You have a property and you want to make more money from it. Just raising the rent is not always the answer. There are ways to get more money from your rental property. I have been a landlord for a time and I have tried many different things. Today, we will look at some rental income strategies that really work to increase your income without losing your good tenants. By the end of this you will have a plan to make more money from your rental property.
Strategy One Increase Rent In A Way
The most obvious way to get more rental income is to raise the rent. You have to do it right. Never raise the rent by than 5 to 10 percent at a time. If you raise it by 20 percent at once your tenants will leave. You have to give them notice. In places that means telling them three months ahead of time. You have to explain why you are raising the rent and show them what they get for the money. You should also tell them about inflation. I have found that tenants are okay with increases every year. A 3 percent increase each year is easier for them to accept than a 15 percent increase every five years.
Strategy Two Reduce The Time Your Property Is Empty
When your property is empty you do not make any money. To reduce the time it’s empty you have to start looking for new tenants early. Send notices to your tenants 60 days before their lease ends. If they are not going to stay you should list your property away. Use photos and write a great description. Make sure the rent is right from the start. I have seen properties sit empty for months because the rent was too high. You have to keep your property in condition. Happy tenants stay longer. You can use a property condition report to help you take care of your property and avoid neglect.
Strategy Three Add Value To Your Property
You can get money for your property if you add some value to it. You do not have to fix up the kitchen. Just doing a small things can make a big difference. You can put in lights paint the walls or get a new bathroom sink. You can also replace the carpets with new floors. If you do not have a washing machine and dryer in the property you can add them. If you have space you can add a parking spot. I have seen people raise the rent by 100 to 200 dollars per month by making a few small changes. You should focus on the things that tenants like the most.
Strategy Four Offer Deals To Your Tenants
Sometimes you can get money by offering your tenants a deal that is based on excellent rental income strategies. It sounds strange. Just listen. You can offer them a month of rent if they sign a 12 month lease at a higher rent. They will pay money overall but they will feel like they got a good deal. This works well in areas where there are a lot of properties for rent. You can also offer them parking or free utilities if they pay a higher rent. I have done this before. It works. It attracts tenants who might have looked at properties otherwise.
Strategy Five: Reduce Your Expenses
Getting money is only half of it. You also have to reduce your expenses. You should look at your property taxes. Are you paying much? You can challenge the taxes if you think they are too high. You should also look at your insurance. You can shop around to find a deal. You can reduce your utility bills by using energy lights and thermostats. You should also take care of your property to avoid repairs. A property condition report can help you find problems before they become issues. I have saved a lot of money by catching problems
Strategy Six Think About Short Term Rentals
If your property is in a location you might want to think about renting it out for short periods of time. You can use websites like Airbnb to rent out your property. You can make money this way than by renting it out for a long time. There are some downsides. You will have to do work and the property will get worn out faster. You will also have to clean it often. Some cities have rules about short term rentals so you should check on that before you start. I have done this before with properties in tourist areas. I made money but it was also more work.
Strategy Seven Offer Extra Services
Tenants will pay for things that make their lives easier. You can offer them services for a fee. You can offer to take care of their pets clean their house or mow their lawn. You can also charge them for parking or storage. In some buildings you can rent out the room. I have seen people charge extra for parking spots. You should think about what your tenants need and what they would pay extra for. A property condition report can help you find ways to make money.
Strategy Eight Review Your Lease
Your lease can also affect how money you make. You should think about how much you charge for a security deposit. You should also charge a fee if the tenant pays their rent late. You can include a fee for cleaning the property when they move out. If you allow pets you can charge a deposit. You have to make sure your lease is fair and protects your income. I have seen people lose money because their lease was not good. You should review your lease every year.
Conclusion
You now have eight rental income strategies to maximize your income. You can raise the rent in a way. You can reduce the time your property’s empty. You can add value to your property. You can offer deals to your tenants. You can reduce your expenses. You can think about short term rentals. You can offer services. You can review your lease. I have used all of these strategies. They work. The key is to take action. You should start with one strategy. Do it this month. Your rental property can make you a lot of money if you do things right.
Frequently Asked Questions (FAQs)
It is the law that governs all condominiums in Alberta. It sets rules for management, finances and owner rights.
The Condominium Dispute Resolution Tribunal. Owners can also challenge violations through the system.
Yes. All condominiums in Alberta are governed by the Alberta Condominium Act.
No. Boards must follow the Alberta Condominium Act. If they do not owners can take action.
You can read the act online. Many condo management companies and lawyers also provide resources.
Co-Founder & Director
Hafil Perincheeri is an engineer-turned-realtor, investor, and builder based in Calgary, Canada. As Co-Founder and Director of Greencasa, he specializes in home flips, property development, and investment strategies. Since 2019, he has guided clients in home buying, multifamily investing, and financing options like CMHC and MLI Select, ensuring transparent, informed decisions.