Making money as a landlord in Palmdale is about more than merely gathering rent checks. For multiple rental property owners, the answer to long-term success lies in implementing a range of small but important strategies intended to enhance rental property income without raising your tenants’ rent. Keep reading to understand how to boost your rental revenue – none of which requires upping the rental rate.
Reduce Monthly Expenses
One of the important steps to be taken to increase rental property income is to check your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t checked for landlord insurance rates in the last year, it’s time to look around and see if you can discover a good policy for a lower price. Another option to help you reduce your monthly expenses is to acquire a professional Palmdale property management company. It may sound like a paradox, but engaging with a property management company can assist in lowering your maintenance and repair costs. This happens because regular, comprehensive property maintenance often drastically lessens the cost and number of emergency repairs. Moreover, well-connected brands like Real Property Management Traditions 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 revising your policy to permit a “pet rent.” While this will increase the overall fee your tenant pays each month, pet lovers are frequently happy to do so if it means being able to keep their treasured animal on the property. Numerous property owners also demand 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 unused garage, RV space, or shed, consider renting them out separately. Many people are looking for secure storage space close to home. But large storage unit complexes often charge much more than many people want to pay and may even require long-term contracts. If you can rent your unused storage areas for slightly cheaper than the going rate, that means extra income in your pocket each month.
Offer Upgrades
Various property owners have begun to offer further services and upgrades to busy tenants. Since many people are working more than ever, anything you can do to make their life easier – for an additional fee, of course – may be welcome. You could give your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals outsource these services, they may jump at the chance to get the services they seek through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also furnish selected furnishings in your rental homes for an additional fee. Furnished rentals naturally rent for more than unfurnished ones. It also helps you to rent to corporate and cross-country tenants who pay well for a first-rate rental home. If you have been searching for a means to reach a new renter demographic and enhance rental property income, simply furnishing your rental property may be the ticket.
Are you seeking additional strategies to improve your rental’s monthly cash flows? Contact us today either online or by calling 661-266-1400. Our property management experts can help you maximize your property’s potential for the highest possible monthly income.
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