by Logan Ransley July 05, 2019 3 min read

0 Comments

When you are a landlord, raising the rent is not the only way you can increase your rental income. There are heaps of innovative solutions you can use to make some extra cash. 

Here are our top ways to increase your income, without upping the regular monthly rent: 

Allow Pets

According to the American Pet Products Association 2017-2018 National Pet Owners Survey, sixty-eight percent of US households own a pet. 

Because many landlords do not want tenants with pets renting their properties, this causes a shortage of pet-friendly rentals. 

By not excluding tenants with pets, you are able to tap into a niche renters market. 

make more money without charging more rent

It is becoming increasingly popular for landlords to charge a "pet rent"; an amount paid in addition to the regular rent to cover the wear and tear of having an animal. 

Many landlords also charge a separate pet deposit which is refunded when the tenant moves out if the pet hasn’t caused any damage. Some will charge a pet fee which is not refundable. Refer to your state laws to check whether these practices are allowed in your state.

For more information on the pros and cons of offering a pet-friendly rental, check out our article: Should I Allow My Tenants to Have Pets?

Related: The Smart Landlords Pet Policy

Use Airbnb 

Many landlords stress when they have vacant properties. An empty room can often mean money flushed straight down the drain. This often causes cash flow tight landlords to panic and settle for less than perfect tenants. 

If you have a vacant property, don't worry - simply rent it by the night on Airbnb, until you find a longer-term tenant. With the right demand, it may only take a week or two on Airbnb to make up for the lost rent.

Airbnb has quickly evolved into a viable way to run a business. Check out our article for more information on whether you should be listing your properties on Airbnb during vacancies.

Charge for Storage or Parking 

Storage and parking: two things highly sought after, especially in the city. If your rental property has these amenities, then BINGO - you are in luck. Think like a real business person and put a price on these amenities. 

If you have a garage or an off-street car park, do not include this in the price of the rent. You can offer the car park for an extra amount per week to your tenant, or if they don't have a car, rent it out to a professional who works nearby. 

The same applies to storage that is outside of the house or apartment (and doesn't interfere with the tenant's right to quiet, peace and enjoyment). Secure storage is often hard to come by, especially for those who live in apartments! 

The amount you can charge per month for parking or storage will depend on the area. To work out whether this would be a viable option, check out how much the local parking lot or storage company is charging for a similar sized space.

make more money without charging more rent

Think bigger 

As landlords, we get so tied up in leasing the inside of our properties, that we forget about the outside. If your rental is a larger apartment or commercial building, billboard advertising may be a great option to generate more income. 

Depending on the geographic location, size, visibility, traffic and format, a billboard can cost from $250 (in rural areas) to $14,000 per month (in larger markets)

That is a lot of passive income, for not a lot of work! 

We hope you found this blog interesting! However, do note that it should not be used as a substitute for competent legal and/or other advice from a licensed professional.

Logan Ransley

"Logan is a co-founder, and content creator at LandlordBoss. His primary role is interviewing our community members, growing the LandlordBoss brand and team, and driving education within the real estate entrepreneurship industry. Logan also enjoys playing music, and spending time in the outdoors."



Also in Articles

The Pros & Cons of being a DIY Landlord
The Pros & Cons of being a DIY Landlord

by Ben Luxon November 20, 2019 6 min read 0 Comments

There is a lot to know when you become a landlord and inevitably you’ll make some mistakes early on. These may even be costly mistakes. However, in the long run, once you’ve learned what you need you will become a better more caring landlord than a property management company ever will.
Read More
Everything you need to know about Capital Gains Taxes on rental properties in the US
Everything you need to know about Capital Gains Taxes on rental properties in the US

by Ben Luxon November 13, 2019 6 min read 0 Comments

Capital gains tax, in short, is the tax paid on profits made from the sale of an asset. This asset can be anything, for example, a piece of art, a classic car, or in this scenario a property. There are, however, several ways to minimize this tax.
Read More
A Landlord's Guide to Winterization
A Landlord's Guide to Winterization

by Ben Luxon November 06, 2019 3 min read 0 Comments

Winter for many reasons can take a toll on a property and some of the most important preparations need be made around a home if you want it to weather the winter months. Here are our key maintenance tasks to complete on your rental property this winter.

Read More

Join Our Newsletter