Renting out property can be a great way to increase your income but there are other ways you can add to your rental income.
Here are a few strategies for making more from your rental properties.
Utilize parking spaces
If your rental property has more parking than your tenants are entitled to in their lease, you can rent those extra spaces to others or allow your tenants to pay extra each month for an additional space. If your property has unused land, this could also be turned into a paid parking lot.
Create a storage space
Chances are your tenants will own more than there is space for in the unit they are renting. You can build an additional storage space on site and rent it to your tenants for an additional fee each month.
Sell services
Concierge services are part of renting in luxury communities, but what about your average tenant? A car service isn’t feasible, but they might be interested in landscaping or housekeeping. Other services you could offer include babysitting, dog walking and laundry. You could find providers to subcontract with you, allowing you to make a margin on their service.
Charge for utilities
Utility usage is unpredictable, and you may find yourself losing money in the long run. You will likely make more money but charging each tenant for their utility usage.
Get the right insurance policy
Liability insurance is a necessity when you are a landlord. You will also want a policy that covers your property but you do not need insurance that covers items belonging to your tenants. They should purchase their own renter’s insurance.
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