Making money as a landlord in Round Rock is about more than just gathering rent checks. The use of a variety of modest but important strategies intended to improve rental property income without raising your tenants’ rent is often the key to long-term success for many rental property owners. Keep reading to discover ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the first things you should do to increase rental property income is to analyze your monthly expenses for opportunities to reduce costs on your rental property. It’s time to look around and see if you can get a good policy for a lower price if you haven’t shopped for landlord insurance rates in the last year. Another option to help you reduce your monthly expenses is to employ a reputable Round Rock property management company. It may sound like a paradox, but working with a property management company can help lower your maintenance and repair costs. The reason for this is that regular, comprehensive property maintenance frequently greatly lowers the cost and number of emergency repairs. Furthermore, well-connected brands like Real Property Management Advisors have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider changing your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are often willing to do so if it means being able to keep their beloved animal on the property. Many property owners also charge 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 idle garage, RV space, or shed, think about renting them out separately. Various people are searching for secure storage space close to home. Yet, big storage unit complexes typically charge much more than many people wish to spend and may even require long-term contracts. If you can rent your unused storage areas for a little lower than the going rate, that results in extra income in your pocket each month.
Offer Upgrades
Many property owners have begun giving supplementary services and upgrades to busy tenants. Given that several individuals are working more than ever, anything you can do to make their life easier – at additional expense, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people begin outsourcing 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 provide specific furnishings in your rental homes for an extra charge. Furnished rentals normally rent for more than unfurnished ones. Additionally, it enables you to rent to corporate and cross-country tenants who pay well for a premium quality rental home. If you have been seeking a method to reach a new renter demographic and improve rental property income, simply furnishing your rental property may be the solution.
Are you seeking additional strategies to improve your rental’s monthly cash flows? Contact us today either online or by calling 512-777-2597. Our property management professionals can assist 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.
