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3 Ways You Can Charge More For Rent

Wednesday, June 13, 2018

Owning property for renting purposes can be a lot of work, often requiring that you provide a number of different property management services, but your investment can seriously pay off over time. In order to have a successful investment, though, you need to evaluate many different things. Choosing how much you want your property for rent to cost per month involves a lot of different factors, depending heavily on the neighborhood it's located, the property management services you provide, and the condition of the house or apartment. That said, there are a few ways you can incentivize renters to pay more each month. Here are some examples.

Allow Pets

Roughly 44% of all American families have a dog, and 35% have a cat. It's understandable if you decide against allowing pets due to the potential damage they can cause, but you lose out on a significant portion of the renting population by excluding pet owners. Instead of saying no outright, you can charge a nominal fee per pet to cover your risk.

Pay for Utilities

Electricity can certainly be expensive, but if you research the general going rate of rental apartments and homes in the area and offer your place with utilities included for a monthly increased price higher than the utility bill would generally add up to, you can actually make money on this trade. Besides, people love seeing the words 'Utilities Included' in a rental ad.

Provide Yard Care

If you are renting out a single-family home, upkeep is going to be important to prospective tenants. Providing lawn care and pool care will help them, and you can package the cost into their rent. Conversely, and perhaps even more effectively, if you own a property in the city you can provide free parking. This will save tenants possibly over $1,000 in a year, and you can bake that cost right into the price of the rental.

When considering becoming a landlord, look into all of your pricing options. Renters love rental management services because it means less work for them and ultimately less money out of pocket. Of course, the money they are saving goes back into their monthly payment for you to capitalize on.

If you have any questions about property management services, please give us a call at 407-261-5610