3 Extra Rental Property Income Streams For Landlords
Q: Gerald, my insurance and property taxes on my rental property went up this year and I’m barely breaking even every month. How can I make more money to offset these expense increases? Jason, Ridgewood, NJ
A: Great question, Jason. The first thing you should look at is potentially increasing rents at your property, but you have to be careful because your ability to do that will really depend on your local rental market demand because as I’ve said many times before, the person with the money decides the price.
In this case, potential tenants have the money and ultimately decide rental prices. So, if you raise rents way above what similar properties in your area are going for, your tenants will likely move out and you’ll have property that will sit vacant and empty.
What I’m going to do is give you 3 additional rental property income streams to consider to offset the increases in your expenses:
1) Installing coin-operated washing machine & dryer at property
2) Adding vending machine at the property
3) Leasing parking spaces on property
Thanks for your question, Jason, good luck!
For more real estate tips and information visit my blog at geraldlucas.com.