When you have already invested in an apartment complex, there is no need to rush out and invest in additional buildings to increase your revenue. In most cases, there are other avenues that can be explored to generate new revenue at your existing complex. This does not entail simply raising the rent; you can identify unique new sources to tap.
1. Consider implementing pet fees
Pet fees can be a great source of additional income as most owners consider them to be a part of the family and actively look for complexes where pets are allowed. Either a one-time pet fee or a monthly pet fee can make a big difference to the revenue from your apartment complex.
2. Implement a valet garbage service
Adding a garbage valet service for the apartment complex not only helps to keep the property clean and improve curb appeal, but it can also help to improve your bottom line. Residents will appreciate the convenience, and it is also a great marketing tool to differentiate your complex from those of the competitors.
3. Don’t become complacent with your vendor contracts
Put in the effort to make sure that you are still getting the best deal on your insurance, janitorial, trash, landscaping and other vendor contracts each year and make a switch when needed in order to improve your revenue.
4. Install vending machines and coin-operated laundry facilities at the complex
Don’t underestimate the earning potential of laundry machines on the premises. These not only generate constant income, but they can also entice new tenants to move in because of their convenience. The same goes for vending machines. They are a great source of additional income without too much extra work.
5. Sell advertising space
There is a lot of ancillary income to be made from blank space by selling it to advertisers. Just make sure that when common areas, laundry rooms, elevators or the sides of buildings are used for advertising, you don’t annoy renters by going overboard.
6. Look into parking costs
Premium parking and electric car ports are services that many renters would gladly pay extra for. You can even rent out bike racks for tenants to store their bikes in a covered, secure area instead of taking up space in their homes.
The bottom line is that there are usually multiple ways to generate new revenue at your apartment complex while still providing value to renters. This makes it a win-win situation for everyone involved, without the backlash that comes with simply raising rent prices.
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