7 Ways You Can Increase Your Rental Income

As a buy-to-let property investor, rental income is the lifeblood of your investment - here are seven ways you can increase your investments income:

1. Keep it fresh, clean and neutral

If a lettings agent has provided a disappointing rental valuation for your property you may be able to improve it by redecorating in neutral tones. Good old magnolia paint is available in great-value bulk buy tubs. Add interest and an ‘interior design’ look with wallpaper on one feature wall.

2. Let fully or part furnished

If there is a demand for fully furnished properties in your area you may be able to capitalise on this by adding furniture to your property. 

Even if they are not going to be included in the tenancy agreement, stylish accessories and attractive bedding from Sainsbury’s can help create a desirable image for your property for photographs and viewings.

3. Invest in your kitchen and bathroom

According to the latest poll by estate agency group Spicerhaart, the kitchen and bathroom are the most important areas in the homes in which to invest.

If your budget won’t stretch to a new kitchen or bathroom, you could consider replacing the unit doors or updating old tiles for a relatively cheap transformation.

4. Create a low-maintenance garden

Few tenants are interested in spending a lot of time maintaining a garden so provide a pleasant outdoor area that requires little mowing or weeding, to maximise your property’s appeal. Reduce or replace your lawn area with paving slabs and gravel, while maintaining greenness with shrubs in borders.

5. Review your rent on a regular basis

Set yourself periodic reminders to check your rent against others in the area.  If the average rate has been increasing, you will be able to increase yours accordingly. 

6. Charge for late payments

Add a clause to your tenancy agreement to provide for a charge for late payment of rent to increase your income from late payers, rather than wasting time and money chasing them. 

7. Fill void periods

Many landlords consider void periods a fact of life but effective management can help to keep the time your property is empty to a minimum. As soon as a tenant provides notice that they will be leaving, begin contacting past potential tenants who have made enquiries and don’t waste any time before advertising.