Revenue streams for rental property
Revenue streams for rental property are an essential source of revenue to make a property profitable!
Washers and Dryers
- Buy some coin-op machines and collect and repair them yourself. (You must depreciate the cost of these appliances over time.)
- Lease the machines. (The entire lease payment is deductible.)
- Split the revenue with a laundry vendor. In many cases, vendors own the machines and are granted space in the laundry facility and provided with hookups – the vendor does everything else.
Storage Space
If you have the land available, you can build separate storage units or garages that provide both storage and covered parking.
Rental Furniture
Many young renters don’t have much furniture, nor do they want to be stuck with too much. You can rent furniture to these residents, making life more convenient for them while pocketing some revenue for yourself in the process.
Vending Machines
- Smartphone charger cables and headphones.
- Coffee
- Toilet paper
- Soap
- Tylenol/aspirin/feminine hygiene products
Charge a Pet Fee
It’s usually a relatively easy matter for a landlord to tack on an extra rent charge of anywhere from $10 to $50 per month to accommodate a pet.
Advertising
Your property could be home to a billboard
Telecom and Media Deals
Landlords are essentially becoming distributors for these media companies – and taking a cut of revenues on the back end.
Build Communities
If you can build a community, encouraging your tenants to connect with each other, it will make it tougher for your good tenants to leave.
- Wine and cheese events
- Concerts or movie nights in the common areas
- Food truck events
- Pizza nights
- Barbecues
- Raffles and contests
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