Aside from rent, most tenants are accustomed to paying fees for some services. Late fees, application fees, early termination fees, and pet fees are among the most common, according to a survey by Multifamily Insiders.
But how can you generate more income from tenants without adding fees?
Find optional services you can provide to tenants that offer them value and you income. Here are examples:
- Moving supplies
- House cleaners
- Dry cleaning and laundry
- Lawn mowing and landscaping
- Dog walking
- Furniture rental
- Storage space
- Additional or upgraded parking
- Smart-home devices
These ideas are only a starting point. Look at your property and tailor your services to it. Focus on enhancing tenants’ experiences with services or amenities, while avoiding the perception that they’re paying extra for living in the property.