If there was an opportunity to boost your income as a landlord, you'd take it, right? When it comes to making more money, raising the rent can seem like the most sensible thing to do. You have the right to do so as long as you follow state laws. However, rent increases are more likely to generate complaints from tenants - including your best long-term tenants. 

The good news is that you can leverage many other ways to maximize rental property revenue. That's what we're going to tackle in today's blog post.

1. Rent out your garage. 

Surprised? Yes, you can actually earn additional income each month by renting out an empty garage of yours. Nowadays, a lot of people are willing to pay for storage to make their lives easier. Small business owners and startups might need a place to keep their supplies. Contractors have tools and equipment and your garage can be their go-to storage solution. 

2. Use an empty unit as an Airbnb.

One of the things that a landlord becomes anxious about is a vacancy. Instead of feeling discouraged, know that you can rent an empty unit out through Airbnb. You decide how much to charge per night and also enjoy protection (since Airbnb provides coverage for damages). 

3. Introduce optional washers and dryers.

If you own a multi-unit, placing an on-site laundry facility entices tenants who are too busy to do the laundry even on weekends. Since some tenants will be outsourcing such service anyway, having coin-operated washers and dryers is a good idea. 

4. Have a late fee rule. 

Do you charge a late fee when a tenant of yours fails to pay the rent on time? If you haven't yet, be sure to have it written on the lease. Charging your tenants a fee for late payments is a simple way to discourage them from making late payments a habit.

Remember that the rent collection is an essential part of running a profitable business. In the lease agreement, you must indicate when you will be collecting a late fee and the amount. Many landlords charge 5% of the monthly rent. 

5. Reduce tenant turnover.

Finally, to get the most out of your rental property business, don't give them reasons to leave. Consider allowing pets in the rental. Provide financial incentives to long-term tenants such as early payment discounts. Allow all tenants to pay rent online (which is more convenient). Most importantly, screen potential tenants carefully to avoid problems down the road. 

Conclusion

These tips show you that you can reach your financial goals as a landlord without increasing the rent. Add other streams of income that are fair and reasonable. 

Here are more helpful landlording guides:

• How Landlords Risk Income Loss (And Ways to Avoid It)
• 9 Ways to Maximize Revenue from Your Rental Property
• Renting Out Your Spare Room? Here's a Guide That Helps
• How to Raise the Rent Without Losing Your Renters
• Get Paid On Time: Rent Collection Tips for New Landlords

If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!