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5 Ways to Increase Rental Income
Dated: October 6 2020
Who doesn’t want to increase their return on investment on a home? Your rental properties should be treated no different. Maximizing profit with your rental properties won’t just benefit your wallet. Your portfolio will reap immeasurable benefits as well.
Some simple renovations can drastically increase your rental income, while also polishing up properties to increase luxury and convenience for tenants. You don’t have to go crazy on a new kitchen or bathroom for these results, either. We’ve listed five simple, but extremely effective, ways to maximize the aesthetics and profitability of your rental portfolio that tend to get overlooked.
Install a Dishwasher
If you don’t have a dishwasher, no further explain is needed. However, if you’ve forgotten how much of a convenience having a dishwasher is, this can be a deal breaker to potential tenants. In today’s “always on the move” culture and convenience happy society, a dishwasher is nearly imperative to couples and single people alike. Especially if you’re a parent! When it comes to appliances, never underestimate the earning power a one-time purchase can make to your portfolio.
You can pretty much regurgitate everything I stated about dishwashers. Let’s face it…nobody enjoys going to the laundromat. Nobody. However, some tenants could potentially be opposed to sharing a laundry room in an on-site facility as well. Adding a stackable washer/dryer will give you the ability to increase the value of your rental, and give your tenants the convenience and privacy to wash their clothes in the privacy of their own homes.
Even a small air conditioning unit can make an enormous difference to both tenant luxury and rental profitability. Don’t believe me? Turn off your AC Unit for the next 24hrs.
If the thought of turning off your air conditioner created sense of panic and doom that trickled down your spine and sunk into your stomach, then you understand how important an AC unit can be. The hot and humid days of summer will leave tenants relying on air conditioners, as not all rental units have adequate air flow to naturally cool down.
Hardwood flooring helps both aesthetics of the rental and ease of maintenance. The addition of hardwood floors can separate your rental property from others, giving it a more upscale look than carpeted rental properties. Oftentimes, this will attract more responsible tenants as well. The mindset of “they just replace the carpeting anyway” is more prevalent than most think.
Adding an extra bedroom is a great way to increase rent by at least $50 to $100 a month. Depending on the property, there’s a good chance whoever built it didn’t expect someone to turn it into a rental years later. If there’s expendable space, like an over-sized laundry room or basement, turning it into an extra bedroom will increase renting power, along with profitability of the rental. (Just make sure to adhere to any and all room codes for legal reasons!)
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