Making money as a landlord in Brooklyn is about more than just earning rent checks. For numerous rental property owners, the secret to long-term success is adopting a variety of tiny but important strategies designed to grow rental property income without raising your tenants’ rent. Keep reading to learn how to boost your rental revenue – none of which needs upping the rental rate.
Reduce Monthly Expenses
One of the first steps you must take to increase rental property income is to examine your monthly expenses for opportunities to reduce costs on your rental property. If you’ve never searched for landlord insurance rates in the last year, now it’s time to look around and check if you can locate a good policy for a lower price. Another option to help you reduce your monthly expenses is to employ a professional Brooklyn property management company. It may sound like a paradox, but employing a property management company can assist you in reducing your maintenance and repair costs. This is due to regular, comprehensive property maintenance often greatly minimizes the cost and number of emergency repairs. Additionally, well-connected brands like Real Property Management New York Gold have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already permit your tenants to keep a pet on the property, try amending your policy to accommodate a “pet rent.” While this will increase the overall amount your tenant pays each month, pet lovers are typically prepared to do so if it means being able to keep their precious animal on the property. Numerous property owners also impose a cleaning fee to cover additional costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an empty garage, RV space, or shed, think about renting them out separately. Numerous individuals are searching for secure storage space close to home. However, big storage unit complexes frequently charge far more than many people are willing to pay and may even require long-term contracts. If you can rent your unused storage areas for a little lower than the going rate, you’ll have the extra money in your pocket each month.
Numerous property owners have begun to provide extra services and upgrades to busy tenants. Since numerous individuals are working more than ever, anything you can do to make their life easier – for an extra fee, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals begin subcontracting these services, they may jump at the chance to get the necessary services through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also charge a fee for certain furnishings in your rental homes. Furnished rentals usually rent for more than unfurnished ones. It also enables you to rent to corporate and cross-country tenants who pay well for a high-quality rental home. If you have been searching for an approach to reach a new renter demographic and boost rental property income, simply furnishing your rental property may be the solution.
Are you searching for more approaches to improve your rental’s monthly cash flows? Contact us today either online or by calling 347-905-5770. Our property management experts can assist you in ensuring that you maximize your property’s potential for the highest possible monthly income.
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