Being a landlord is more than just cashing rent checks and fixing broken toilets anymore. If you’re looking to maximize your rental game and stand out in a crowded market, you’ve got to think outside the box. Here’s the inside scoop on turning your rental properties into serious money-makers.
Add Some Furniture
Furnished apartments can increase your rental income by 20%. Think about it—people moving for work or trying out a new city? They’re not looking to carry a couch up or three flights of stairs. Give them good, durable furniture, and they’ll happily pay extra for the convenience.
Add Extra Storage Space
Nobody’s ever said, “I have too much storage space.” Simple shelving, closets, or outdoor sheds can make your rental more attractive. Tenants value extra space to store their belongings. When other rentals are offering basic closets, your extra storage space becomes the deciding factor.
Go Green with Better Appliances
Want to attract quality tenants who actually care about their carbon footprint? Energy-efficient appliances are the way to go. They’ll slash your and their utility bills by 30%, making your place more appealing to environmentally conscious renters who tend to be more responsible tenants.
Provide Premium Tenant Services
There’s a word among tenants that landlords don’t cooperate. Be different. Step up your landlord game by offering services that make life easier. Add perks like housekeeping or laundry pickup & show you’re not just another property owner. These extras can boost your rent by 10% and keep good tenants around longer.
Boost Curb Appeal with Landscaping
First impressions matter, and your property’s exterior is making one whether you like it or not. A well-maintained yard with fresh mulch and thriving plants does not just look pretty; it can boost your rental income by 5-10% and attract tenants who’ll treat your place right.
Get Gram-Worthy Photos for Listings
Ditch the phone pics and invest in professional photography that makes your property shine. Good photos get 60% more views online, period. When potential tenants are scrolling through listings, high-quality images will stop their thumbs and open their wallets.
Implement Smart Home Features
Modern renters want modern perks. Installing smart locks, thermostats, and security features is cool, sure, but it will also be profitable for you. These upgrades can increase your rental value by 10-15% while attracting tech-savvy tenants who appreciate (and will pay for) convenience.
Flex Those Lease Terms
Not everyone’s life fits into a neat 12-month box. Offering flexible lease terms might seem risky, but it opens doors to quality tenants who’ll pay more for short-term stays. Plus, you can adjust rates based on market demand.
Make Your Property Pet-Friendly
Pet-friendly properties are gold mines waiting to happen. Sure, there might be some extra wear and tear, but pet owners typically stay longer and will gladly pay pet rent. Just set clear policies and collect those extra deposits to protect your investment. Just give them quality services, and they’ll move in.
Show Some Love for Good Tenants
Want to keep your best tenants around? Reward them for paying on time with small discounts or perks. Studies show this simple trick makes people 40% more likely to pay promptly, and happy tenants mean fewer headaches for you. They would also recommend you to other tenants.
