Updater

By Emily Hassett

Published Jun 27, 2023

Updated Dec 26, 2023

As the industry becomes more competitive, multifamily pros must continuously seek innovative ways to increase revenue and differentiate themselves from competitors. Luckily, there are multiple effective strategies that can be implemented within six months (or less!) to help achieve these goals.

Read on for five game-changing strategies to unlock new revenue streams, elevate retention rates, and provide an exceptional resident experience. Click here to download the full guide.

1. Short-term rentals

Short-term rentals are an excellent way to increase revenue opportunities quickly. Consider transforming a vacant unit into a guest suite and offering it as an amenity to your residents. When the suite is not occupied by residents, it can be listed on popular short-term rental sites like Airbnb or Vrbo, increasing the potential for revenue generation.

2. Upgrades and renewals

Encourage residents to upgrade or renew their leases by offering incentives such as waived fees or rent discounts. This can be an effective way to generate additional revenue while also improving retention rates.

3. Additional services and amenities

Offering desirable amenities like fitness centers, pet-friendly amenities, or on-site laundry facilities can increase the perceived value of your community, allowing you to charge higher rent. Additionally, some amenities can be offered as premium services that come with an additional fee, such as pet-sitting services or reserved parking spots.

4. Energy-saving measures

Installing energy-saving measures like solar panels, energy-efficient lighting and appliances, or implementing a smart thermostat system can create additional revenue for your communities in various ways. For example, installing solar panels can reduce your community’s electricity costs by generating your own electricity, and you can sell any unused power back to the utility company, generating additional revenue.

5. Technology to promote preferred providers

One of the most effective ways to increase ancillary revenue is by promoting your preferred providers of services such as TV, internet, and utilities to new residents. When residents purchase from a provider you have an established agreement with, you can earn commission. With Updater, preferred providers and services are showcased to new residents at the ideal time, increasing the likelihood of them choosing your community’s preferred providers by 90%.

Implementing these strategies can unlock new revenue streams, elevate retention rates, and provide an exceptional resident experience. To learn more about these strategies and other effective methods to increase your ancillary revenue, download our guide: Five Ways to Increase Ancillary Revenue in 6 Months or Less.

Interested in learning more about how Updater can take your resident onboarding from status quo to pro? Fill out the form on this page and we’ll reach out!

Emily Hassett

Emily is a Senior Marketing Manager at Updater leading all real estate marketing initiatives. Outside of work, you can find Emily traveling, trying new coffee shops and restaurants, or petting every dog she walks by.