How to Make More Money from Rental Properties?

Hi, I just came across your question, and I can provide a few more tips. Rohan did a great job explaining some of the best ways to make more money from rental properties. But he missed out on a few key tips. So, if you are trying to learn how to make money off of rental properties, then you can follow the points that I have mentioned below. 

How to Make Money with a Rental Property?

Apart from the points mentioned in the other answer, here are a few points you can follow to make more money from your rental properties.

Short-Term Rental Options

You should consider short-term rentals if your property is near tourist attractions or business centres. Some of the short-term rental options are Airbnb or VRBO. Compared to long-term rentals, these often provide higher daily rates, but you need to manage them actively. 

Optimise Rental Units for Remote Work

After COVID-19, the number of people who prefer to work from home has increased drastically. You can optimise your rental units for work from home. This can create a great space for people who are looking for a living space and an efficient and comfortable office.

And that is how you can make more money through rental properties. I hope you find this information helpful. 

Hi there,

What I have understood over the years is that rental properties can be a great source of building wealth and funding a lifestyle of your dreams. Initially, I was too sceptical of investing my time making money through rental properties but I am so glad I took the leap of faith and started by renting a 1 BHK flat that I owned. Soon, I realised how much I can add value without having to increase my operating expenses faster than my profit margins. I also tried a few different methods of how to make more money from rental properties. I will be more than glad to share my methods with you.

How to make money renting out houses?

These five techniques will help you raise your rental revenue whether you're a rookie investor with a single rental property or a seasoned owner with a large portfolio of rental properties.

1. Fully Furnished Apartments and Rooms for Rent: One of the most prevalent types of furnished apartments are vacation rentals. So if you want to know how to make money on vacation rental property, you may charge a premium for these real estate rentals not only because they are equipped, but also because they are for such a short period of time.

2. Provide more storage space: Renters arrive with holiday decorations, bicycles, and seasonal clothing, all of which necessitate storage. As a result, storage capacity has always been in short supply. By providing additional storage space, property owners can capitalise on this universal demand.

3. Resident Turnover should be kept to a minimum: It takes time and money to find new tenants. You don't want to be forced to replace good, dependable tenants. Fortunately, there are a few things you can do to reduce turnover and boost rental revenue:

• Deliver outstanding client service. 

• Create a sense of belonging. 

1. Provide Extra Services and Amenities: Some tenants, particularly individuals in high-income areas, are content to pay for these services. Offering these services can help you enhance your rental property income while also improving resident satisfaction.

2. Increase the number of rental properties you own by reinvesting your rental income: Increase your real estate portfolio to maximise your rental property profit. You can continue the cycle with numerous properties to enhance your monthly cash flow and net worth once you've learned how to make money from rental homes through your first rental.

These are a few tricks up my sleeves for how to make more money from rental properties. I hope they’re useful to you.