Every property owner wants to find new ways to increase their rental income. After all, that’s why people go into business right?
But there’s a difference between being a landlord and wanting to make more money, and someone in the corporate world looking for a raise. When you own rental property, you also have to make sure to keep monthly expenses low.
Luckily, increasing your rental income isn’t that hard to do, especially when you hire a property management company in York County to help.
That said, let’s take a look at some of the best ways to generate additional income from your existing rental properties.
How to Increase Your Rental Property Income
1. Increase the Rent
Increasing rent rates is a delicate issue. After all, if you do not raise the rent, you risk losing out on generating more income and making more of a profit.
However, if you raise the rent too high, you risk forcing your tenants to find somewhere else less expensive to live. For you, this means an extended vacancy and the need to place another tenant. Not to mention, this results in a temporary loss of monthly income.
The key to raising the rent on your property involves that you know a few things:
- What the current market trends are
- How much similar properties are leasing for in your area
- How valuable your property is
- What special features, upgrades, and amenities you can offer to justify the rent increase
It’s easy to raise the rent in between tenants so long as know you’re still competitive. But raising the rent on current tenants when they want to renew their lease is more challenging.
Want to learn the true market value of your York rental property? Request your Free Rental Analysis from York H-G Properties today.
We understand that your rental is an investment and that you want to maximize your ROI. That’s why we determine the highest rent rate possible that will still net you a high-quality, paying tenant. This way, you can continue your journey towards financial freedom.
2. Make Repairs in Between Tenants
If you currently own rental property, you probably know that you should spruce up the interior of your property in between tenants.
But before you jump in and spend a lot of money replacing things like floors, check out these helpful tips:
- Clean the carpets before replacing them because a professional cleaning can do more than you expect
- Don’t paint the ceilings and walls unless the paint is old, chipped, or marked up; instead, just clean them
- Only upgrade things you know will net you an increase in rent, such as bathrooms as kitchens, which can boost your ROI as much as 80%
- Focus on the basics – AC units, plumbing, and electrical fixtures, and appliances – because if they break, they’ll eat into your profits
As you can see, there are ways to save money, even when you don’t have tenants in your rental property. It’s all about being smart about what you spend your money on and what will get you the highest rent.
3. Add a Pet Addendum
People love their pets. And unfortunately, it can be hard to find a property owner that will allow pets to live in their investment properties.
If you allow your tenants to have pets, use that to your advantage to make some extra income. Add a pet addendum to the lease agreement your York County property management company drafts up for you. Then, charge a non-refundable pet deposit and tack a pet fee onto the existing rent rate.
Your tenants will be thrilled to have their furry loved ones with them and you’ll make extra money. It’s a win-win situation.
4. Add a Lease Termination Fee
You know that anytime your rental property is vacant, you’re not making money. And while you try to avoid ever having an empty rental, sometimes things happen.
One of the best ways to offset a tenant breaking their lease agreement early is to charge a lease termination fee. Doing this allows you to recoup at least a few months’ of rent payments while you work to get another tenant in place.
It also gives your tenants a way out, without having to abandon your property, should they have to break the lease early.
5. Maintain the Landscaping
First impressions count a lot when it comes to leasing your rental property to high paying tenants. And, when prospective tenants pull up to your property, you can bet they’ll notice the yard right away.
Here are some things to add extra curb appeal to your investment property’s exterior landscaping:
- Mow the grass before anyone comes to see your property
- Add some fresh mulch to any flowerbeds you have to encourage new growth
- Trim the trees, shrubs, and bushes so they look well kept
- Clean up any fallen leaves on the walkways
In addition, make sure the exterior of your property is clean, the doors are freshly painted, and the exterior lighting is working. People want to know their home looks good from the outside and you have the opportunity to make it so.
6. Hire a Property Management Company in York County
When you let a York property management company care for your rental property, you open yourself up to making more money. You also allow yourself to have more time to enjoy being a landlord without having to deal with the day-to-day operations.
With York H-G Property Management, you start by saving money right away since the first month of property management services is free.
But more than that, we help you increase your rental income by offering the following services:
- Tenant placement within 90 days or it’s free
- Strict rent collection procedures so you are paid every month no matter what
- Thorough tenant screening to make sure only high-quality tenants lease from you
- Painting, cleaning, changing locks, and general repairs in between tenants
- Routine inspections to make sure minor repairs don’t turn into costly ones
- Superior customer service so your tenants want to renew their lease with you
- 24/7 on-call maintenance and repairs at the most cost-effective prices possible
Lastly, we offer you some of the lowest property management fees in York County, so you can maximize your property’s ROI.
If you’re looking for a qualified York County property management company, look no further than York H-G Property Management. We pride ourselves in helping you increase the value of your investment property so you can keep your positive cash flow.
We also understand that for you to increase your rental property income, we have to keep your tenants happy and continuing to lease from you. So, get in touch with us today and see how we can help.