Renting property is an indication that you are a company. A business’s revenues and expenses directly affect its health. It is possible for landlords to be reluctant to increase rent but it is crucial that you maximize your rental income.
This article will teach you how to maximize rental income, no matter what price range. You will learn how to make your tenants happy and how to avoid being a bad landlord.
1. Deep clean (and polish)
You can clean your property. Tenants pay much more than for appliances and roofs. Tenants pay for safety and comfort in an environment.
It will increase the property’s perceived value and appeal to potential buyers by cleaning out all closets and crevices.
Pro tip: To shine appliances, use polish to coat knobs and handles. Windex can also be used. This will give your space a new look.
2. Fresh coat of paint
It is possible to instantly transform your interior to make it brighter by simply changing the color to a white. It can cover up any blemishes you may have that regular cleaning cannot.
It is not only helpful when you want tenants to move in, but also helps with tenant retention. It is important to paint the property if you want to raise rents. Your local rent control laws may require you to increase the rent every year. To justify an increase in your property’s price, you must make at least one improvement each year. You can start by painting your house a new coat of color.
3. Listing for professionals
When listing your rental property, think like a realtor. Ask a family member or friend to take photographs. You can also use fresh flowers to stage the space. Take photos of the space in daylight with all furniture in place.
It’s also a great way of standing out from the crowd on Craigslist by creating a professional-looking website. To complete your experience, write a description. This will highlight the best parts of the area like the view, the award-winning restaurants down below and the bike path. If you are looking to make a better online impression and earn more rental income, it is essential to do so.
4. Add a dishwasher or washing machine to your home
A laundry machine or dishwasher can help you increase your rent. While a fresh coat of paint is nice, a dishwasher or a laundry machine will make your dishes more efficient. Ask tenants if they are willing to trade cabinet space for a dishwasher. If they are willing to do so, a rent increase may be possible.
If your space is limited, you can add in-suite laundry. Tenants will pay more if they don’t have to use the laundry room as frequently.
5. Add another bedroom
You can spend your money here to make it more. A basement unit usually has an adjacent storage area that isn’t for tenants. To To maximize your rental income, knock down a wall and add a door so that the storage area can be used as a bedroom by tenants. Rent could increase by 20% to 30% if the bedroom is renovated. You can move the storage to an outside location.
You can also partition apartment units. An open-plan unit could have one bedroom, but a partition could create a smaller room. This would result in a higher rent than for a larger unit with one bedroom.
6. Strategically renovate
Renovations can be expensive. You can make them affordable by looking at the ROI over several decades. The experts say that the best value for money is in your bathroom and kitchen renovations. Start with the worst. If the cost of a full renovation is prohibitive, you can replace your appliances. A good tenant will pay slightly more than the previous tenant.
