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5 Ways to Diversify Your Rental Income

It might be worthwhile to think outside the box if you’re looking for strategies to boost your rental income without raising the rent. You could lose money if you don’t investigate these techniques for making extra income on your rental property each month. Using creativity and understanding what renters desire could help you increase your monthly cash flows and profit margins at the end of each month. Here are some suggestions to get you started.

Partner with an Insurance Provider

If you require renter’s insurance – and you should – you might want to think about working with a local insurance company to provide your tenants with a policy. Offering a coverage will not only help protect your tenants safeguard their possessions, but it may also provide them 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 furnishings, or seasonal things, we’ve got you covered. Look into marketing an underused 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 could be willing to maintain it for an additional price. 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

Many renters do not want the inconvenience or expense of installing cable or internet. Offer to combine these alternatives at a lower rate for your tenants and charge them a monthly fee for the service. This increased convenience will almost certainly be worth it for many renters – and may even aid in tenant retention in the long run.

There are many creative ways to increase your rental income without actually raising the rent! By using one or more of these strategies, you can provide value-added services that will help boost your monthly cash flows. Keep in mind that your options may vary depending on your location and the type of property you own – so be sure to do your research first. With a little creativity and an understanding of what Capitol Hill investment property owners want, you can start boosting your profits today!

 

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

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