4 Ways to Increase Your Rental Income
Own a rental property? Want to get the best possible return on your investment? It’s actually much simpler than you might think, so read on for some top tips that you won’t be able to resist.
- Revamp Your Property’s Curb Appeal
First impressions matter—a lot. If your property’s front yard looks like a scene from a post-apocalyptic movie, tenants may think twice before signing a lease. Simple fixes like mowing the lawn, adding a fresh coat of paint on the front door, or planting some cheerful flowers can transform your “meh” property into a “whoa!” property. The result? Happier tenants who feel good about paying a bit more because their home looks like a million bucks. (Well, minus the zombies, of course.)
- Upgrade the Inside Without Going Broke
No, you don’t need to install golden toilets and marble countertops to command a higher rent for your real estate. Sometimes, small upgrades can make a huge difference. Swap out tired old light fixtures for something modern and stylish, or replace dingy cabinet handles in the kitchen. Tenants love bright, updated spaces—give them what they crave without maxing out your credit card. And yes, that means being strategic in picking your battles (and your hardware).
- Mention “Air Conditioning Installation” and Watch Rents Soar
No one wants to be drenched in sweat during hot summer months, especially if your rental is in a region that feels like the sun decided to crash-land in your backyard. Offering air conditioning can be the make-or-break perk for potential tenants. If you don’t already have an AC system, consider an air conditioning installation. It’s an investment that can allow you to charge a higher rent, and your tenants will practically worship the ground you walk on when the thermostat starts creeping upward.
- Embrace the Digital Age
Listen, the days of tacking a flyer on a community bulletin board are behind us—unless your target market is squirrels and the occasional power walker. Move with the times and take advantage of online platforms that let you feature your property’s best angles. Take amazing photos, write a witty description (try something more exciting than “two bedrooms, one bath”), and leverage social media. Not only do you increase your audience reach, but you also speed up the application process. More eyeballs on your listing means more chances of scoring premium-paying renters.
- Create Communal Magic
If you’ve got extra space around your property, consider turning it into a shared amenity everyone can enjoy. Think barbecues, community gardens, or even a cozy firepit area. Social spaces foster a sense of community, making tenants feel more at home—and if they love where they live, they’ll be willing to pay top dollar to stay there. Bonus points if your communal space makes for great Instagram posts.
As you can see, boosting your rental income is not only totally possible, but it also does not have to involve a huge amount of effort or sleepless nights. Making some pretty small changes can make all the difference to how much your real estate investment brings in, so what are you waiting for?