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5 Ways to Rent Your Home for the Most Money Each Month

5 Ways to Rent Your Home for the Most Money Each Month

As a landlord, you can always optimize the rental income you earn from your property. When you adopt certain clever strategies, you can turn the rental income into a steady monthly income stream.

Here are five ways to rent your home for most money each month.

Multiple tenants: If you have two to three bedrooms and at least two baths, you can let the property out for multiple tenants. You could consider asking if your tenant wants to share the space with any of his friends or co-workers. It might be an attractive proposition for the tenant as sharing the home can reduce the rent. If you have only an extra bath, you can let that out as well separately. If you have two bedrooms and two baths that you can let out for $ 100 per week to multiple tenants, it can add up to $ 2000 a month.

Add services: Most tenants would be happy to get Wi-Fi, washing machine, housekeeping and so on done for some extra cost. If you are willing to put in some extra hours into housekeeping, you could make a neat sum every month. An additional $500 a month translates to $6000 in a year just by adding a few extra services.

Rent out storage spaces: There are websites that let you rent out your storage spaces including attics, basement or closets. Upload pictures of the space and set a rental.

Rent out backyard or parking space: If you have a spacious backyard or a swimming pool, you can consider letting it out for weekend campers. Even if you charge less than hotels, it can still be a money spinner. Spruce up the backyard with some landscaping, barbeque, and shower if you can. Although the initial investment can be high, you would be able to reap rewards month on month with the weekend renting out. Or better still, you can let your tenant use the backyard or swimming pool to hold events or parties at an extra charge.

If there is enough extra space available in the property, consider letting it out for parking space as well. If you live in busy areas where people struggle to find parking space, you can make the most of the opportunity.

Take in guests: If you have spacious rooms, you can consider letting them out via Airbnb and HomeAway. Airbnb is a hugely popular way of making more money with rental properties. Just upload pictures and decide a price for each of them. According to statistics shown by Airbnb, at least nine days in a month are taken up by guests. You can set different rates for each room based on the size and other facilities. If you have a great master bedroom, you can price it for as much as $120 to $130 per night. You can throw in continental breakfast and make a total neat sum of $6000 in a year.

Travel websites like Airbnb could charge up to 3% as service charge whenever a booking is made by guests. But since you can control the rental you charge, you would be able to cover the service charge as well.

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