How to Increase Rental Revenue in 2021
Last year was a tough one for everybody, including landlords. If you own rental property, you were most likely hit with a loss of income. As millions of people were laid off from work due to COVID-19, it became basically impossible to travel to vacation rental properties as well as pay monthly rental payments. Help was provided by the federal government, but it has not been nearly enough to make up for revenue losses or help for everyday people. For rental property owners, 2021 will hopefully be a better year. One way to make sure of that is to learn more about how you can increase rental revenues. Check out a few tips below to get started.
Provide an Amenity
One option you have is to add an amenity to your property. Extras can be added but at an additional cost to the tenant or renter. This puts more money in your pocket, and it can help you to stand out above your competitors.
In a residential renting scenario, consult with your Chicago property management team to see what might work best. You could add television services such as Hulu or Netflix for a small cost for the tenant. Or, for busy areas, you could offer up a parking space. In busy city centers, a parking space is a hot commodity. Offer this as an added incentive to your tenants for extra income.
If you own a vacation property, you can consider offering spa services or gym access in a condo building. Think about what the building offers or the local area to figure out what amenities you can use to build income.
If you offer a basic residential rental, you could add extra services at a cost to your tenants to make their lives easier. This could include housekeeping, landscaping, mowing the lawn, etc. If you do not already offer these services, find ways to add them in and interested tenants can pay a fee for these options.
You would be surprised to see what people will pay to take off these extra chores from their list! You can even offer all the services at a bulk discount and still make money!
These are just a few options to help you gain a little ground when it comes to making money in 2021 via your rental properties. Take time to brainstorm with your Chicago property management team to see what options might work for you based on your properties. One option might work well for a condo while another is better served within a residential home rental.
Make simple changes and see an increase in your profits this year. Be sure to consult with our team if you need any additional tips on how you can bring in more money in 2021!