The main goal of owning a rental property is generating as much income as you can, which means you'll need to attract and retain tenants. Fortunately, there are several creative solutions you can use to boost your rental income, so that you're getting the most out of your property.

If you're looking to boost your rental income, you should consider offering your tenants additional services. For instance, when signing a lease, you could offer tenants cleaning or maintenance services for an additional cost. Many tenants will appreciate these extra services because of their convenience, even if they need to pay a little more. Other additional services you could offer include storage space, extra parking, and trash removal.

Updating your property is another way you can boost your rental income. Tenants are much less likely to sign a lease for a property that is outdated, so investing in a few upgrades can make it easier to attract renters and to generate income. You could, for instance, update the façade of the rental property to make it more attractive, or add amenities to the interior of the building that will be enticing to potential renters. The right upgrades will make securing tenants and generating income a great deal easier.

Strategically raising the rent for your property can be another method to increase income in some circumstances. Although raising rent can be warranted, it can also anger your tenants if you don't get the timing just right. In a strong economy, tenants will be much more likely to accept a rent increase, especially if they know a portion of this money will go towards improving the property.

With a little creativity, you should be able to boost your rental income without trouble. Just a few small adjustments can make a big difference in the value you're getting out of your property, especially if you keep your tenants' wants and needs in mind.

Source: Mashvisor