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Other Rental Revenue Ideas

Adding Revenue to your Rental

Depending on the type of property you own, there are a few things you can do to gain additional revenue from your rental. Here are a few ideas:

Rent your garage or parking space. In some areas, parking is very expensive and difficult to find. If your garage or driveway is not being used, you can increase your revenues by renting it out. Of course if the parking is included in your lease to the existing tenants, you will have to wait until the lease term ends. Make sure you check with your local housing authority to find out if there are any restrictions on this type of agreement. To advertise your available parking, post an ad on Off Campus Network.com.

Charge for laundry facilites. You can either add coin operated machines in your house or apartment, or increase the rent for use of the machines. Keep in mind that if you charge for these facilites, you have to maintain them. Also, if other owners include this with the property for free, tenants may reconsider renting from you. Still, it is an option to increase revenue.

Consider vending machines for properties with lots of tenants. Although these will require you to fill them periodically, they can be very profitable.

Add a cash machine. At $1.50 or more per transaction, this can also be very profitable. There are sites that offer small machines that can be used.