Making money as a landlord in Providence is about more than just obtaining rent checks. For most rental property owners, the main thing to long-term success is to employ a range of small but important strategies calculated to improve rental property income without raising your tenants’ rent. Keep reading to learn ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the primary things you must do to increase rental property income is to look at your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t checked landlord insurance rates in the last year, it’s time to look around and determine if you can come across a good policy for a lower price. Another option to help you reduce your monthly expenses is to employ a reliable Providence property management company. It may sound like a paradox, but employing a property management company can help lessen your maintenance and repair costs. This is because regular, comprehensive property maintenance can often cut the cost and number of emergency repairs. Plus, well-connected brands like Real Property Management Providence have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already permit your tenants to keep a pet on the property, you might want to change your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are usually ready to do so if it means being able to keep their beloved animal on the property. Many property owners also ask for 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 free garage, RV space, or shed, think about renting them out separately. A lot of individuals are hunting for secure storage space close to home. However, large storage unit complexes typically charge far more than many people want to spend and may even require long-term contracts. If you can rent your unused storage areas for a little lower than the going rate, that means extra revenue in your pocket each month.
Many property owners have started offering additional services and upgrades to busy tenants. Because 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 start outsourcing these services, they may jump at the chance to get the services they need through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also supply particular furnishings in your rental homes for an extra fee. Furnished rentals, most of the time, rent for more than unfurnished ones. It also lets you rent to corporate and cross-country tenants who pay well for an exceptional rental home. If you have been figuring out how to reach a new renter demographic and boost rental property income, furnishing your rental property may be the solution.
Are you seeking additional ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 401-272-3300. Our property management authorities 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.