5 ways anyone can increase their rental income

Owning a rental property can be an excellent way of generating monthly income. Apart from generating monthly cash flow, a property should increase in value over time. It is easy to see why rental properties are so popular. Of course, it also meets the needs of people looking for a place to stay. Most landlords are asking themselves, “How can I increase my rental income”? You can do a few easy things to increase your rental income, and we will look at five of these below.

1. Strategic renovations

If you want to increase your rental income, you need to offer more value to your tenants. One easy way to do this is by making your property more appealing. By renovating your property, you are giving your tenant a nicer, newer-looking, and better-feeling home to live in. Focus your renovations on the most noticeable areas, usually the living room (as you enter) and the kitchen.

2. Consider separating the rooms

By renting out each room individually, you can maximize your potential returns. You can also minimize your risk by not relying only on one tenant to pay their rent. If one tenant defaults on rent, you still have income from all the other tenants. This will be more complex to manage but could boost the amount you earn from your rental.

3. Furnish your property well

When you furnish your property well, you are giving your tenants more value and thus can expect a higher rent. By offering a furnished property for rent, you are taking the hassle away from the tenant needing to buy their own furniture and the frustration of moving it around. Of course, your tenant may have their own furniture and not need a furnished property, but at least offering it is a good idea.

4. Make it child-friendly

Parents are always looking for a child-friendly property. By ensuring your property is child friendly, you will have a wider group of potential rentals, and parents will likely not mind paying extra for the peace of mind that their child will be safe in and around the property. This could entail ensuring all plugs are out of reach for kids, securing any balconies or high areas properly, and ensuring that stoves and ovens are out of reach for kids.

5. Market your property well

You immediately create interest and excitement by marketing and advertising your property well. This could attract more people to view your property, which opens you up to a bigger group of potential renters and a better chance you can get the rent you want (or higher). First

impressions stick, and if a potential renter sees your property online and is immediately captivated, they may be more likely to pay the listed asking price and not try and negotiate you down.