How to Boost Property Income (Without Raising Rent)
Looking to boost your property revenues? While the most straightforward approach is to increase rent, relying on this strategy as your only solution is a bit myopic. In fact, there are myriad ways to raise the amount of money coming in each month, ranging from add-on fees to advertising.
Sarah Block lists 10 options on the blog Landlordology, and below we’ve listed the most practical ideas.
Charge pet fees: More people, especially younger adults, are adding “pet owner” to their list of roles in life, but pets bring the risk of messes, stains and smells to your property. But instead of banning them outright, consider charging a premium rate for furry friends to the tune of about $50/month. Additionally, as Sarah points out, you can coordinate with local dog walking businesses and ask for a percentage of the revenues in exchange for resident referrals.
Charge storage fees: Similarly, if you have any empty storage space on your property, why not open it up to residents in exchange for a small fee?
Offer furnished rentals: According to Sarah, furnished properties can bring in 25-30 percent extra in rent every month—no small change! If you manage property in a place like the Triangle, which attracts people from overseas due to the incredible local colleges and businesses, you’ll have plenty of resident interest in paying extra for the furnishings. Plus, if you’re stuck with an empty property on your hands, you can rent out your furnished space on AirBnB for the days in between leases.
Rent on AirBnB: Speaking of AirBnB, the couchsurfing app has amazing possibilities for filling in the gaps between residents. While not a long-term solution, due to fluctuating demand and the inability to show your property to potential residents, it can help make up for lost income in a pinch.
Rent out advertising space: While not an option for every property owner, if you manage a large building in a prominent location, consider turning one side of your unit into a billboard. It could generate an extra few thousand dollars per month for almost no investment on your part.
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