Making money as a landlord in La Crescenta is more than just about collecting rent checks. For some rental property owners, the key to long-term success is to use a variety of limited but essential strategies designed to increase rental property income without raising your tenants’ rent. There are lots of effective approaches that you could use for your La Crescenta rental property, which doesn’t always demand asking your current tenants for more money. By following some of these strategies, you can quickly maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the principal things you need to do to increase rental property income is to analyze your monthly rental expenses for places where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s essential to evaluate and see if you can discover a good policy for an affordable price. One more approach to encourage you to reduce your monthly expenses is to employ 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 the fact that regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Furthermore, well-connected brands like Real Property Management Vision 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 modifying your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays every month, pet lovers are always eager to do so if it means being able to keep their beloved animal on the property. Numerous property owners also request an extra cleaning fee to offset further 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 one by one. Lots of people prefer a secure storage space close to home. However, massive storage unit complexes typically cost far more than most citizens 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 there will be extra income in your pocket every month.
Offer Upgrades
Several property owners have considered offering additional services and upgrades to busy tenants. As most citizens are working more than ever, anything you can offer to make their situation easier – of course at an added cost – may be welcome. There are several services you can offer to your tenants, such as internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. Since a lot of people begin outsourcing these services, they may jump at the chance to have the services they desire from their landlord or property manager.
Furnish Your Rental
If you have the resources, you can also offer selected furnishings in your La Crescenta rental homes for an added cost. Furnished rentals normally rent rather than unfurnished ones. It also enables you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you’re trying to find a way to achieve a new renter demographic and increase rental property income, simply furnishing your rental property may be the perfect approach.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 818-233-8789. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
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