Blog Post

New Year, New Rent, How to Stay on Top of Increasing Your Rental Income

Dustin Edwards • January 26, 2023

Raising Your Rental Income in 2023

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.


Raise Your Rent

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.


Offer Long-Term Leases

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.


Offer Extra Services

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.


Upgrade Your Property

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.


Increase Your Marketing Efforts

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.

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Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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