Looking for ways to boost your rental to earn more money? Then find out some great ways to maximize the amount of money you are making on your financial investment.
How To Boost Your Rental To Earn More Money
The average person in the United States spends about $5,500 on rent each year. This number will only increase as time goes on and the population continues to grow. During times of recession, renting is sometimes viewed as a financial savior, but it can also be a time when landlords struggle with tenants who do not make good on their rental payments.
What’s more, the money lost due to lackluster renters can add up. But there are many ways to increase your rental income with little effort on your part. Here are some of the easiest ways to boost your rental income:
Rent Out Additional Storage Space
If you have a basement, attic, or other storage space that’s currently going to waste, find a way to make it useful. Basements are particularly popular among renters as they can be used as additional bedrooms or secondary entertainment areas.
Many people pay for additional storage space, especially during the holiday season when people are looking for additional rooms in which to stash their extra belongings.
Add Extra Fees Where Applicable
One of the best ways to boost rental income is to add additional fees where applicable. For example, many landlords charge pet rent in addition to their monthly fees. Other landlords can charge for parking spaces, additional storage, and even the use of common areas like laundry rooms.
By adding these costs to your rental agreement, you are able to include them in your total income. If you have any sort of nuisance laws in your area, consider charging fines for them as well.
One other way to do this is to get property managers to manage your property for you. They can take care of added fees and help you find out more ways to boost your income. You can visit this website to see how they can help you earn more. With them, you can sit back and enjoy less stress.
Add AirBnB to The Mix
Airbnb is a great option for any property owner who wants to boost rental income without raising their monthly fees. By opening up your property to renters for an overnight visit, you will be able to increase your total rental revenue.
While Airbnb can be really amazing if done right, this could also backfire if you don’t do enough research. You could be in for a rude awakening if you find that you have unruly or unsavory guests on your hands.
If you decide to use AirBnB, make sure that you take the steps to safeguard your home and all of its contents from potential theft or damage. Set clear house rules with your renters and make sure to include a clause in your AirBnB contract that requires renters to follow them or they won’t be allowed to stay.
Start Considering Home Repairs
This tip is particularly useful if you have run-down properties that are constantly in need of repair. While it can be expensive, spending money on home repairs will attract the kinds of renters who are looking for something that’s aesthetically pleasing.
Frequently, home repairs can be fixed with a little elbow grease and some money to pay for supplies. Some things you may want to consider include replacing old fixtures in your kitchen or bathrooms, getting rid of rust in the plumbing, cleaning up burn marks in the oven, or even some exterior landscaping to make your property stand out.
Get Home Warranty To Cut Your Expenses
If you are planning on renewing or updating your property, you will probably need to get an inspection done. Getting a home warranty at the same time is a great way to lower your out-of-pocket expenses when it comes time for repairs.
Whether you plan to use your insurance company’s home warranty program, purchase an independent policy, or get a warranty through the company you hired to do your renovations, getting a home warranty will save you time and money in the long run.
Strategically Increase The Rent
A lot of landlords choose to increase their prices by around 5% each year. This is usually enough for them to get away with it, but not enough for it to be too noticeable.
As long as your property is in good condition and you haven’t had any issues with it in the past, there’s a good chance that you will have no problem being able to adjust the rent price. If you are considering renewing your contract anyway or just don’t feel comfortable raising the price, you can always make small increases.
Be Picky About Your Tenants
Some landlords choose to go the route of wanting a tenant in their property rather than who is willing to pay rent. This is a very risky move since it usually leads to months of vacancy.
It can be tempting to take the first person who comes along, especially if you are in a bind for money or are sick of dealing with landlords. However, if you want to make your rental work for you, choosing an ideal tenant is key. Make sure that your renters have the necessary credit score to get a rental agreement. You want someone who is financially sound and will be able to keep you from having a vacancy in the future.
In order to increase rental income, there are a variety of things that landlords can do which has been discussed in this article. Now that you know, it’s time to put your knowledge to good use.