Tips For Increasing Your Portland Oregon Rental Property Income
Since the end of the eviction moratorium, many landlords are looking for ways to increase their Portland Oregon rental property income.
This is understandable especially because most landlords are still catching up from going months without collecting rent.
Thankfully, landlords can earn more income from the rental properties in Portland by utilizing one or all of these tips.
Tip #1 – Improve Rental Property Safety
There’s no denying that crime has increased in parts of Portland over the last 24 months and one of the first ways that you can increase the income from your property is by offering to help make your property more secure for your tenants.
To secure your property, focus on adding additional exterior lights, deadbolts on exterior doors, and removing large bushes, plants or trees from the landscaping that could provide criminals with places to hide and until your tenants come home from the night.
Besides these tips, you should also add additional lighting to your driveway and the path leading up to the front door so that your tenant feels safe when they get out of their car at night.
Tip #2 – Allow Pets at Your Rental Property
Another practical way to increase the income from your Portland Oregon rental property is to allow pets.
In 2022, there are more pet owners in the United States than ever before, and a large portion of those pet owners are renters who are looking for pet-friendly properties.
When you allow pets to live at your rental property, you can increase your rental income by charging a pet deposit, and monthly pet rent.
Tenants who have had pets like dogs or cats for years won’t hesitate to pay that deposit and pet rent especially if they know that they can continue to have their furry friend live with them while they’re renting.
Tip #3 – Create A Dog Run on Your Property
Besides allowing pets, another way to increase the rental income at your Portland rental property is to create a dog run on your property.
Dog runs are an effective way to attract new tenants because they provide your tenant with an easy way to exercise their dogs during the day by offering them a place that they can run in play on the property
Tenants who have pets will most likely be open to the idea of building a dog run on the Portland Oregon Rental property, even if they must pay extra monthly for that additional amenity.
Tip #4 – Don’t Neglect Maintenance
Another easy way to increase the rental income at your property is to not neglect maintenance.
This may seem like a no-brainer for some landlords, but for others, it’s not uncommon for some landlords to wait until things break, before they make the effort to repair or replace them.
By focusing on maintenance and repairs, you’ll make your rental property stand out from others in the area and you will attract a higher-tier group of tenants who are looking for well-maintained rental properties and are willing to pay more to rent for those properties.
If maintenance has been an issue for you in the past, it’s best to create a vendor matrix of trusted contractors in the PDX area that you could turn to for all your Portland rental property maintenance needs, especially if your tenants call you for maintenance at night or on weekends.
#5 – Add A Washer and Dryer
There’s no denying that every tenant must do their laundry somewhere, and often they will be doing their laundry at a local laundromat, paying upwards of $150 per month just to use those facilities.
By adding that washer and dryer you can easily charge $50-$100 more per month, and it’s likely that your tenant will be open to paying that extra amount if they know that they can do their laundry at home instead of at the laundromat.
If you didn’t want to add a washer and dryer to your rental property, you should consider offering your tenants a weekly laundry service where you’ll pick up their laundry wash, dry, fold, and deliver it back to them within 24 hours.
Adding an a la carte laundry service is a great way to generate additional side income, and, in some cases, you may be able to earn more money from the laundry service than you could buy just adding a washer and dryer to your rental property.
#6 – Offer Your Tenants Perks
So far, we’ve offered you several ideas for things that you can do to increase your rental property income.
Besides the great tips that we’ve offered you in this article, another thing that you can do to increase the income from your rental property is to offer your tenants perks.
Buy rental property perks we mean things like free Wi-Fi, free satellite television or other services that your tenants may be willing to pay extra for monthly, especially if they know that they don’t have to pay for those services themselves out of their own pocket.
#7 – Utilize Effective Screening Tools
Last of all, but most important, after implementing one or more of the techniques that we’ve suggested in this article, another thing that you can do to increase your rental property income is to utilize effective screening tools with new tenants.
Utilizing effective screening tools will enable you to qualify the right tenants who will have no problem paying a higher rent for your rental property and you’ll have Peace of Mind in knowing that they are financially stable, and able to continue paying that rent monthly.
Hire A Property Manager
Are you ready to take the hands-off approach to managing rental properties? If so, the team at Rent Portland Homes – Professionals can help!
We have decades of property management experience in the Portland OR area, and this means that you can have confidence that we will screen, place, and rent your property for top dollar monthly.
To learn more about the services that we can offer you, or for a property management quote, contact us today by calling (503) 447-7735 or click here to connect with us online.