9. Offer premium rental rates for remote workers
The corporate world has undergone dramatic changes during and after the COVID-19 pandemic, one of the biggest changes being the rise of remote and hybrid work.
Simply put, if you want to stand out in a competitive rental market, consider turning your property into a remote work hotspot. You'll attract responsible, career-minded tenants.
You can achieve this by setting up a dedicated workspace that is both comfortable and functional – ideally, this area should be located away from the main living space to ensure the peace and quiet that is so essential for productivity.
Don't forget high-speed internet and plenty of power outlets and data points for a professional home office setup. Install a built-in desk for a sleek look and you won't have any trouble charging a higher rent.
Additionally, advertising the property as “work from home friendly” not only highlights the property’s unique selling points, but also speaks directly to what modern professionals are looking for.
10. Life on the Farm
For thousands of years, farm owners have made money by renting out their land, on the condition that the tenants work on the farm and share the profits with the landowner.
But what if you don’t have a farm?
Can I work with my tenant to create a large garden or vegetable patch and share in the proceeds from sales at the farmers market?
What other uses can your property offer to increase income? Is your renter an animal lover interested in keeping or breeding dogs, cats, horses or livestock?
You don't have to stop at these semi-standard ideas. Why not grow hops on your vineyards and sell them to local breweries and homebrewers? If the climate and soil are right, why not even grow grapes? You'd be surprised how many people would want to live on a vineyard. The prestige alone could raise the rent by 50%.
Or you can do something even more unusual. Jeff Neal grows and direct ships crickets through a website called TheCritterDepot.com. That's right, he sells and ships the crickets live. He keeps them in a coop.
The business brings in about $2,500 a month, of which about $700 is profit, and he works on it about 10 hours a week.
“I was previously working for an e-commerce company but was still very interested in starting my own niche dropshipping company, and after a bit of research it became clear that cricket was the only solution.
“It just goes to show that there's a niche for everything, you know?”
11. Promote like Don Draper
Well, not actually, but if you own a building with a large blank wall and some traffic and exposure, why not rent out the space to advertisers?
In fact, you can also use it to rent out other vacant properties or promote other businesses.
Or, if you can't advertise directly on the building, can you put up a sign on one of your buildings near a busy road?
Be careful, though, because once you start talking about putting up signs you'll probably run into local zoning and housing regulations, so do your research before you invest.
to infinity and beyond!
As you know, there are countless ways to make extra money from rentals if you get creative.
Have an apartment building? “Fitness classes are all the rage, and if you have the space, you can offer yoga or other fitness classes to your residents for an additional fee,” suggests Krystallin Baker of Turbo Tenant. Bring in a yoga, Zumba or personal training instructor to offer classes in your gym or on your lawn. Share the revenue with them. Do this on a weekly or daily basis.
You can also install coin laundry machines, vending machines, arcade games, billiard tables, ping pong tables, pinball machines, and more.
You could even bring in credit-improvement experts to teach your tenants how to improve their credit. As a bonus, they'll likely be more likely to pay their rent on time.
When you partner with local service providers and offer additional resources to your renters, the only limit is your own imagination. Because this is entirely optional, it's all a win-win for your renters, and they'll love it.
And as a huge bonus, these added amenities will root your tenants even more deeply in your property and community. They'll get used to having someone deliver their dry cleaning to their door every week. Read on for another way to increase tenant retention.
Get creative and you'll find ways to make extra revenue that your competitors can only dream of.
What clever and creative ways have you tried to make extra revenue from your rentals? By the way, what's something you've thought about doing but haven't yet found the courage to do? The more outlandish, the better!
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