Making money as a landlord in Westmoreland County is about more than simply collecting rent checks. For numerous rental property owners, the solution to long-term success is using a range of tiny but important strategies designed to multiply rental property income without raising your tenants’ rent. Keep reading to learn methods to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the first things you should do to increase rental property income is to study 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 chance to look around and see whether you can locate a good policy for a lower price. Another option to help you reduce your monthly expenses is to recruit a great Westmoreland County property management company. It may sound like a paradox, but acquiring a property management company can help minimize your maintenance and repair costs. This is because regular, comprehensive property maintenance often greatly reduces the cost and number of emergency repairs. Additionally, well-connected brands like Real Property Management Regions have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider altering your policy to allow for a “pet rent.” While this will increase the full amount your tenant pays each month, pet lovers are typically willing to do so if it means being able to keep their favorite animal on the property. Several property owners also charge 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 a vacant garage, RV space, or shed, think about renting them out separately. Several people are hunting for secure storage space close to home. On the other hand, large storage unit complexes usually charge much more than many people want to pay and may even require long-term contracts. If you can rent your unused storage areas for slightly cheaper than the going rate, that means extra pay in your pocket each month.
Offer Upgrades
Several property owners have started presenting additional services and upgrades to busy tenants. Since numerous people are working more than ever, anything you can do to make their life easier – for an additional fee, of course – may be welcome. You could offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people start outsourcing these services, they may jump at the chance to get the services they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also charge a fee for selected furnishings in your rental homes. Furnished rentals normally 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 have been seeking an approach to reach a new renter demographic and increase rental property income, simply furnishing your rental property could be the answer.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 804-491-3348. Our property management experts can help ensure 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.
