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how to increase revenue on rental propertyIncreasing revenue in your rental property business is a sure way to financial freedom with rising prices and stagnant rents in the Asheville, NC market. It’s easy to think that adding to your bottom line is not possible. However, if you are looking for ways to diversify your revenue streams with your rental properties, you can decrease your reliance on rental income alone. 

How to Increase Revenue on Rental Property Asheville, NC

In this quick guide, we will share a few ways to increase revenue on your rental property in Asheville, NC.

1. Leasing Fees

Finding new tenants can be expensive, especially when many property owners are becoming more and more flexible with their lease terms. One way to recoup some of the costs associated with finding and keeping tenants is to add on the following leasing fees:

  • Application Fees
  • Short Term Lease Fee
  • Furnished Unit Fee
  • Pet Fee

By implementing these fees, not only can you offset your costs in finding renters, you can weed out less ideal tenants or tenants who are not serious about renting your property.

2. Add Ons

One way to diversify your property's income is by adding services that are not covered under a typical lease agreement. If you are an owner of multiple properties, you may be able to obtain lower prices for things such as garbage pickup and high-speed internet. 

Not only are these HUGE value adds to your rental property, but you can also leverage your preferred pricing by marking it up and adding it to your rental package.

In addition to packaging things like utilities and garbage pickup, there are plenty of other add-ons that you can markup and include in a package deal. They include:

  • Lawn Care
  • HVAC Filter Replacement
  • Garden Lot Rental
  • Seasonal Pressure Washing

Utilizing add-ons as part of your rental agreements can increase revenue by adding value, instead of just raising rents.

3. Amenities

If you own an apartment building or townhouse community, a great way to add value while increasing revenue is to add upscale amenities for which residents would be willing to pay extra. 

Onsite fitness centers, pool memberships, parking with 24/7 security, etc., are all great amenities to add to your property if you are serious about capitalizing on your tenant's desire to design their life around your rental properties. Many of these items also improve your property value, as well as safety.

Asheville Phoenix Properties - Your Premier Rental Property Management Company

Hiring a property management company may be your best bet in increasing revenue for your rental property. Property managers can keep your properties full, manage amenities, maintain your property, and suggest ways to make more of your property. 

At Asheville Phoenix Properties, we believe that you should make the most of your rental properties while minimizing your involvement. We have over twenty years of real estate management experience and know-how to help owners and tenants by handling every area of a rental property.

If you would like to spend less time worrying about your rental properties while maximizing revenue, contact Asheville Phoenix Properties today. Our team will get to work on marketing your property, finding quality renters, and managing your property throughout the term of a lease.