You may think that to raise your rental property income you can just raise rents. However, you can’t just raise the rents arbitrarily, because if tenants leave, income goes down, not up. Fortunately, there are other ways, including the ones listed below.
1. Consider raising the rent. We did dismiss ARBITRARY rent hikes as a cash-flow solution, but check on the rates for similar units. Are you renting at below-market rates?
2. Charge rent for extra parking space. I got tired of a renter’s extra car, so I just started charging a weekly fee. Then I didn’t mind so much.
3. Charge and enforce late fees. It’s perfectly fair to have a fee for late payment of rent, and guess what? Those who are chronically late usually don’t even mind – they just don’t look at these things the same way as others.
4. Storage shed rentals. If your apartments are small, your renters may need a place to store their things. Don’t let them spend their money elsewhere. Put a few sheds on the property and charge rent for them.
5. Coin-operated washing machines. If you don’t have the money to do this yourself, you can...
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