So, you need help coming up with new revenue streams for your multifamily property. Well, this week I’m going to help you understand 10 different ways you can create new revenue streams with a multifamily property.

Of course, one of the most important aspects of looking at multifamily properties, especially apartment buildings, is making sure you’re optimizing your Net Operating Income (NOI), which drives up the value of your buildings.

In the past, we’ve talked about some of the different operating expenses happening throughout your properties, but today, we’ll focus on how to drive more revenue. This is because, at the end of the day, once you generate more revenue, you’ll understand how your operating expenses are working. You’ll have a better grasp on your debt services and you’ll, therefore, have a higher net income.

You already know about rent, which is the most basic and standard of income, but what are some other ways to drive revenue? The first one is pet fees. A lot of people have pets, which makes this an excellent revenue stream for you. You can either set it up as a non-refundable fee when someone moves in or as an ongoing monthly fee for having a pet on site.

Next, you can think about the ratio utility billing system (RUBS), which can also generate more for your net operating income. The idea here is that there will be fewer expenses, which ultimately means more revenue. Your residents will pay for their own water, sewer, utilities, or trash, which strengthens your own net operating income.

A third form of income is offering laundry services. You can have washing and drying machines in the facility for a multifamily property. There are also a lot of residents who are busy during the day and come back in the evening, hoping to have their suits, skirts, and blouses nicely pressed.

The fourth form of income includes providing internet services. Every single day, more and more people want to have high-speed internet in their apartment. If you can package that up for someone, it shows you’re focused on your resident because they don’t have to contract a service on their own, but you’ll also be able to make a net profit.

A fifth form of income would be having a trash removal service. You can charge a fee to have someone’s trash taken out every single day so they don’t have to do it themselves. You can set this up in whatever way works best for you and your residents.

Next, you can offer cleaning services. A lot of residents work all day, so they don’t have time to clean their apartments themselves. This is a service you can charge a fee for on a weekly or monthly basis.

Much like the internet, you can also charge a fee for cable TV. While a lot of people watch videos on their computer or their phone, there are still many residents who would like to have cable when they come home from work.

Our eighth type of income comes in the form of parking spaces, whether you’re in an urban area where it’s difficult to find space, or if you’re fortunate enough to have a building or a covered parking area. You can charge a premium to have that available to your residents. Once again, think about your resident and what they want and need, as well as what they’re willing to pay for in regard to additional services.

Next, you can also offer vending machines. There are many different choices here, depending on what type of property it is. You could even put a vending machine in your laundry service area, which would encourage residents to use both. You can offer water, juice, or just about any kind of snack.

Finally, at number 10, you can also offer additional space in the form of more units. Imagine expanding and being able to increase your income by offering larger, newer, or just additional units. You can optimize your space and increase your revenue, too.

So, there you have it: 10 revenue streams for your multifamily property besides rent. These are focused on helping improve the overall experience for your resident. Once they have these options, your tenants may choose one or more of these services depending on their wants and needs, as well as how competitive your rates are and the quality of your services.

I know we often get stuck when it comes to thinking about revenue on options beyond just rent. As you continue to educate yourself and move onto larger types of property, you’ll be able to think about different ways to drive more value and gain more revenue.

For those who don’t know me, I’m Billy Keels with KeePon Cashflow. I like to share a number of different strategies and tips for how you can make more money, have control over your free time, and ultimately live with less stress.

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That’s my two cents for today. As always, hasta la próxima.

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