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5 Ways to Diversify Your Rental Income

Property manager analyzing increasing rental income with digital augmented reality graphics. If you are searching for ways to increase your rental income without increasing the rent, it may be beneficial to think creatively. If you do not investigate these methods for generating additional monthly income from your rental property, you could lose money. Increasing your monthly cash flows and profit margins at the end of each month may be possible if you’re creative and understand what tenants want. Here are some suggestions to get you started.

Partner with an Insurance Provider

If you require renter’s insurance – and you should definitely require it – you might want to consider working with a local insurance company to give your tenants a policy. Offering a coverage will not only help protect your tenants and their belongings, but it may also provide them with peace of mind and add value to their renting experience.

Offer Storage Space

Many renters need affordable storage options, whether it’s for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, consider offering it to your tenants for an additional monthly fee.

Provide Yard Care

If your rental property has a yard, you can offer to maintain it for an added fee. This could include mowing the lawn, trimming hedges and trees, and even planting flowers or seasonal decorations. Not only will this add value to the property, it may also save your tenants time and stress in having to do it themselves.

Air Filters Direct Delivery

Offer to provide air filters and have them delivered directly to the rental property on a regular basis as an additional amenity for your tenants. This not only adds convenience for your tenants, but also helps maintain the HVAC system and overall hygiene of the property, thereby reducing the likelihood of costly repairs in the future.

Offer a Media Package

Many renters dislike the inconvenience and expense of installing cable and internet. Offer to consolidate these options at a discount for your tenants and charge them a monthly fee for the service. This added amenity will likely be worthwhile to a large number of renters and may even aid in long-term tenant retention.

There are numerous inventive strategies to increase rental income without increasing rent! By employing one or more of these strategies, you can provide services with added value that will increase your monthly cash flows. Keep in mind that your options may vary based on your location and the type of property you own; therefore, you should conduct research beforehand. With a little ingenuity and an awareness of what Ridgeland investment property owners want, you can immediately increase your profits.

Would you like to learn more about how to increase your rental income? Contact us to initiate the process.

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