15 Out of the Box Ways to Earn Extra $$$$ on Your Rental

[Nick Mertens]

Below is a list of interesting ways we've been able to up our earning potential on our properties. These are in no particular order. Does anyone have any other good tricks to suggest?

1. If the building is multi-family, create a RUBS (Ratio Utility Billing System) system and bill back utilities.
2. Single Family Home? Rent out the rooms individually and have common areas (works especially well near universities!).
3. Have extra land? Find out the zoning and either build a garage or a new building on it. You can rent out either. Or, add a concrete pad with an electrical connection and rent it out as a trailer pad. Purchase storage containers and rent them out.
4. Have a garage that is separate of the building? Rent it out separately.
5. Capitalize on short term rental opportunities (think AirBnB, VRBO, etc.).
6. Charge for parking.
7. Is Medical Marijuana legal where your rental is? You can charge a premium for a grower and you can also dictate where they grow (ex. the garage).
8. Charge pet rent and pet deposits or flat fees.
9. Charge for storage lockers.
10. Unfinished basement? Finish it and rent the place for more.
11. Have a basement with a separate entrance? Isolate the basement and rent it as another unit.
12. If zoning allows, build a carriage house or a suite on top of the garage and rent it out as a separate residence.
13. Multi-family? Earn extra cash from coin operated washing machine units.
14. Allow a cell-phone company to build a cell tower on your property.
15. Extra land in the city? Put a community garden plot on it and rent the lots out.