4 Alternative Income Sources for Landlords

Even when getting top dollar for a rental property, many landlords still find rising taxes and insurance costs squeezing their bottom line. Well here's some good news, you may already have ways to increase your bottom line with little or no investment using the space and resources that already exist at your property.

Coin-Operated Laundry - Putting coin operated laundry machines in your property can really increase revenues. Your initial investment can range anywhere from $700 - $3,000 for a unit but depending on the size of your property, you could make that up pretty quickly.

Storage - Buy or build lockable storage lockers in a common area and rent them to your tenants for an extra $10-$20 per month.

Pet Fees - If you're not renting to tenants with pets then you're missing out on a great source of extra income. I know that animals can really ruin your rental unit if the owners don't keep up with them. But that's why we charge a fee. Charge your tenants $25 a month for one pet and $10 for each additional pet.

Advertising Space - If your building is on a corner lot or on a busy street, you might be able to charge local businesses for billboard or mural advertising (photo above). Make sure that you check with the town first to make sure that this type of signage is legal. If not, no problem, just apply for a variance with the board of appeals.

Just remember, to begin charging existing tenants, you may need to create a lease amendment at renewal time to add new changes. With month-to-month renters, give a 30-day written notice to advise them of any increase in charges.