How to Make the Most Money Possible from Your Rental Property
Summary
This article discusses strategies to increase rental income without acquiring more properties. The focus is on enhancing existing properties through unique amenities and upgrades to attract higher-paying tenants and maximize cash flow.
Key Insights
- •Adding unique amenities and design features, such as accent walls and backsplashes, can increase rent prices by $50-$200 per month.
- •Providing amenities like laundry hookups or washers and dryers can attract tenants and allow for increased rent or additional income through rental of the appliances.
Action Items
- ✓Investigate offering laundry services, either by providing hookups, installing machines yourself, or partnering with a service to manage and provide machines with a profit split.Effort: mediumImpact: medium
- ✓Consider adding storage options, such as sheds or renting out existing garage space, to generate extra income.Effort: mediumImpact: medium
- ✓Analyze comps in your market and identify design or amenity gaps, then research and implement cost-effective upgrades to increase your property's appeal.Effort: mediumImpact: medium
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Curated by Learn STR by GoStudioM