Making money as a landlord in La Crescenta is about more than simply gaining rent checks. For several rental property owners, the solution to long-term success lies in applying a range of small but important strategies created to boost rental property income without raising your tenants’ rent. Keep reading to find out methods to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the primary actions you should take to increase rental property income is to assess your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t shopped for landlord insurance rates in the last year, it’s time to look around and see if you can get a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a qualified La Crescenta property management company. It may sound like a paradox, but recruiting a property management company can assist with lowering your maintenance and repair costs. This is because regular, comprehensive property maintenance often dramatically 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 help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider changing your policy to take into account “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are usually eager to do so if it means being able to keep their valued animal on the property. Lots of 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. Lots of individuals are looking for secure storage space close to home. But big storage unit complexes typically charge much more than many people are willing to pay and may even require long-term contracts. If you can rent your unused storage areas for slightly less than the going rate, that results in extra income in your pocket each month.
Offer Upgrades
Numerous property owners have begun offering extra services and upgrades to busy tenants. As many 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 could offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people begin outsourcing these services, they may jump at the chance to get the amenities they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also provide specific furnishings in your rental homes for an additional expense. Furnished rentals regularly rent for more than unfurnished ones. It also allows you to rent to corporate and cross-country tenants who pay well for a top-quality rental home. If you have been in search of a strategy to reach a new renter demographic and increase rental property income, simply furnishing your rental property may be the ideal approach.
Are you seeking more approaches to improve your rental’s monthly cash flows? Contact us today either online or by calling 818-233-8789. Our property management experts can assist with guaranteeing 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.
