The Best Ways to Increase Your Rental Income
Investing in rental property is a great way to supplement your income or create a full-time living. However, in times of rising operating expenses, it is important your income keeps pace. Fortunately, there are many opportunities for you to boost your rental income, which could include making strategic renovations, changing your clientele, adding additional revenue streams, and more. We have recently written about a few of these in detail, with more to come. Here are the first in our series:
Making simple but impactful improvements to your property can make it more desirable and will justify charging market rents. And it doesn’t have to break the bank! In this article, we discuss how landlords can increase rent by performing renovations that are inexpensive and yet enticing to renters. These simple upgrades will improve the property and are worth the costs. Read more…
According to research by the American Pet Products Association, approximately 70% (or 90 million) American households have pets. In their 2018 profile of the typical renter, Zillow found 46% of them were pet owners. Given the high demand for pet-friendly housing, allowing tenants with pets will dramatically increase your potential tenant pool, providing more opportunities to charge premium rents and boost your income. In this article, we discuss how pet rent, pet fees, and security deposits can grow your rental income. Read more…
Furnishing your rental opens your property up for short- and medium-term tenants such as corporate housing and travelling nurses. You are also able to attract families new to an area due to job relocation, people remodeling their current home and needing a place to live temporarily, or families going through changes such as divorce or downsizing. Increasing your potential tenant pool provides more opportunities to charge higher rent. Read more…
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