The most obvious way to increase revenue as a commercial property owner is to maintain a high occupancy rate. The value of your multifamily property can also be increased if you add additional streams of income.  When the income streams are in-demand features, the two strategies work together to increase Net Operating Income (NOI). The following are some ideas for adding value to your apartment property with new money-making ventures.

Vending Machines

Residents in apartment communities flock to vending machines enthusiastically enough to increase NOI by $2,500 weekly for at least one investment group. Robotic convenience stores and automated vending machines stocked with food items and household goods alike also improved an already high occupancy rate an additional 5 percent. It is a proven benefit, to give residents an on-property shopping experience. One key to success is to sell items that fit the particular demographic of the commercial property.

House Cleaning

A residential property manager can negotiate with a house cleaning service to offer tenants reduced rate cleaning services and keep a cut of the profits at the same time. This income stream has the additional perk of keeping the property in better condition.

Landscaping Services

Thinking outside the box can really pay off in unexpected ways. Most properties already have a landscaping service, outside basic maintenance personnel. Negotiate with the landscaping service to provide personalized landscaping for tenants and let the property owner keep a margin of the profits.

Coin-Operated Laundry

Installing coin-operated washing machines and clothes dryers is a money-making venture that some landlords are on the fence about, in spite of upsides. Tenants can be drawn to an apartment complex due to laundry room availability. You can charge the costs of water and electricity to operate the machines to the tenants, which means you don’t have to have any loss of profit. Laundry accommodations are often moneymakers, especially if you make laundry detergent, fabric softener, and dryer sheets available for sale, at a good profit. The laundry room is also the ideal place for a profitable vending machine.

Storage Units

If there are any storage spaces on your rental property, use them as additional income streams. Garages can be rented out as storage space. Areas underneath stairwells can also be converted to storage areas for rent. Tenants often appreciate the opportunity to store belongings onsite instead of having to use a separate self-storage facility.

Short-Term Rentals

For a sizable premium, you could offer short-term rentals on your property of three to six months. If there is a market in your area, this could be a new, steady income stream that’s well worth the added hassles of extra tenant rotations.

More Help from

To put a team of experts in your corner and make maximum profits from your investment property, contact Weaver Realty Group. It is a locally owned company with more than 40 years of knowledge about full-service real estate and 20 years in third-party property management. We provide innovative solutions to our customers, who are located throughout the Florida peninsula. Contact Weaver Realty Group today at 904-733-0039 for help implementing new revenue streams and much more.