Adding Amenities to Rental Property to Enhance Incoming Cash FlowAll investment property owners know that incoming cash flow is king when it comes to rentals. So, once you have your income-generating engine in place, why not consider some additional ways to maximize your profits?

The good news is that there are some viable strategies for bringing in more money, without the need to give your properties a complete renovation or overhaul. For example, one method is to offer certain extras, such as in-unit washers and dryers.

Although this may set you back several hundred dollars up front, you’ll find that there are many tenants who will happily pay a rent premium for the added convenience of not having to leave home to wash their clothes.

You could also consider adding and / or updating other appliances. For example, a nice new dishwasher, stove, and fridge in the kitchen can help you to send the message that your units are clean and updated – something that many tenants don’t mind paying an additional $25 or $50 per month for.

This also goes for replacing and / or updating the bathroom vanity and toilet. While these items could cost you a few hundred dollars, too, the fact that the kitchen and bath areas shine can do wonders. You may also find that newer fixtures and appliances will help to reduce or eliminate repairs going forward – which in turn can end up saving you time and money.

If you aren’t charging an application fee to potential tenants, then this too should be a consideration. Not only can this increase your property’s cash flow, but it can also help tremendously with sorting out who is a serious potential renter and who isn’t.

Need more ideas on how to easily increase your incoming cash flow from your rental properties? Working with an experienced property management team can help. If you own investment property in Orlando and / or the Central Florida area, Contact Us today.