33 Ways to Generate More Property Income
July 2, 2019
Multifamily Insiders recently reported its findings for the most common ancillary income types for apartment communities. But there are other ways to generate revenue while delivering value to your residents. Read on for Mike Whaling's suggestions.
Last month, Multifamily Insiders published the latest edition of its study on the most common Ancillary Income types for apartment communities. I’ll give you the top five types:
- Application Fees
- Late Fee
- Pet Rent
- Early Termination
- Month to Month Fee
And here are a few more personal favorites:
- Lapse in Renters Insurance Fee
- Redecoration Fees
- Resident Discount Program (This seems counter-intuitive unless we’re at CostCo.)
- Marketing Coordination Fee (to pay for social media at the property)
- Eviction Holdoff Fee (You can’t pay, so we’re going to charge you not to kick you out.)
- “We also have community gardens, which we charge for”
