Making money as a landlord in Lebanon is about more than simply receiving rent checks. For some rental property owners, the ideal way to long-term success is by adopting a range of small but important strategies intended to boost rental property income without raising your tenants’ rent. Keep reading to understand how to boost your rental revenue – none of which needs upping the rental rate.
Reduce Monthly Expenses
One of the main things you should do to increase rental property income is to examine your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t looked into landlord insurance rates in the last year, this is your opportunity to look around and check whether you can obtain a good policy for a lower price. Another option to help you reduce your monthly expenses is to choose a decent Lebanon property management company. It may sound like a paradox, but appointing a property management company can reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance frequently reduces the cost and number of emergency repairs. Moreover, well-connected brands like Real Property Management Beacon 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 altering your policy to permit a “pet rent.” While this will increase the total payment your tenant pays each month, pet lovers are typically glad to do so if it means being able to keep their beloved 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, consider renting them out separately. Many individuals are hunting for secure storage space close to home. Unfortunately, huge storage unit complexes usually charge much more than many people can afford and may even require long-term contracts. However, if you can rent your unused storage areas for a little lower than the going rate, you’ll have extra profits in your pocket each month.
Some property owners have begun to provide additional services and upgrades to busy tenants. Since numerous people are working more than ever, anything you can do to make their life easier – at an extra 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 begin contracting 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 might even request payment for particular furnishings in your rental homes. Furnished rentals often 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’re looking for a way to reach a new renter demographic and boost rental property income, simply furnishing your rental property might be the perfect solution.
Would you like to improve your rental’s monthly cash flows? Contact us today either online or by calling 603-448-8808. Our property management specialists can help 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.