Making money as a landlord in Cupertino is about more than just collecting rent checks. For many rental property owners adopting a range of small but important strategies meant to grow rental property income without raising your tenants’ rent is the route to long-term success. Keep reading to discover ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the first actions you should take to increase rental property income is to assess your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t searched for landlord insurance rates in the last year, it’s best to look around and see whether you can obtain a good policy for a lower price. Another option to help you reduce your monthly expenses is to appoint a reliable Cupertino property management company. It may sound like a paradox, but recruiting a property management company can help you cut your maintenance and repair costs. This is because regular, comprehensive property maintenance typically diminishes the cost and number of emergency repairs. What’s more, well-connected brands like Real Property Management Silicon Valley have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already agree with your tenants to keep a pet on the property, think about altering your policy to allow for a “pet rent.” While this will increase the entire amount your tenant pays each month, pet lovers are often prepared to do so if it means they can keep their dearest animal on the property. Many property owners also incur 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 extra garage, RV space, or shed, consider renting them out separately. There are a lot of people searching for secure storage space close to home. Then again, huge storage unit complexes commonly charge far more than many people are willing to spend and may even require long-term contracts. If you can rent your unused storage areas for a little bit cheaper than the going rate, that entails extra profit in your pocket each month.
Numerous property owners have started offering additional services and upgrades to busy tenants. Since more people are working more than ever, anything you can do to make their life easier – at an additional cost, 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 consumers start subcontracting these services, they may jump at the chance to get the resources they desire through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also charge more for particular 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 looking for a route to reach a new renter demographic and multiply rental property income, simply furnishing your rental property could be the ticket.
Are you looking for further strategies to improve your rental’s monthly cash flows? Contact us today either online or by calling 408-526-0900. Our property management specialists can help ensure that you maximize your property’s potential for the highest possible monthly income.
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