Are you searching for ways to increase the profits from your investment property? If so, you’ve come to the right place! In this article, we will share with you 3 ways you can accomplish this goal.
#1 – Increase Rent
This is by far the easiest way to increase your profits but it’s also the most controversial especially in California where tenants have been faced with increased rents in recent years.
If you plan on increasing the rents, make sure that your property is priced fairly (within market value) and you should also give your tenant at least 3 months’ notice that their rent is going to increase so that they can decide to continue renting from you or move onto their next rental property.
How much should you increase the rent by? A $50 increase is fair for every rental market compared to a $250 monthly rent increase which is often difficult for many tenants to budget for.
#2 – Provide Your Tenant with Additional Services
Another great way to get more profit from your rental property is to offer your tenant more services.
For Example: Let’s say that your rental property doesn’t have a washer and dryer, one of the easiest things you can do is install a coin operated washer and dryer because depending on usage, these units can easily bring in $100-$250 per month.
#3 – Allow Pets in Your Rental Property
Last, of all, you can also increase the rent at your rental property if you allow pets.
Although some landlords have an absolute “no pets” policy the reality is that most pet owners are responsible people because they know how rare it can be to find a rental unit that allows pets and they don’t want to lose that rental property.
When you allow pets, you can charge a pet deposit of up to $500 and a monthly pet rent of $50 to $100 per month.
Contact RPM Central Valley
Want to work with the best property management team in the Central Valley? Contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.