Everyone wants a good amount of cash flowing in their rental properties. However, raising rents which is probably the best way to earn more, cannot just be done right there and then. If there are no tenants, obviously there would be no income coming in. However, there are ways that can help you out for regular cash flows to occur.
1. Installing washing machines that are coin operated
Being extra resourceful always works when it comes to earning more. With coin operated washing machines, your resourcefulness can be taken to the next level. Renters won’t have to go to the laundry mat but instead make use of your facility.
2. Rent out extra parking space
You can always charge extra parking fees to your renters especially when they two or more cars.
3. Raising the rent
Raising the rent may not be advisable but if you are renting out units way cheaper than nearby and similar units that you can always raise your rent a bit.
4. Renting out sheds for storage
This is advisable especially if you have small apartment units. Your renters probably need to have more age for some of their stuff. With a few storage spaces on your property, renters will most likely rent it and you will have extra cash flowing in too.
5. Late fees
If you want additional cash flow, you can always enforce late fees for renters who pay late. Those who are used to paying late may not mind these fees because they know their errors.
6. Increase for improvement of facilities
If you want to increase your rent you must also ensure your tenants that the raise will be mostly spent for facility improvements.
7. Installing vending machines
There are many companies out there that install vending machines for free and give you a significant share. Most companies install their machines for free especially if you have many units or a huge property.
8. Rent out your house per room
If you have a four or five bedroom house for rent why not rent it by the room. This works especially when your property is near a university where students can make good use of it. Management may be an issue but with can be well compensate with monthly rents per room.
9. Minimize expenses
Every dollar counts which is why you need to do a good inventory of your spending for apartment maintenance every month.