Below is a researched and compiled list of ideas to boost income at properties.
- Organic Rent Growth
- Increase existing rents to match market
- Upgrade units and match rents to market
- Late fees
- Increased Marketing to boost occupancy
- Laundry services
- Utility reimbursement
- Reserved or covered parking fees
- Install washer / dryer connections in units
- Provide washer / dryer rentals (via 3rd party vendors)
- Furnished units
- Storage space
- Pet-Friendly fees
- 2nd person fee
- Application fee
- Cleaning Service fee
- Bike Racks
- Valet Trash pickup fee
- Upgraded appliances
- Obtain Rebates on appliances
- Microwaves
- Vending machines
- Special view or 1st Floor fee
- Special location fee
- Shuttle service
- Tenant insurance
- TV cable
- Hi-speed internet
- Month-to-Month and/or weekly rent
- Transfer fee from 1 unit to another
- Move-in/electronics set-up fee
- Move-out fee
- Transform business center into mini-co-working space
- Weekly housing with ACH of paychecks
- $500 administration fee instead of deposit
- Technology package – i.e. internet, cable
- Smart Home packages – i.e. downloable app to manage individal unit’s thermostat, monitors, doors
- Targeted marketing to employers with master leases for employees (esepecially due to the nation’s housing shortage)
- Purchase satellite cable in bulk; resell at retail prices
- Early termination fees
- Violation fines
- Exterior renovations
- Interior renovations
- Short and mid-term rentals
- Eviction “Hold-off” fee
- Sell Moving Boxes
- Sell Moving Kits
- Sell Cleaning Supplies
- Sell Unit Cleaning Services
- Offer Dog Walking Service
- Sell furniture on display in office
- Offer Babysitting services
- Offer Tool Rentals
- Tenant/Resident Newsletter Ad Space
- Offer Credit Repair Services
- Develop a mini-mart / center for basic necessities
- Sell Ads on Signs located in the leasing office
- Automatic Renewal Escalation within leases
- Build and/or convert additional units
- Offer fitness center memberships to tenant’s acquaintances.
- Moving service (via 3rd party vendor)
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By Kelsie Mans-Ray
KMR Multifamily Acquisitions / Syndicator
NOTE: This information is of a general, educational nature and may not be construed as tax, financial, or legal advice pertaining to your specific offering, exemption or situation.
