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5 Creative Ways to Earn Extra Rental Income

A hand placing coins on a table with a house and a plant in a jar.
If you’re seeking for ways to increase your rental income – without raising the rent too much – there are plenty of imaginative and creative options. If you’re not employing these strategies for earning extra income on your rental property each month, you may be losing money. Resourcefulness and considering what renters want could help you boost your monthly cash flows and leave a little bit more in profits at the end of each month. Here are proven tips and ideas to get you rolling.

Partner with an Insurance Company

If you require renter’s insurance—and Georgetown property managers should surely require their tenants to get renter’s insurance—you may begin partnering with a local insurance provider to provide your tenants with a policy. Not only will endowing and offering a policy help protect your tenants and their belongings but as a matter of fact it may similarly extend them peace of mind and contribute much value to their rental experience.

Offer Storage Space

Plenty of renters are looking for storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, see about presenting it to your tenants for an additional monthly fee.

Provide Yard Care

If your rental property has a yard, you can certainly offer to maintain it for an added fee. This could cover mowing the lawn, trimming hedges and trees, and planting flowers or seasonal trinkets. Not only will this add value to the property, but more importantly it may indeed save your tenants time and stress in executing it themselves.

Air Filters Direct Delivery

Another value-added option for your tenants is to provide air filters and have them delivered directly to the rental property at scheduled times. This adds convenience for your tenants and helps maintain the HVAC system and total property cleanliness – most likely keeping off considerable (and more overpriced) repair matters.

Offer a Media Package

Most renters choose to avoid the hassle or cost of setting up cable or internet. Simply offer to bundle these options for your tenants at a discounted rate and take a monthly fee for the service. This added convenience will be so much worth it to numerous renters – and may even help tenant retention through the years.

There are lots of creative ways to increase your rental income without actually increasing the rent! By applying one or more of these tips, you can bestow value-added services that will greatly help boost your monthly cash flows. Take into account that your options may vary conditional on your location and the type of property you own – so make certain to do your analysis and due diligence first. By thinking differently and considering your renters’ needs, you can initiate making great profits today!

Real Property Management Bluegrass is ready to support you with attaining a passive income and accomplishing financial freedom through real estate investments in Georgetown and the surrounding area. Our experts can present capable and effective advice on property management and real estate investment matters. Contact us online or call us at 859-684-2054.

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