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5 Ways to Diversify Your Rental Income

Property manager analyzing increasing rental income with digital augmented reality graphics. 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 definitely require it – you might want to consider working with a local insurance company to give your tenants a policy. Offering a coverage will not only help protect your tenants and their belongings, but it may also provide them with 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 furniture, or seasonal items. If you have an unused 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 can offer to maintain it for an added fee. 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 numerous inventive ways to boost your rental income without raising the rent! You can give value-added services that will help enhance your monthly cash flows by implementing one or more of these tactics. Remember that your alternatives may differ depending on your area and the sort of property you own, so do your homework first. With a little creativity and an understanding of what Cabot 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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