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Rental properties are a great way to increase your income without much extra daily work. However, for many landlords, the profits earned from tenants living in your residential property is not enough. Luckily, monthly rent is not the only way you can make money off of a rental property. Here are a few creative ways to maximize your earnings on the properties you lease out.

3 Ways to Make More Money From a Residential Property

1. Install Solar Panels

Solar panels do more than make your residential property green and eco-friendly—they also give you the opportunity to earn money on top of rent. Solar energy can power the entire house without forcing your tenants to sign up for electricity through a utility company. Any electricity produced beyond what they use can then be sold to the utility company, helping you net a nice profit on top of monthly rent. You can even increase the rental price once you install solar, as many renters see it as an additional benefit well worth paying a bit more for each month.

2. Lease Out Storage Space

Storage is almost always at a premium, especially when you’re renting and can’t make improvements to the property. If you have a couple of storage sheds or empty basement space at another property, consider opening it up to your tenants to use for an additional monthly fee. You can increase your income without significantly increasing the responsibilities you have as a landlord.  

3. Incorporate Mainstream Revenue Earners

Residential PropertyIf you have a multi-family residential property, there’s plenty of opportunity for additional revenue. Install a soda machine to bring in additional income each week with minimal investment or work required. Instead of providing washer and dryer units for each apartment, install a central coin-op facility. This will help generate revenue each week while also cutting down on individual maintenance requests. The fewer machines used on a daily basis, the fewer parts that can break.

 

Looking to buy an investment property to expand your monthly income? Let the dedicated team at SWE Homes in Houston, TX, help you find the perfect commercial or residential property today. They believe that owning a home, whether an investment property or a primary residence, should be attainable for everyone. Learn more about their easy financing options online and call (713) 413-1000 to schedule an appointment with an agent today.

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