Making money as a landlord in La Verkin is about more than just acquiring rent checks. The use of a variety of small but important strategies meant to grow rental property income without raising your tenants’ rent is often the secret to long-term success for numerous rental property owners. Keep reading to discover how to boost your rental revenue – none of which demands upping the rental rate.
Reduce Monthly Expenses
One of the immediate actions you should conduct to increase rental property income is to study your monthly expenses for opportunities to reduce costs on your rental property. This is the best time to look around and check whether you can get a good policy for a lower price if you haven’t looked for landlord insurance rates in the last year. Another option to help you reduce your monthly expenses is to work with a reputable La Verkin property management company. It may sound like a paradox, but working with a property management company can help lower your maintenance and repair costs. This is because regular, comprehensive property maintenance often greatly lowers the cost and number of emergency repairs. Moreover, well-connected brands like Real Property Management Southern Utah 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, try amending your policy to permit a “pet rent.” While this will increase the entire amount your tenant pays each month, pet lovers are often willing to do so if it means being able to keep their precious animal on the property. Many property owners also include 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 unutilized garage, RV space, or shed, think about renting them out separately. Several people are searching for secure storage space close to home. On the flip side, big storage unit complexes typically charge much more than many people wish to pay and may even require long-term contracts. If you can rent your unused storage areas for a bit lower than the going rate, that leads to extra profit in your pocket each month.
Many property owners have begun to provide supplementary services and upgrades to busy tenants. Given that numerous people are working more than ever, anything you can do to make their life easier – for an additional cost, 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 persons begin subcontracting these services, they may jump at the chance to get the services they need through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also impose a charge for specific furnishings in your rental homes. Furnished rentals regularly rent for more than unfurnished ones. Plus, it helps you to rent to corporate and cross-country tenants who pay well for a premium quality rental home. If you have been looking for a strategy to reach a new renter demographic and improve rental property income, simply furnishing your rental property may be the best solution.
Do you want to improve your rental’s monthly cash flows? Contact us today either online or by calling 435-673-4242. Our property management team can help 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.