Making money as a landlord in Richmond is about more than simply collecting rent checks. For many rental property owners, the route to long-term success is using a range of small but important strategies designed to increase 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 initial actions you should take to increase rental property income is to review 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, this is the chance to look around and determine if you can get a good policy for a lower price. Another option to help you reduce your monthly expenses is to engage with a quality Richmond property management company. It may sound like a paradox, but engaging with a property management company can aid you in lessening your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly decreases the cost and number of emergency repairs. In addition, well-connected brands like Real Property Management Richmond Metro have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already authorize your tenants to keep a pet on the property, think about modifying your policy to allow for a “pet rent.” While this will increase the total payment your tenant pays each month, pet lovers are usually ready to do so if it means to keep their favorite animal on the property. Several property owners also demand 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 an unoccupied garage, RV space, or shed, try renting them out separately. Several individuals are looking for secure storage space close to home. Yet, huge storage unit complexes usually charge much more than many people are willing to spend and may even require long-term contracts. If you can rent your unused storage areas for a little less compared to the going rate, you’ll have extra cash in your pocket each month.
Several property owners have decided to provide additional services and upgrades to busy tenants. Because several individuals 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 individuals start to contract these services, they may jump at the chance to get the services they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also offer chosen furnishings in your rental homes for an additional fee. Furnished rentals often rent for more than unfurnished ones. It also permits you to rent to corporate and cross-country tenants who pay well for a great quality rental home. If you have been looking for a method to reach a new renter demographic and increase rental property income, simply furnishing your rental property may be the way to go.
Do you want to improve your rental’s monthly cash flows? Contact us today either online or by calling 804-823-8882. Our property management specialist can assist you in 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.