Best ways to increasing rent/income for SFRs and small MFRs?

[Christian Rojmar]

There may already be threads out there on this topic that I have not seen. But what do you find being the best ways to increase rent or generate more income for your SFRs and small MFRs? A few things I can think of at the top of my head is to:

1) Add leasing fee for additional occupants;
2) Offer landscaping services for a fee;
3) Allow for pets and charge pet rent (as long as you have durable materials in home to avoid faster wear and tear);
4) Update hardware in kitchen;
5) Change old light fixtures - make sure you have good light in the home;
6) Update doorknobs;
7) Repaint front door; and
8) Add outlets with USB ports.

I have heard some people mentioning that adding a smart thermostat can help increase rents - anyone have first hand experience?

[Jonathan Greene]

For small multis, my best money in vs. rent out is on segmenting the areas for parking and backyard. I want to reduce the chance of tenant arguments so if there are two spaces or four spaces for parking I mark them for each unit when possible. When I have a backyard that is big enough, I fence half of it for each so that they each get some privacy and never bump into each other in the yard. Low costs, higher feeling of home, higher rent.

I agree 100 percent on allowing pets. You will get very good renters this way who are desperate because they have a big, but friendly dog. BUT I always suggest meeting the pet first. So many rentals don't take pets that those with two pets or big pets will overpay for a nice place.