Managers can easily fall into the trap that the rent is the rent and miss great opportunities to drive additional revenue from a property.
Let’s take a few minutes and brainstorm the possibilities.
With imagination and focus, the possibilities could be endless.
Rent Booster Idea #1: Consider offering the first month free, if the resident agrees to a greater monthly rent amount on a 13 month lease. This could be a great tactic to boost your rent numbers if you are anticipating a sale of the property down the road. There could be a significant boost to value for premium rents if you used this tactic for a month or a two prior to a sale significantly in the future.
Rent Booster Idea #2: Offer roommate leases at a premium in a market where they are not available. This approach could result in a per unit rent rate that is 60% or more greater than a basic unit rent rate. There are some lease contract and management issues to overcome, but properties do this every day. This could be a superb idea for investors by foreclosed “mcmansions“.
Rent Booster Idea #3: Offer a very basic furnished unit where you buy and own the furniture. In some markets (I know from experience), this approach can almost double the rent.
Rent Booster Idea #4: Look into setting up to pay hotel tax if you have a large transient community. Monthly leases could bring a large premium and fill some turnover vacancy resulting in higher average occupancy and significantly increased rent.
Rent Booster Idea #5: Consider offering unit specific appliance features such as counter top microwaves, washers and dryers, disposals, portable unit storage buildings (fork liftable), etc. for increased per month unit rents based on addendum adds. This could particularly effective with townhome style and ranchstyle units common in many older complexes.
Rent Booster Idea #6: Look into partnership memberships with local gyms or facilities based on addendum agreements. This idea is not only a great rent booster, but could significantly enhance the amenity value of your property.
Rent boosting ideas are more than good ways to enhance rent. These ideas often can result in a higher perceived property value and quality. Customer service ratings can rise. Occupancy can be enhanced. Combined with the bonus of more cash flow, rent boosters are good business for you and your property. The best managers will spend time every week looking for ways to enhance rent.
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