RENT Magazine Q2 '22


Maximizing profitability isn’t just about increasing your income but also minimizing your expenses. One significant expense is maintenance, including wear and tear and, unfortunately, property damage. To manage expenses relating to maintenance, ensure you set clear standards for your tenants, so they know what they are responsible for, from sweeping and shoveling walkways to replacing furnace filters.

A good time to cover this information is during a detailed move-in walkthrough. Budget for and perform regular maintenance on your properties to avoid minor issues becoming expensive headaches. Annual inspections of heating and hot water systems, roofing, and foundations will help you catch and repair small problems cost effectively.

5. CALCULATE AND TRACK YOUR RENTAL PROPERTY’S ROI Finally, if you know your property isn’t as profitable as it might be, but you aren’t sure where to start, consider using a rental property calculator to evaluate your rental’s performance return on investment.

charging enough rent, whether your loan costs are too high, or whether you are losing money in other areas, such as maintenance or utilities. You can create a strategic plan to make your rental property profitable using these analytics. Once you’ve taken steps to improve your profitability, revisit the calculator to ensure you increase your income, decrease your expenses, and profit from your rental property.

This rental property calculator can help you do a diagnostic check on a property and determine which actions you should take to improve profitability. For example, a rental property calculator can immediately flag whether you are

This article was contributed by the Baselane Team.

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