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Investment, Real Estate

How to Get More Profit from Your Fort Lauderdale Rental Property

Are you searching for ways to get more profit from your Fort Lauderdale Rental Property in 2019? If so, you’ve come to the right place! In this article, we will share with you proven tips you can use to earn more money from your rentals.

Tip #1 – Increase the Rent

This is by far one of the easiest ways to earn more profits from your rental property but it’s also the most controversial because no tenant likes rent increases.

If you plan on increasing the rent, make sure that you first research comparable rental properties in the area to find out what they are renting for then you should only increase the rent to the fair market amount.

How much should you increase the rent by? Depending on your location, you should increase the rent by at least $50 per month since most tenants will have difficulty budgeting for rent increases of $100 per month or more.

Tip #2 – Offer More Services

Do you own a single-family home or multifamily rental property that doesn’t currently have a washer and dryer? If so, consider adding a coin operated washer and dryer to your rental property because these can easily bring in an additional $100 or more per month in profit for you and they are easy to manage.

Tip #3 – Allow Pets

Last of all, but most important, another great way to increase the monthly profit from your rental property is to allow pets in your rental.

Although most landlords have a no pet policy at their rental, the reality is that many pet owners are responsible people who train their pets and value their rentals because they know how rare it can be to find a pet-friendly property.

When you allow pets in your rental you can easily charge a pet deposit of up to $500 and a monthly pet rent of $50 to $100 per month.

Grow Your Portfolio of Fort Lauderdale Rentals

Planning on adding more Fort Lauderdale rentals to your investment portfolio in 2019? If so, Orange Avenue Realtors® can help! Let us show you properties in the area that would be a good fit for your investment portfolio.

Contact Malico Watson today by calling him at (414) 384-9999 or click here to connect with him online.