Being a landlord can provide a nice income, whether you do it part-time or full-time. However, when you consider all of the added expenses you’ll encounter, such as repairs and the loss of money when a unit is vacant, it can feel a little less lucrative. The good news is, there are plenty of ways to ensure a more sizable income.
We know vacancies can be costly for landlords. That’s why it’s important to find good, reliable tenants as soon as possible. Making sure your property is up to par with preventative maintenance and other updates, marketing your property, and screening tenants thoroughly can help reduce those vacancy rates. A trustworthy and experienced property management company can help you do this. Reach out to us at PMI if you want to learn more: https://www.propertymanagementinc.com/.
Now that we’ve covered a quick way to reduce vacancy rates let’s discuss some additional ways you can improve your income.
Laundry facilities
Adding coin-operated washing and drying machines to your facility can be attractive to tenants since it allows them to do their laundry on the grounds. It’s also good for your wallet. You can earn money every time your tenants wash and dry their clothes.
Fitness classes
If you have an area that could be used to offer fitness classes (indoors or outdoors), this could be a nice offering for your tenants in a multi-unit building. A fitness instructor could come on certain days of the week to teach a class that your tenants could sign up for. You could even make a deal with the instructor that allows you both to profit from this venture.
Renting to pet owners
Renting to pet owners is obviously not without risk. However, there can be a great reward in doing so. You can charge an additional monthly fee or a fee upfront to reduce the risk associated with property damage expenses. Charge the additional fee as part of the security deposit, just make sure to include all of this information in the lease.
Solar panels
If you want to be able to market your property as more eco-friendly and you want to make additional money, consider adding solar panels. You could sell this electricity to a utility service or charge your tenants for it. Either way, you make out.
Storage space
If you have other space you could rent out to tenants for storage, consider doing so. This could be a shed, garage, basement, or attic. Many tenants will be happy to pay a little extra so they can hold on to their mementos. Obviously, a garage can also be rented to tenants who simply want a place to store their car out of the elements. If your storage area is climate controlled or tends to stay cool, make sure to include that in marketing as it can be more appealing to tenants, and they may pay more for its use.
Parking spaces
Do you have extra parking spaces? Would it be cost-effective to have parking spaces added? If so, you want to rent them out. These could be used for tenants who want additional space or locals/tourists that just need somewhere to park for a little bit.
Added services
There are so many additional services you could offer to help bring in added income. You could make a deal with a local dog walker to offer services. You could look into offering lawn care services, dry cleaning, or even pool maintenance for additional fees.
Furnished properties
If your property has furniture in it, you can rent it for more. Keep in mind, you could save money by buying gently used furniture for the property. You may want to increase the security deposit to cover any potential damage to the furniture.
Vending machines
There’s no doubt about it, most people love food and convenience. So, adding vending machines to public spaces of your property can certainly increase your profits. You could purchase used vending machines to help reduce the initial cost.
A game room
A game room can be an attractive feature for certain tenants. It can also help you bring in some additional revenue. You could add a pool table, ping pong table, or arcade games to boost your income.
Advertising space
If you have a space on your building’s side that could be used for advertising, this could be a lucrative venture. If your building is located in an area that allows enough traffic to see it, you could rent this space out for companies to advertise on. Just be forewarned, some tenants may be turned away by this.
As you can see, there are plenty of ways you can bring in some extra income from adding laundry facilities to renting out parking spaces. You can also reduce your vacancy rate to increase profits as well. Please contact us if you need any help with the latter or managing your property.
