Three Ingenious Ways to Increase Income from Your Rental Properties

Real Estate Blog

Every rental-property owner is on the lookout for maximizing their incomes without pushing rental prices through the roof. After all, pushing prices high would end up chasing tenants away and defeating the purpose of the rent increase (higher income). If you are in the same situation, use the following tips to boost your income.

Add Some Revenue Streams

Don't rely solely on your rental income; other revenue streams can bring you more money. Use your creativity; as long as something is legal and practical, you can add it to your rental premises and get more money. Here are a few projects that can thrive in many rental properties.

  • Offering housecleaning services
  • Installing vending machines
  • Installing coin-operated laundry machines

Minimize Tenant Turnover

Tenant turnover costs you money in more ways than you can imagine, so you need to minimize it. First, there is no guarantee that you will get a new tenant each time you lose one, and that means some properties will stay tenant-free for some time. Secondly, the process of getting a new tenant costs money. Here are some of the expenditures you may incur before getting a new tenant:

  • Advertising costs
  • Administrative costs (answering calls from prospective tenants, showing them the houses, and generally taking the time to process new applications)
  • Repair costs that may be necessary to get the house ready for the new tenant

Use these tips to minimize tenant turnover:

  • If possible, avoid those who have changed addresses frequently in the recent past, as they are likely to move again soon.
  • Maintain your properties and respond to tenant's complaints to keep them.
  • Keep your rental prices within market ranges.

Maximize Your Tax Breaks

Lastly, you can also maximize your rental income by taking advantage of every little tax break possible. Do thorough research to identify all the possible tax breaks a landlord can enjoy, and then put measures in place to enjoy as many of them as possible. Here are just a few examples of the tax deductions you can enjoy, though this list isn't exhaustive:

  • Mortgage interest
  • Theft losses
  • Depreciation
  • Repairs
  • Legal services

These are just a few examples on how to maximize income from rental properties. As an amateur property manager, you may not have the same information as professional property managers. Talk to a property-management company today, and you will be amazed at how much they know about maximizing income streams from rental properties.  


13 January 2017

Apartment Frightmares: How You Can Live Happy Again

Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.