Being a landlord always comes with lots of responsibilities for your property. These responsibilities entail spending extra dollars on taking care of our rentals and increasing the rent regularly does not go down well with occupants of our rentals.
There are cases of litigations on the indiscriminate hike in rents and you wouldn’t want to be caught in the trap.
This leaves many with the question of how to earn more money from a multifamily rental apartment without increasing the rent. We will be x-raying the numerous ways through which you can earn more money from your multifamily rental apartment without increasing the rent.
Reserved parking spaces: if you have some parking spaces at the front of your multifamily apartment and the apartment is located in an area where festivals are held, you can make extra dollars renting out these spaces for participants who come with their cars to the festival.
Storage: when you bought your multifamily apartment, you might have found out there are extra spaces that are laying waste. Maybe some garage spaces, foundation spaces, etc. which you can rent out to be used as storage spaces. You might charge extra dollars for these spaces for your tenants or actually rent them out to outsiders for a fee.
Many multifamily apartment owners have earned through this. We had an interview with a single-family apartment owner and he has this to say:
“when I bought my apartment, I found out that it has extra 5 garages and a space in the basement and I had to hire them out for people who want to pack their old properties…. I made a couple of extra dollars from doing that and I was happy with it”
Humans cannot do without laundry and being essential, you as a multifamily apartment owner can leverage on this and rake in some more money. There are some apartments whose owners equip with laundry facilities like washing machines and dryers. They open up a laundry room where they equip with laundry facilities and then charge their tenants fees for making use of the facilities.
Most tenants prefer making use of these laundry machines as buying new ones are very expensive. For example, getting a new washing machine costs between $250 and $2050, dryers cost from $200 to $1750. Because of this and owing to the fact that they get to wash their clothes inside their apartments, they prefer to pay per usage of other laundry machines. For example, you can charge them $1 per load on the washing machine and around $1.75 for the dryers. With this, you rake in more money without increasing the rent for your apartment.
The best part of this is that they will willingly accept to make use of them.
Cable/internet: You can also reach an agreement with cable and/or internet service providers to provide their services to your apartment at a cheaper rate while you are paid some amount off it. This is a sure way of not only making your multifamily apartment attractive but also rake in extra money monthly.