In the competitive world of property rental, landlords are constantly seeking ways to maximize their income. While setting a fair rental rate is crucial, KB4 Property Group understands that additional fees can significantly boost their revenue without overly burdening tenants. Here are 5 additional fees that KB4 effectively implements while maintaining tenant satisfaction.
1. Pet Fees: The majority of tenants are pet owners, and allowing pets can attract a broader pool of renters. However, pets can cause wear and tear on a property so make sure you are vetting the pets as well. KB4 charges additional pet rent from $35-$50 per pet depending on size and type.
2. Washer and Dryer Rental: Properties with washer/dryer hookups, KB4 capitalizes on this amenity by charging a monthly rental fee for the washer/dryer. They purchase and install the washer/dryer and rent back to the tenant for $40/month. Another great way to rent these appliances is to include for free into the 1st month of the rental and then see if the tenant would like to keep and rent.
3. Parking Fees: Parking is a valuable commodity, especially in urban areas where parking spaces are limited. KB4 charges additional fees for designated parking spots at the property. Fees Range from $50-$75 per month.
4. Storage Fees: When the property has extra storage space, KB4 offers this rental space to current tenants. Whether it’s a basement storage unit or a detached shed the tenants are able to store their additional belongings on site and out of their apartment. This is a win-win situation. Most storage fees are monthly at $35-$50 a month.
5. Internet Bill Back: In today's digital age, internet access is essential for most tenants. KB4 Property Group has found they can include the cost of internet service in the monthly rent and bill it back to tenants as an additional fee. Typically KB4 is paying for internet access to run security cameras and now the tenants will receive the benefit of cheaper internet and the owner will receive additional income.
Implementing additional fees requires careful consideration to ensure they are fair and transparent. We recommend you offer these services as additional value add services and communicate the process to your tenants before they sign up.
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