Buying multifamily properties generate more revenue as compared to single-family homes. People who prefer short-term tenancy are more interested in renting multi family properties due to affordability and convenience. Therefore, buying multifamily houses is a promising way to boost your rental portfolio.
However, buying and renting is not the only way to earn from rentals. There are other effective strategies that can help you earn more money from your multifamily rental in Philadelphia.
Offering Convenience Services
If you have enough space on your multifamily property, you can provide some convenience services to your tenants, such as on-site dry-cleaning, fitness classes, gym, lawn care, and babysitting services.
For pet-friendly rentals, you can provide facilities for pets, hiring people for dog walking and pet care, and charging your tenants for the services rendered.
In addition, renting out a storage facility can also help you to make additional income. Offering tenant insurance can fetch you a small amount from the monthly fees.
Rent Extra Space in Your Multifamily Rental
Multifamily houses like duplexes and apartments have enough space, such as basements and larger utility closets. You can rent these to earn additional income. Usually, renters do not mind spending more money on the facilities that they can benefit from, right in their premises. You can also rent the parking space.
Offering parking facilities to your tenants and outsiders during the festive seasons or during events, when there is a vast requirement for parking slots, is a good idea. In Philadelphia, you can earn around $5000 to $7000 by selling parking spaces, although this varies according to the size and location of your Philadelphia rental property.
Sell Electricity Back to The Grid
Though solar panels are expensive, it is a one-time investment that can earn you a steady income for decades. Solar panels are easy to install and offer you an opportunity to generate extra electricity. You can supply electricity to tenants and ask for the charges or raise monthly rents by adding the costs. Selling electricity to the grid is another way to earn a decent income.
However, you are legally required to have net metering in states like Pennsylvania. Net metering is a system that allows property owners to generate their electricity and sell surplus energy in exchange for extra revenue.
Apart from this, you can offer on-site laundry services to your tenants. You can use at least two vacant units for it. If there is enough space, you buy coin-operated machines and a laundry unit. Make sure you earn extra money than just the rental cost of those units.
Selling products to your potential tenants is another way to earn extra income. Make sure you select the products that tenants buy regularly and will regularly need, such as daily essentials, locks, first aid kits, and more.
With multifamily rentals, you have many opportunities to earn extra income. However, it is advisable to run market research and recent trends in your location. It can provide a better idea about flourishing business and the scope for future growth of your property.
TCS Management helps multifamily property owners manage their properties well, and earn maximum rental income from their real estate investment. Contact us at TCS management if you need any assistance in this regard.