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7 Ways to Increase Income From Multi Family Property | Green Light Real Estate


7 Ways to Increase Income From Multi Family Property


When it comes down to it, you own multifamily property so that you can make money. You want to make a profit each month with cash flow. You want to increase the value of the property so you can either sell for a profit, or refinance and pull equity out for other projects.


You’re a nice person. But you’re not investing out of the goodness of your heart. Profit matters.


The best way to improve the monthly cash flow is to increase income, decrease expenses, or both. Here are seven ways that you can increase your building’s income, increase your tenants’ happiness, and increase your building’s value. It’s a win-win-win!


#1: Market Rent

Are you charging market rent? That doesn’t mean “average rent”. If your property is below average, then you’re not going to get average rent. But you should charge enough so that you’re getting paid what the unit is worth. (If you missed the earlier Barre Multi Family Report about average rents, just email and we’ll send it to you.)


If you haven’t increased rent in a couple years, consider doing so now. Have your expenses gone down? Not likely. I’m willing to bet your property taxes and water/sewer bills haven’t gone down.  How about at least passing along the increases that you’ve been eating. There’s probably room for higher increases than that, but at least it’s something.


#2: Small Improvements Go A Long Way

Can you do some improvements that make the place more desirable? You don’t have to do an entire apartment renovation to justify increasing rents. How about installing new countertops and new appliances? (Especially if the old ones were nearing the end of their lives anyway.) Or,  installing a new toilet, sheet vinyl, and a vanity in the bathroom. 


Call or email Green Light Real Estate 802-225-6425,


#3: Storage! Storage! Storage!

Lots of apartments lack storage. Can you find or make storage in your units? Even enough for tire storage, holiday decorations, and moving boxes can make a big difference in quality of life for a tenant. And you can charge for it. We recommend making storage safe, secure, and simple. Remember that you might have to pay to have it emptied if the tenant “forgets” when they move out. So, consider adding something to the security deposit to cover for that possibility.


#4: Laundry

Everyone needs to wash their clothes. What if you added laundry hookups in the units? I’m not saying you even have to provide the machines, although that’s nice. Just having the hookups gives tenants a nice option. Or, if your building lends itself to a common laundry, coin-op might be the answer.


Call or email Green Light Real Estate 802-225-6425,


#5: Arf. Purrr.

Furry friends are more and more popular. There’s an age old debate about allowing pets in rentals. The pros are that you can have more tenants to choose from, and therefore might be able to pick a better tenant. You can also charge a pet premium, and hold an additional deposit. 


Cons are that pets can cause damage, disturb other tenants, and could cause insurance or liability issues.


#6: Delivery Amenities

Do your tenants shop online?  Do they have packages delivered to their homes? Could you install a secure home delivery mailbox system for the tenants? It would give your tenants peace of mind, and also, perhaps prevent tension between tenants. You and I know that our tenants would never accidentally take a package that belongs to their neighbors. The neighbors, however, might not always think that.


#7: Covered Parking

Some buildings have the space and the exterior layout to allow for garages or more simple carports.  Check with zoning, and then run the numbers. What would it cost to add covered parking? What rent premium could you charge? Up to you whether the return is worth the investment of time and money.


Call or email Green Light Real Estate 802-225-6425,


There you go. Seven solid, actionable ways that you can increase income in your multifamily rentals. Pick one or two, and see what the results are. 


Is it time to stop being a landlord, or to divest some of your holdings? 


Call or email Green Light Real Estate for a free comprehensive property valuation. We always have buyers that are qualified to buy. Our buyer list has people who buy:

--Turn key, mint condition prime properties

--Buildings with some deferred maintenance, and are a little dated

--Properties that are in rough shape

--Buildings with all ranges of tenants, from dream tenants to nightmare tenants

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