Which landlord doesn’t want to increase their rent? We all do as long as our tenants don’t run away screaming at the same time. The one way to do it is to provide value.
Either that or our tenant is ignorant of the rental rate in the surrounding neighbourhood. So let’s get down to some of the ways to up your rent while attracting potential tenants.
Time-Saving Facilities
Contemporary living requires a good Wi-Fi connection, even more so for certain demographics such as university students who download loads of stuff. Hence advertising your high-speed Wi-Fi is one sure way to win you some brownie points.
You would also be surprised that many rental units do not have a decent shower, dishwasher or drier. All these add up to provide lots of convenience that your tenants would be ready to pay for.
These items are certainly more expensive for tenants to purchase individually and harder to carry about. When furnishing your home or upgrading it with such facilities, always think about the tenant you are looking to attract.
Magic Of Partition
There really is no reason to up your rent if you can get more people to fit into your rental unit. So identify if your living space is large enough that a small part of it could be separated by a partition and turned into a bedroom. This works especially well for student tenants since they usually live alone.
Short Term, Big Profits
If you have your rental unit facing a romantic view of the seaside, then consider renting out for the short term instead. Think Airbnb, but do consult with the joint management board first before doing it. Should your unit be able to consistently score tourists or weekend visitors, there really is no need for a long-term tenant.
Looking for more ways to turn your rental unit into a passive income-making machine? Then sign up for the HCK Real Estate Academy at 012-388 6775 and turn yourself into a professional landlord in no time!
