Location, yard access, and maintenance are three top things tenants look for when choosing apartments. These are essential to know if you own rental properties.
After all, when you know what tenants want, you can take the appropriate steps with your rental units to make them more attractive. Then, you'll likely see an increase in your rental property income.
So, what are the best things you can do to increase your rental property income?
Continue reading this guide to learn about five effective strategies that work.
1. Improve the Safety
The first thing to focus on with your rental real estate is safety. Tenants want to live in safe apartments and homes, and they look for this feature when shopping for new rentals.
Therefore, you should focus on this issue with each investment property you own. You can improve the safety by adding more exterior lights, deadbolts on the doors, and a locked exterior door that requires a key or card.
2. Focus on Maintenance
Next, you can earn a positive return on investment by keeping up with the maintenance of your properties. In fact, many tenants state that a lack of maintenance is one of their biggest concerns and complaints.
Maintaining your properties keeps them nice and appealing. Good maintenance also helps with property values and allows you to charge higher monthly rental amounts.
3. Provide Laundry Facilities
Another way to increase rental property income is by providing laundry facilities to your tenants. Of all the property upgrades you can do, this is one of the most effective.
Fortunately, you can do this in several ways. First, you could install washers and dryers in each apartment to give your tenants access to laundry facilities.
The other option is to build a laundry room within your apartment complexes. This option works well if the apartments aren't big enough to accommodate a washer and dryer.
4. Offer Perks
When people shop for apartments, they might look for perks with the units. Therefore, offering some perks with each rental property might increase your occupancy rates.
For example, you might want to offer free Wi-Fi or cable TV with your apartments. If these features attract more people, they might be willing to pay more for their monthly rent.
5. Implement Effective Screening Procedures
Finally, you can increase your rental income by implementing effective screening procedures. For example, charging an application fee is a way to generate some revenue while assisting you with choosing the best tenants.
Additionally, effective screening procedures provide the route to the best tenants, and having the best tenants helps you collect more rent.
Increase Your Rental Property Income With These Ideas
If your rental properties aren't making high-enough profits, you might want to look for ways to increase your rental property income. You can try some of these options, as they tend to work well.
Another option is to hire HomeRiver Group in Houston. We offer property management services and can help you generate more income through our services and ideas. Contact us to learn more.
