Rental properties have more earning potential than what other landlords or property managers believe. Some may settle with making a profit just from basic rent fees without exploring ways to get the most out of their investment. 

There are a lot of creative ways a landlord can maximize their income, but of course, without being unfair to tenants. 

Charge penalty fees

Charging fees for late rent or loss keys is not just for you to earn extra money, but also to discourage your tenants from committing lease violations. For late rent, you can set a grace period before you charge them with late fees because you also don’t want your tenants to feel that you are inconsiderate. 

Other violations can come with a warning first, but you have to start imposing penalty fees so that you won’t give your tenants a reason to not take your rules seriously. You earn extra income, but at the same time, still maintain authority over your business.

Offer convenience.

In this fast-paced world, tenants are more willing to pay extra for services that would give them convenience or would save them time. You can offer services such as babysitting, dog walking, dry cleaning, and housekeeping. You can also install coin-operated laundry machines in the laundry area, or vending machines in the lobby. 

Profit from parking.

If you own an apartment building, tenants with cars would be willing to pay for an exclusive parking spot. If your building has a parking area that has a lot of space, a part of it can be rented as an event venue. Renting it out to farmer’s market vendors during the weekend can help you easily earn hundreds or even thousands of dollars.

Sell storage space.

If you unoccupied units, you can convert them as storage space for tenants who need it. If renting a separate unit just for storage isn’t very practical for your tenants, you can install lockers or cabinets in a vacant room then rent them out to different tenants. Just make sure that the locks are secured. You don’t want tenants to steal from their fellow tenants. 

Reasonably increase rent.

I made it clear that you should increase rent REASONABLY because increasing it without justification can put your tenants off and they might not renew their lease. A unit that stays vacant for a long time could cost more financial loss, so you don’t want tenants to leave just because you upped the rent for no reason. 

Update yourself with the current rental rates in your area and rental housings that offer the same amenities as you. Do not go beyond the current rates. 

The basic rule of rent increase is to justify it. You can do that by making property upgrades, adding features, or anything that would improve the indoor living experience of your tenants. The increase must be equal to the added benefit. Minor upgrades that didn’t cost you much is not a fair reason to double the rent. 

Market your property through Padleads. 

To maximize your income for your rental properties, you need to decrease your vacancy rate. As mentioned earlier, a vacant unit can bring great financial loss.

To fill in vacancies, you have to market them on the right platform. You can publish your listing on Padleads so that it would be easier for you to advertise it on high-traffic rental websites where home hunters can easily find it. Since interested applicants can contact you directly, it would be easier for you to conduct a screening and close a deal.