It’s the new year, which means many homeowners are looking for ways to make the most of their rental income. By increasing your rental income, you also help improve your investment’s return and make a steady income stream. Here are some tips to help you start increasing your rental income.
The easiest way to increase your rental income is to raise your rent. But you may need to do a little research first, so you don’t price yourself out of the market. Research the going rent for similar properties in your area and adjust your rates to be competitive but higher than what you had originally. Also, make sure you have a good reason for the rent increase, such as increased maintenance costs or upgrades to the property. Otherwise, raising rent without any added benefits may drive your tenants out.
Offering long-term leases is another great way to increase your rental income. This will give you the security of knowing that you have a steady stream of income for the length of the lease. Also, tenants like long-term leases because it gives them peace of mind that their rent won’t change during that time. You can often charge more rent for long-term leases since it’s technically a discounted rate.
You can increase your rental income by offering extra services. For example, you could offer property management or laundry services for an additional fee. This allows tenants to have these services taken care of their property without leaving their property. Sometimes convenience is something people pay a little more for.
Upgrading your property is another great way to increase your rental income. Investing in new appliances or energy-efficient windows can make your property more attractive to potential tenants. You can also add amenities like a pool, fitness center, or free wifi to draw in more renters.
Make sure your property is listed on rental websites, and keep your listings up to date with photos and descriptions of your property. Consider adding discounts for potential tenants to help bring them in to view the property and apply. You can even offer a discount for tenants who pay their rent on time or provide a bonus for those who sign a longer lease.
By following these tips, you can increase your rental income and get the most out of your investment. With a little effort, you can maximize your rental income and secure a steady income stream.
Let Beach Cities Property Management take care of all of your rental property needs. We can look at the current market values and future rental growth and be your property management company. If you’re interested, call us at (562) 888-0247 or complete our
free rental analysis to see what your rental could yield today.
