How To Increase Your Portland Rental Income Without Raising Rent
There’s no denying that most landlords want to increase their Portland Rental Income but, that’s not always possible due to rent control.
Thankfully, landlords can accomplish the goal of increasing the income earned from their PDX rental property when they follow these simple tips.
Tip #1 – Reduce Costs
One of the very best ways to increase your rental income, without raising the rent is to reduce your monthly costs.
Even though this may seem difficult right now, it’s entirely possible that you can reduce your monthly costs simply by finding more affordable services, shopping around for better rates, and even hiring a property manager to manage your property for you.
A property management company will help you to reduce your costs because we offer all of the Portland property management services that you need under one roof including rent collection, maintenance, customer service, and accounting, so you don’t have to pay for those services individually.
Tip #2 – Allow Pets
Another convenient way to increase your monthly rental income is by allowing pets.
This is a smart move because it means you can charge an additional $50-$100 (or more) per month by allowing pets to live on the property and you can also charge a pet deposit/cleaning fees too.
Tip #3 – Rent A Storage Shed Or RV Space On The Property
Does your Portland Rental Property have enough space for a storage shed or possibly an RV space? If so, you should talk with your tenant to see if they may be interested in paying more every month for these features.
Upgrading your property by adding the features that your tenants need is a win-win because they will be paying for those services elsewhere in the PDX area, so why shouldn’t they be paying you that money to store their belongings or RV on-site?
Tip #4 – Add An ADU On Your Property
Does your tenant have an elderly parent that they would like to have live with them, but there isn’t enough space?
In this case, you should consider adding an Accessory Dwelling Unit (ADU) to your property because, an ADU is affordable to build or bring in, and you can easily charge an additional $1000 per month or more for that tiny home on your property.
Contact Rent Portland Homes – Professionals
At Rent Portland Homes – Professionals, we specialize in local Portland Oregon property management for single-family and multifamily properties in the PDX area.
To learn more about the services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.