By Justin Becker
With 2021 finally here, it seems like we might finally be moving toward some semblance of normalcy. In recent months, landlords and building owners were just thankful to receive regular rent from their tenants. Now, however, it might be possible to increase rents and rental housing revenue to start covering your losses.
Raising the rent might not be the best way forward, especially as the pandemic is still going on in most parts of the world. We don’t want to punish anyone simply because they’re renting from us. But it might be possible to generate rental housing revenues in other ways.
Let’s have a look at some of these methods now and decide upon the best ones for your needs.
Amenities are something you have to provide to renters. But you can provide some extras at an additional price. If any amenity is particularly in demand, such as parking space, you can rent it out to get additional revenue.
You can get even more revenue by charging more for parking during days when the area is more crowded than usual. For instance, if a city has a monthly or yearly festival going on, parking can become a precious commodity. The rates of parking will go up everywhere. So, there’s no reason why the space on your property will remain the same.
Keep in mind that you can offer parking to people who are not your tenants. If the tenants have an issue with cars taking up space so close to their living places, you can offer them a fraction of the revenue collected.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.