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How to Increase Your Rental Property Income without Raising Rent

Blue Model House Stacked on Pile of MoneyMaking money as a landlord in Trophy Club is about more than just collecting rent checks. For various rental property owners, the key to long-term success is utilizing a variety of small but beneficial strategies designed to increase rental property income without raising your tenants’ rent. There are a variety of options that you can use for your Trophy Club rental property, which do not require asking your current tenants for more money. By utilizing just a couple of these strategies, you can maximize your cash flows on every rental property you own.

Reduce Monthly Expenses

One of the ideal approaches to increase rental property income is to analyze your monthly rental expenses for the things where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, you have to look around and see if you can get a new policy for a good price. One more strategy to help you reduce your monthly expenses is to work with a good property management company. It may seem a paradox, but hiring a property management company can effectively reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. In addition, well-connected brands such as Real Property Management Meridian have beneficial relationships with home service providers that also help keep costs down.

Charge Pet Rent

If you do not presently allow your tenants to keep a pet on the property, it is important to modify your policy to allow for a “pet rent.” Although that will increase the total amount your tenant pays per month, pet lovers are always eager to do so if it means being able to keep their beloved animal on the property. Most property owners often apply for an extra cleaning fee to fund the ongoing 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, think about renting them out independently. Many people are seeking a secure storage space close to home. Yet, huge storage unit complexes usually impose much more than most people want to spend and may even require long-term contracts, as well. If you can rent your unused storage areas for slightly less than the going rate, that implies extra income in your pocket per month.

Offer Upgrades

Lots of property owners have initiated offering additional services and upgrades to busy tenants. Since many individuals are working more than ever, everything that you can do to make their lives simpler – for an additional charge, obviously – may be accepted. Some of the services you can offer to your tenants are internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. Since a lot of individuals have begun outsourcing these services, they may jump at the chance to obtain the services they desire through their landlord or property manager.

Furnish Your Rental

If you have the ability, you can also offer selected furnishings in your Trophy Club rental homes for an added cost. Furnished rentals regularly rent for more than unfurnished ones. It also permits you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you are searching for an ideal approach to reach a new renter demographic and increase rental property income, simply furnishing your rental property may be the way to go.

Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 817-678-8787. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.

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