If you are searching for strategies to boost your rental income without increasing the rent, it may be valuable to think creatively. If you do not investigate these methods for generating extra income from your rental property, you could lose money. Increasing your monthly cash flows and profit margins at the end of each month may be possible if you’re creative and understand what tenants want. Here are some starting point suggestions.
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 possessions, 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 dislike the inconvenience and expense of setting up cable and internet. Offer to consolidate these options at a discount for your tenants and charge them a monthly fee for the service. This added amenity will likely be worthwhile to a large number of renters and may even aid in long-term tenant retention.
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 Boston 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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