far more than most people want to pay 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 ensures extra income in your pocket each month.

Offer Upgrades

Most property owners have considered offering additional services and upgrades to busy tenants. Since most people are working more than ever, anything you can offer to make their situation better – of course at an additional fee – may be welcome. There are a variety of services you can offer to your tenants, such as internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. Since many people begin outsourcing these services, they may jump at the chance to get the services they need from their landlord or property manager.

Furnish Your Rental

If you have the means, you can also offer selected furnishings in your Tamarac rental homes for an added cost. Furnished rentals usually rent rather than unfurnished ones. It also allows you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you’re struggling to find a way to reach a new renter demographic and increase rental property income, simply furnishing your rental property can be a great solution.

Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 954-362-5235. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.

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