Raise Rent: One of the easiest ways to increase your income from your investment property is to raise the rent. You can do this by conducting a market analysis to determine the current market rate for similar properties in the area and adjust your rent accordingly.
Add Amenities: Adding amenities to your investment property such as a pool, a gym, or extra storage space can increase the value of your property and allow you to charge more rent.
Rent Out Unused Space: If you have unused space in your investment property, such as a basement, garage, or extra room, you can rent it out for additional income.
Offer Short-Term Rentals: Consider offering short-term rentals, such as Airbnb, to increase your income. This can be especially lucrative in tourist destinations or during events.
Diversify Your Tenant Base: Diversifying your tenant base by renting out rooms to multiple tenants can also increase your income. This can also reduce the risk of vacancy if one tenant moves out. Just make sure to check local laws and regulations regarding multi-tenant rentals.
Offset expenses to tenants: In many places you can offset the costs of expenses such as water charges to the tenant. Make sure you understand your Legislation or work with a property manager that is well versed on the current legislation.
Have a Good Accountant or Financial Adviser: Working with a specialist accountant or financial advisor can help you maximise your rental income when it comes to tax time. Things like having a Depreciation Schedule done can help.
For more information on property management speak with our experienced local property management team.
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