The rental market is booming at the moment, especially with digital nomads tracking across the world to live in an exciting new city. 2022 can, and should, be the best year for landlords yet!
By making a few changes to your rental properties and agreements you can significantly increase your rental turnover this year. Some of these changes require an initial investment, but you will see great returns within a few short years.
Below are five ways to impressively increase your rental turnover:
1. Laundry
Offering laundry in your building is a major selling point. It offers fantastic flexibility because you can lease or buy the machines, and you can choose to use the coin-operated kind.
By offering a laundry option to your tenants, you can make an extra $30 a month. Make it an optional thing, that way your tenants will feel like it’s their choice. Most tenants choose the laundry option because it is more convenient.
2. Splitting Utilities
Split the utilities in your building to prevent incurring extra utility expenses. Installing hydrometers will shift the cost of utilities onto your tenants, meaning that they will pay for what they use.
That will help them to manage their usage and be more responsible. That will bring down your costs and thereby increase your cash flow. You can email these documents to your tenants to make things easier.
3. Property Management
By hiring a professional property manager, you can add value to your property investments and take the pressure off of you as the landlord. Condo property management companies in Toronto will screen your tenants and ensure that they pay rent on time.
They will also prepare your properties for rent, help you to determine the optimal rental amount, and ensure that your properties are not left vacant. That will increase your cash flow and increase your rental turnover.
4. Parking
Buy in a high demand area for parking, you will always be able to find someone interested in renting the spaces – even if your tenant doesn’t have a car.
Most tenants with cars would be more than willing to shell out the extra rent if it means having a safe and convenient space to park in. Having a parking spot at your house can help landlords with rental turnover.
5. Optional Extras
Another way to increase your rental turnover is to offer optional extras at an additional cost. Popular services to offer include high-speed internet, cable TV, on-site childcare, and security surveillance.
If you can, considering adding a gym or fitness center to your building, Canadians are a health-conscious bunch and take their fitness levels seriously. You can start by offering cheaper equipment like stationary bikes or weight sets – then when you can, you can offer more expensive equipment.
Tenants will pay higher rentals in better areas or buildings with better amenities. Change the way you view your property and choose to see it through the eyes of your tenants; that will help you make the improvements needed to increase your rental turnover.
Don’t be afraid to spend money to make money – that is the nature of any business, and property investment is no different.