Ask Gerald: 3 Ways To Increase Rental Property Income

Q: Gerald, we’ve taken the advice you gave us and increased the rents in our apartment building a little bit every year. Is there anything else we can do to increase the income that our rental property generates? Carol & Bill, Seattle, Washington

A: Thanks to both Carol & Bill for your question. Here are 3 ways to increase rental property income:
1. Charge separately for parking spaces on your property, if local zoning laws allow, (this does not necessarily have to be a current tenant—you can enter into an agreement to provide paid parking for non-tenants)
2. Add additional storage space in your building and charge for it, either as a la cart additional rental source for current tenants or as part of a separate agreement for non-tenants
3. Install coin-operated laundry machines in your property’s common area. This however, I would limit to current tenants, because allowing strangers into your building may cause a safety issue.
Bill & Carol, thanks for your question. For more real estate tips, free reports & for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.