Having rental property itself is a good source of income for most landlords however there are 3 ways to make more dollars at your property as an additional income.
1. RATIO UTILITY BILLING SYSTEM
Ratio utility billing system or simply RUBS is for apartment buildings that charge the residents for utilities in the common areas of the building. This is the cost-effective and fair alternative for submeters. It calculates a resident's utility bill based on occupancy, apartment square footage, number of beds, or some combination of factors. Check the regulations in your state before implementing this.
2. PET-FRIENDLY RENTALS
The pet ownership population is growing and more and more tenants belong to this society. Thus, as a landlord, you can consider this fact to have a pet-friendly rental property for this itself will help you accumulate additional income.
Charging a pet deposit and monthly pet rent can give you a 1-3% yearly increase in income.
3. CHARGING FOR ADDITIONALS (PARKING, STORAGE, ETC.)
Renting out additional space for parking or storage can be a low-maintenance way to earn extra income.