How To Boost Your Rental Income in 2021
If you currently own rental property, then you might be wondering what steps you can take to boost its value in 2021. Perhaps you have noticed that the rental property or properties that you own are not doing as well as they once did, and it’s made you wonder what steps you can take to enhance and improve the income that you are earning from your property.
While it might not seem all the simple to give your rental income a boost, the fact is that it doesn’t necessarily have to be a struggle. There are plenty of ways that you can make earning from your rental property a little easier, it may just be a case of thinking outside of the box, that’s all. The good news is that there are plenty of ideas and suggestions that you can take advantage of to give your rental income a boost.
Bearing this in mind, below is a guide to how you can boost your rental income in 2021 – read on for everything that you need to know to see financial success from your rental property!
When it comes to boosting your rental income, an important step is to think about the experience that you are offering your tenants. If you want to be able to charge more for what you are offering, you need to sell them an experience. A key aspect of being able to do this is adding luxury to your package – think about what luxury features you could add to the homes that you are renting out. For instance, if you own a block of flats, think about modernizing and converting them to offer a leisure complex as part of what your tenants pay for.
You could also opt to offer services to your tenants at an additional rate per month. For instance, serviced apartments are exceedingly popular right now, as they allow tenants to enjoy a less stressful living experience. All of the cleaning and maintenance is dealt with, and as a result, people are happy to pay that little bit more for the privilege. If you can offer your tenants a range of services to complement their living experience, you will be able to charge more per month.
Utilize empty places
Got a house or flat that you are struggling to rent out? Don’t panic. Overhaul it and upgrade it, and consider utilizing the space for short-term lets and holiday lets instead. You can earn a much higher amount from short-term lets than you could for long-term ones. For instance, the monthly rent of a two-bedroom flat could be around £1000, but the weekly rate for a holiday let of a two-bedroom flat could be £750, which means a month you would earn £3000 from holiday lets alone, tripling your income. All you need to do is list your property on Air BnB and start letting it out.
There you have it, a few simple hacks and ideas for ways in which you can boost your rental income in 2021.