6 Ways to Increase Rental Income Without Major Renovations

Looking to increase your rental income without shelling out for major renovations? This can be avoided with a few strategic tweaks and some clever adjustments. Rental property owners should always strive to get the most out of their investments, and these tips will help you increase your rental income without needing a full-on property overhaul. 

Adding a shed home to your property

Shed homes can offer incredible benefits. If your local regulations allow for legal shed homes, this option can help you get more out of your property. Converting a shed into a livable space is much faster and more eco-friendly than constructing a new house from scratch.

Converting a shed into a home comes with various costs, but it’s still a fraction of what you’d pay for a full-scale house. Ts, etc.). Overall, you’re looking at an investment of around $20,000 – $27,000 to convert a 512 sq ft shed into a cozy home, though this can go up if you opt for extra amenities or high-end fixtures.

By adding a shed home to your rental property, you can create an additional income stream or boost the rental price without the massive costs and time commitments of a full-scale renovation. Plus, you’ll be providing a unique, affordable housing option that can appeal to a variety of tenants.

Boosting your property’s curb appeal 

Simple landscaping can do wonders, and the entrance of your rental is important. Think fresh mulch, colorful flowers, and a well-manicured lawn. Even a fresh coat of paint on the front door and updating the house numbers can give your property a modern and inviting look. First impressions are everything, so ensure your property shines from the outside.

Inside the property, small updates can have a significant impact. Replace outdated cabinet hardware with modern handles and knobs. Install stylish light fixtures to brighten up the space. Fresh paint in neutral tones can transform the look and feel of any room, making it feel clean, updated, and ready for new tenants.

Opt for an appliance update

Outdated appliances can be a turn-off for potential renters. Even if you’re not ready to replace all the appliances, upgrading a single key item like the stove or refrigerator to a sleek, modern model can significantly increase your property’s appeal. New appliances look better and can be more energy-efficient, saving your tenants money on utilities and allowing you to slightly raise your rental price.

Amenities That Add Value

Desirable amenities can significantly boost your property’s appeal and attract higher-paying tenants. Here are some in-demand extras and shared space upgrades that can make a big difference:

• If you have the space, adding an in-unit washer and dryer, even if it’s a compact stackable combo, can be a game-changer. Tenants love the convenience of doing laundry at home.
• Tech-savvy tenants are drawn to smart home features. Consider a smart thermostat to help with energy efficiency or keyless entry systems for added security and convenience.
• Providing designated parking is a highly desirable perk. Tenants appreciate the convenience and security of having a guaranteed parking spot.

Once you’ve made these upgrades, don’t forget to update your rental listings with new photos and detailed descriptions of the added features. Highlighting these improvements can attract tenants willing to pay a premium for these conveniences.

The non-physical income boosters

Not all income-boosting strategies require physical changes to your property. Sometimes, adjusting policies or improving tenant relations can impact your rental income. 

For example, allowing pets in your rental property can open the door to a larger pool of potential tenants. People have pets and are willing to pay extra for pet-friendly accommodations. Implementing a pet policy that includes additional pet rent or fees can boost your income. Just make sure your lease agreement clearly outlines pet policies to protect your property.

Offering flexible lease terms can attract more tenants and increase your annual income. In certain markets, shorter lease terms with a slight rent premium can be appealing. This makes your property more attractive to a wider range of tenants, including those looking for temporary housing.

Remember, keeping your tenants happy can directly impact your bottom line. Providing excellent customer service, being responsive to maintenance requests, and maintaining clear communication can build tenant loyalty. 

Opt for a Premium Maintenance experience

With RentRedi’s Premium Maintenance, when your tenant calls, the repairs are taken care of, without you having to get involved. Give your tenants premium maintenance and spend less time worrying about repairs yourself today.