5 Ways to Increase Your Rental Income Without Increasing the Rent

The monthly rent check is only one method to make money from your rental property. Check out the five ways that you could increase your rental income without increasing the rent. These include a combination of ways to save money and practices to make money since either method will mean more money in your bank account.

Avoid having your property vacant

Regardless of how quickly you can fill a rental property with new tenants, it is still a time-consuming and expensive operation. Showing the property to potential tenants, doing background and credit checks, and liaising with the current tenants costs you time and money, even if you do the showings yourself.

Long-term tenants typically take better care of the property, as they have a vested interest in keeping the house in top condition. However, it does mean that when they finally move out, you will likely need to block off time to repaint and do other pricy renovations that have been put on hold.

Incentives for long-stay tenants can include price reductions, scheduled upgrades, or simply showing that you care with a monthly subscription for flowers, wine, or groceries. Add up the savings you make by having your tenants stay put and allocate some of this money towards perks. 

Sell a partial month

When it does come time to rent to new tenants, don’t be afraid to rent out on a prorated basis. This gives you time to get the old tenants out and do some necessary maintenance and renovations without disturbing anyone. It also gives you time to find the best renters possible, who may also prefer to have the additional two weeks grace period for moving from their last home.

Charge for extras

Single-family rental homes will expect an in-house washer and dryer and parking space, but you can charge rentals to accommodate this. However, multi-family properties are ideal for finding additional revenue streams.

Coin-operated laundry services are an obvious starting point since no one likes lugging their dirty clothes to a communal laundromat. You may be able to outsource this service and reap the income. It may also be worthwhile adding vending machines. If your multi-family unit is in a prime location, then you might be able to charge for parking spaces, even to non-tenants that work in the area.

Charge per occupant

It is good practice to ask every adult tenant to complete a background check and has their name included in the lease agreement. It is also acceptable to charge additional rent for additional people. Think about it; more people mean more wear and tear on your property, so it stands to reason to recoup your costs on a month-by-month basis.

Charge for pets

Many landlords immediately add a ‘no pets allowed’ clause to their lease agreement without considering the potential revenue. Not only will allowing pets widen the net for potentially fantastic renters, but also for renters that are more likely to stay long-term. You can increase your damage deposit and also charge a monthly rental per pet.

The amount that can be reasonably charged for rent is dependent on external factors that you can’t control, such as the going rate in the neighborhood, the square footage of the property, the number of bedrooms, and rent increase regulations. However, rent payments are only one way you can potentially make money from your rental property, so get creative.