This is one of the best times to own rental properties since the rental market is so tight. There is a shortage of rental properties and many people are not able to buy homes. If you are a landlord then this means that you can make quite a bit of money as a result. There are always ways to make more money, however.
You can always find some trick or new habit that ends up increasing your revenue. It doesn’t matter if you own one property or multiple. You just have to know where to look for opportunities. In this article, we will go over several of the ways that you can increase your earnings when you own rental properties.
1 – Know the market
You may be leaving a lot of money on the table by not realizing what the market realities are where you own your properties. This could mean a couple of different things. The first is that you didn’t take the time to research the area where you have properties and don’t realize what the average rent is for the type of property that you have.
It takes doing some market research to see what the average rents are for the type of property and the condition. Some areas have different needs than others and your property should fill those needs well. When it does then you can raise the rent to what the market is prepared to pay.
Arizona real estate is different from Florida real estate and the average rent will be different as well. There is another factor that comes into play and that is the type of renters that are looking in a particular area. In a touristy area, you will do much better with short-term rentals instead of looking for tenants. Airbnb is a great investment in these types of areas. People are willing to spend hundreds of dollars per night for the right property in the right location.
2 – Rent it out furnished
Furnishing an apartment as a renter is very expensive. When people are moving for the first time they often don’t have much that they take with them. If you offer a furnished apartment then you can ask more for rent since this is saving the renter a lot of money.
The furniture doesn’t have to be elegant and fancy as long as it is in good shape and functional.
3 – Give them storage space
The more space people have then the more they are looking to pay. This is especially true if they have storage space since it can be costly to pay for a storage unit to handle the extras that they can’t fit into an apartment. They may have a lot of furniture from a house they used to have and are looking to store it while they rent and house hunt. Or, they may have some collectibles that they want to keep safe.
Whatever the reason, if they have some secure space in a garage or basement to store their stuff they will gladly pay more in rent.
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