5 Ways To Earn More Money From Your Rental Property

As a property owner or landlord, it’s easy to raise the rent when you need to increase your cash flow. However, this method can backfire—especially if there aren’t any upgrades for the tenants to enjoy in return.

The good news is that there are several simple ways to earn more money from your rental property. From allowing pets to making important upgrades, here’s what you can do to increase your rental’s income.

Say Yes To Pets at Your Rental Property

At first, the thought of allowing pets at your rental property can be frightening. However, there are many stipulations you can create to ensure a safe and peaceful environment for everyone—pets included.

For example, you can restrict certain breeds and limit the type or number of pets allowed.

The benefits of saying yes to pets as a landlord are primarily twofold: you draw in more tenants, and you can earn more money.

The financial benefits of allowing your tenants to move in with pets include a nonrefundable pet fee upon move-in, as well as a monthly pet rent for each pet.

Rent Out Extra Space

From parking spaces to the community room to storage units, there are many creative rental opportunities to earn extra income. Parking is hard to come by, and having it onsite is a luxury, especially in big cities.

Offering an assigned parking space for a monthly fee is an opportunity few will pass up. If your building has a beautiful community room, you can rent this space out for special events. Onsite storage units are also a great way to increase your monthly cash flow.

Sell Products and Services

You’ll stand out from the crowd and make extra income by selling products and services to your tenants. Create a miniature store in your office or community area, and provide essentials such as locks, boxes, packing tape, toilet paper, toothbrushes, plungers, and fire extinguishers.

You could also create a partnership with and reap commissions from the provider of dog walking, laundry, babysitting, and cleaning services.

Provide Furnished and Semi-Furnished Units

Some renters such as flight attendants, truck drivers, and individuals seeking immediate housing are in desperate need of furnished or semi-furnished apartments.

Depending on their situation, many will pay more for these accommodations.

Make Important Upgrades

Another simple way to earn more money from your rental property is by providing an upgraded space. When a unit is beautifully remodeled or features important upgrades, tenants are willing to cope with raised rent payments.

In addition, the upgrades might persuade more tenants to move in. If you aren’t sure where to start, begin with a fresh coat of paint, new flooring, and upgraded light fixtures.

If your building has unsightly baseboard heaters, there are a variety of transformative heater upgrades you can do to improve their appeal. On a larger scale, full bathroom and kitchen remodels are a great justifier for raising the rent.