We all got into real estate investing for one reason: money! And as landlords we’re always looking to increase profitability. Raising rent is often the first go to (depending on local laws), but such a move can have negative consequences for your tenants – increasing the risk of losing good renters and having vacant units. By no means does that doesn’t mean you’re out of options. There are a number of creative ways to earn more income with zero risk. Here’s a few of my favorites:
Do you have extra space on the property that could be used for storage? Charge for it! Storage is a coveted commodity, especially in big cities. Depending on the size, you could get up to a couple hundred extra dollars per month – for doing nothing!
Allowing pets will broaden your appeal to renters and increase your income. Tenants are often so excited to find a place that allows pets, they gladly pay an addition pet fee and deposit. Plus, If you have a big building and want even more income – offer a dog walking service!
If you have a vacant unit sitting there, charge by the night and get some money for it! A unit that rents for $1,400 per month might bring in $175/night as a vacation rental. It would only take about nine nights to make up the lost rent. Now, you might be thinking, “I can’t rent an empty apartment. Where do they sit?” See below.
There’s always a certain type of person – typically business – that seek out furnished units. It’s also the perfect solution for Airbnb in the vacant times. Furnished unites can fetch 25%-30% more rent per month and the quality of tenant is often higher.