If you own or operate a small or medium-sized set of apartments, it’s always a good idea to try to make your rentals as competitive as they can be on the market. It’s also a good thing to try to find ways to add passive income to your bottom line. Combining the two goals can help you both increase the incentives for good tenants to stay and for new tenants to sign a lease and make your rental business more profitable. Here are some ideas that can help increase your passive income and make your apartments more competitive.
Add coin-operated laundry facilities on site.
Most rental complexes have unused space. If you own a single building, for example, there may be basement space available or a larger unit that’s harder to rent because it’s bigger (and costlier) than most apartment-dwellers want. Why not turn that space into a laundry room instead that can make life easier on your tenants? Unless your apartments all come with their own washer and dryer, which is an unlikely rarity, your tenants are being forced to do their laundry somewhere else. Having a laundromat right on the premises makes your apartments far more attractive to anybody who has ever lugged two weeks’ worth of laundry to the local laundromat and sat around all afternoon watching them.
The coin-operated equipment pays for itself over time and eventually allows you to make a profit, without any additional effort on your part. If you want to make it especially convenient for your tenants, put a coin machine in the laundromat that will let your tenants turn a $20 into quarters so that they don’t even have to remember to stop at the bank on the way home. Contact a company like Metropolitan Laundry Machinery Sales Inc. to learn more about coin-operated laundry equipment.
Turn empty space into storage rentals.
If you have dry, empty space in your basement, the installation of simple wire-cage enclosures can make it easy to turn that empty space into a source of additional value for you and your tenants. Wire-cage enclosure are generally inexpensive and easy to install, can be readily locked, and are easily rented out on a first-come/first-serve basis to your tenants.
This will also help encourage long-term tenants to stay because most apartment dwellers that are in it for the long haul suffer from a similar problem: not enough space for everything they own. Seasonal items, in particular, can be difficult to store in a smaller apartment. On-site storage can be a blessing that also attracts anyone who is in the process of downsizing but not yet ready to give up the history that’s represented in their accumulated belongings.
Open a private gym on the premises.
Take this cue from the hotel industry and offer gym services. You can either make it part of the “perks” of living in the apartments with an automatic membership (and a corresponding small increase in monthly rental prices), or you can make it an additional item that can be purchased independently on a monthly, quarterly, or yearly basis.
There are a lot of apartment dwellers who find getting to the gym difficult to do but would welcome the opportunity to work out on a few basic exercise pieces if they had the chance. Modern life can have some people going from bed to car to desk job and back again without the physical activity that people need to stay healthy. Having an on-site gym also makes working out easier if someone has a schedule that’s unpredictable or gives them their best workout time in the middle of the night.
Again, all of these ideas have an initial cost that can quickly be recovered as people pay for their use. Once your initial investment is recovered, you only have to deduct cleaning and maintenance costs from whatever else you are taking in—which could translate to a nice profit.