You’re not alone if you’re looking for ways to maximize the rental income you’re earning on your Nashville property. In fact, it would be a little crazy if you shrugged off the tips we have for earning more.
As expert property managers, we have worked with owners, investors, landlords, and buildings to drive up rents, retain good tenants, and implement the kinds of changes that make a difference in profitability.
It’s about more than fresh paint and curb appeal. It’s about making your property a desirable place to live. How can you do that? We have a few ideas. Check them out.
Upgrade Appliances and Amenities
Modern tenants in Nashville are increasingly seeking convenience, energy efficiency, and comfort—and the good news is that they’re willing to pay a premium for it.
Smart home technology is also more important than ever. Including even a little bit of it in your rental property is an excellent way to maximize your rental income. Think about the value that a smart thermostat, a video doorbell, or included Wi-Fi brings to an available property. It provides a competitive advantage that will lead to higher rents and better tenants.
Upgraded features in a rental property were once completely optional, but now, they’re a necessity. In-unit laundry, for example, is the only way to attract good tenants and high rents. No one wants to go to the laundry room in a basement or the Laundromat down the street. By providing energy-efficient appliances and smart home amenities, you’re inviting tenants to save on energy bills, enjoy added convenience, and feel good about an enhanced quality of life.
Here’s why these upgrades are important to residents—and, ultimately, your success as a landlord or investor.
- Improved Quality of Life. Renters will often pay more for properties equipped with features like in-unit laundry machines, high-end kitchen appliances, or smart home technology that simplifies daily living. They’re happier living where they are. They’re willing to choose your property over others that do not have these features, even if it means paying more.
- Energy Efficiency. Tenants appreciate appliances with ENERGY STAR ratings, which help reduce their monthly utility expenses. It’s more than economics for a lot of tenants today. It’s also a sense of environmental responsibility.
- Modern Aesthetic. Function aside upgraded appliances and amenities give your property a fresh, updated look that attracts a wider pool of potential tenants.
Before making extensive upgrades, calculate your potential ROI. Assess the Nashville rental market, current tenant needs, and the competition. Spending strategically is necessary to ensure every dollar spent produces measurable results.
Pet-Friendly Nashville Rentals Earn More
There’s a growing demand for pet-friendly rental properties in Nashville. According to the American Pet Products Association, over 66% of U.S. households own at least one pet, and many of these pet owners are renters. However, only a fraction of rental properties actively market themselves as pet-friendly.
This creates an opportunity for landlords to cater to an underserved pool of tenants and maximize their earnings in the process. Demand isn’t going anywhere. Millennials and Gen Z renters are leading the charge as pet-owning tenants, and the number of pet parents continues to grow annually, with pets increasingly viewed as family members.
Pet-friendly options in the rental market are limited, so properties that welcome pets become highly sought after. By advertising your rental as pet-friendly, you stand out from other listings and attract a wider audience of responsible, long-term tenants.
Not only do pet-friendly rentals experience lower vacancy rates, they also earn more.
Pet owners are often willing to pay more to secure housing that accommodates their furry friends. Many landlords charge a pet rent (a small monthly fee for each pet) or a one-time pet fee, creating an additional revenue stream. For example:
- A landlord offering a pet-friendly unit may charge $25–$50 extra in monthly pet rent. Over the course of a year, this small addition could add up to $300–$600 per pet.
- Pet fees typically range from $100–$300, providing added financial security for potential damages.
We like pet fees rather than pet deposits. A deposit is refundable; a pet fee can be kept even if there is no pet damage. This will maximize earnings and provide peace of mind against the potential for property damage.
Tenant Retention Leads to Higher Earnings
Tenant retention is a secret weapon when we’re talking about earning more with a rental property. Here’s how keeping tenants drives your rental property’s profitability:
- Minimized Turnover Costs
Every time a tenant moves out, there are costs involved—repainting, cleaning, repairs, upgrades, marketing, and more. By retaining tenants, these turnover costs are significantly reduced, keeping more money in your pocket.
- Steady Cash Flow
Vacancies mean no rental income, while retention means stable rental income. Depending on your location or market conditions, it could take weeks or even months to fill the vacancy and rent the property. Retaining good tenants eliminates vacancy periods, ensuring a steady and predictable cash flow.
- Lower Marketing Costs
Acquiring new tenants requires advertising, listing fees, and screening. By maintaining long-term tenant relationships, landlords can minimize these marketing expenses. Instead, that budget can be allocated toward improving the property or tenant experience.
- Stronger Property Reputation
When tenants stay in your property long-term, it reflects positively on your management practices. Happy tenants often share their experiences through word-of-mouth or online reviews, enhancing your property’s reputation and making it easier to attract new, high-quality tenants when the time comes. We’re going to talk more about this in a minute, but for right now, know that long-term tenancies can do a bit of free marketing for you.
Ultimately, tenant retention is about creating value—for you and your tenants. Tenants who feel cared for are more likely to renew their leases, reducing your operational stress and maximizing long-term rental returns.
Tenant retention is one of the most overlooked yet crucial elements of rental property management and profitability. By prioritizing your tenants’ experience, you can maximize rental earnings, minimize costs, and build a reputation as an in-demand property owner or real estate investor.
Create a Buzz for Your Nashville Rental Home
People respond to popularity. It’s almost an animal instinct.
When you can drive attention to your property, you’re going to be able to charge more in rent. You’re also going to have a better chance of keeping that property occupied. We love it when a property has a waiting list of eager tenants who want to live there.
You need to inspire some chatter. Create a buzz. Be the place that tenants want to be.
Two things will help you do this; excellent marketing when you have a vacancy and a robust online presence. You want your rental property to show up on social media sites and in online reviews. You want vendors, former tenants, and local agents to be talking about what a great rental home you’re providing.
This will lead to higher rental values and maximized earnings. Don’t hold back when it comes to showcasing what you have to offer.
Convenience and Efficiency in Operations and Service
Do you know what else makes you more money? Convenience. And service.
Tenants today want to be able to pay rent online. When it’s time to request maintenance or repairs, they want to be able to send an email with some photos attached. They want an easy way to dispose of trash, they want ample parking, and they’re looking for strong internet and good lighting. Many of your tenants today are working from home. Is your rental property set up for that?
Professional property management can make an enormous difference when it comes to increasing your earnings and maximizing your profitability. Think about the areas in which we can save you money:
- Lower vacancies due to market-driven pricing and strategic marketing.
- Higher quality tenants thanks to our screening resources and technology.
- Lower maintenance costs thanks to our preventative approach and our relationships with vendors and contractors.
- Risk management. We protect you from expensive legal mistakes because we know and comply with the laws.
- Lease enforcement. Our on-time rent collection and careful attention to tenant accountability reduce the likelihood of eviction, property damage, and conflict.
Those are just our process-driven benefits. There’s also the tenant relationship, which allows property managers to create exceptional experiences for renters. That’s going to lead to higher retention and lower turnover.
This is not an exhaustive list of how you can increase earnings with your Nashville rental property. We’d also recommend prioritizing preventative maintenance, taking advantage of all the available tax breaks, and occasionally reviewing your insurance plan, landscaping and pest control contracts, and other recurring costs.
These strategies, however, represent some of the things that a lot of rental property owners will overlook when they’re looking for ways to earn more. It’s not just about raising rent or extending lease terms. You want to be strategic.
We know you’re interested in maximizing your rental income. Let’s talk about some tips that might be uniquely suited to your Nashville investment properties. Contact us at Apex Ventures, Inc.
