As an apartment complex owner, your aim is simple: to make as much money as possible without driving away tenants. However, with the current rental market on a downswing, it’s more important than ever to find profitable side hustles. Here are some side hustles that will help you squeeze out every last dollar from the buildings you own.
Kick Start Your Airbnb Business
Airbnb is a great opportunity for apartment complex owners because apartments have many rooms designed for short-term stays. If you’re looking for ways to generate additional income from your rental units, consider renting them out on Airbnb when they’re not in use.
This can be a great way to earn passive income and pay off your mortgage faster. You can also use Airbnb to get more people interested in living in your apartment complex, increasing the number of residents who rent their units long-term.
To get started with Airbnb, you’ll need an account at www.airbnb.com and an online presence with photos and descriptions of your rental units. You’ll also need to register each unit separately as an “official” short-term rental through the city or county where it’s located. Once you’ve done this, you can post photos of your available apartments on Airbnb’s site and start accepting bookings from guests who want to stay in your apartment complex for relatively low prices compared to hotels or other vacation rentals.
A Laundry Service
The best way to make money as an apartment complex owner is by providing the things your tenants need. One of those things is laundry facilities. Now, you don’t have to go out and buy a commercial-sized washer and dryer set to do this. You can simply rent out space in your laundry room to tenants who want to do their wash.
If you live in an apartment building, you might already know that it’s not always easy for tenants to find a place that offers coin-operated laundry facilities. If you have several units in your building, you could offer coin-operated SelfOp Laundry machines to put in the basement or lower level where there’s more room for them. Of course, if the building has more than one floor, you could also consider putting some machines on each floor so that everyone has access.
You could also offer full-service laundry services where tenants can drop off their dirty clothes and pick them up when they’re done washing or drying them. This would require hiring someone to handle the operation of the business, but it could be quite profitable if done right.
Sell Your Free Parking Spaces
If you have free parking spaces at your apartment complex, consider selling them to people who need a place to park their cars. This is especially popular in large cities where parking is hard to find.
You can charge whoever needs the space, whatever price you feel is fair. You’ll want to keep tabs on how many people are using the spaces so that you don’t end up overbooking the lot and having someone get angry when they see someone else parked there who paid for it, not them.
Offering a Self-Storage Service for Extra Belongings
If you have extra space on the property, consider offering storage units for tenants who need more space than their units provide. You can also offer this service to residents who are moving out of their units and want to store their belongings until they find a new place. This is especially helpful if you have a lot of turnover in your apartments because people often don’t get settled into new homes immediately and will want to keep some belongings at their old residence until they’re ready to move out completely.
If you own a garage and have the space, you can rent it. Renting out garages is a great way to make extra money, especially if you live in a big city where parking is at a premium. It’s also a good way to generate income without having to go through the hassle of listing your property on Airbnb or another rental site.
The amount of money you make will depend on how much rent you charge, but if you charge $100 per month for each garage, it could add up to a significant amount over a year. If the garage is nice enough and has enough space for two cars, then it might even be possible for two people to share it and split the cost between them so that each person only pays half of what they would normally pay if they were renting out their spot separately from someone else.
Garage owners need to remember that they will have to pay taxes on any income earned from renting out their spaces, but this can be offset by the fact that your additional income may allow you to lower your mortgage payment or pay down debt faster.
Benefits of an Apartment Complex Owner Having a Side Hustle
An apartment complex owner can benefit from having a side hustle in both financial and professional ways, and these are just some of them;
Learn About New Market Trends
If you’re an apartment complex owner, there’s a good chance that you’re already working during regular business hours and weekends. You might be able to learn more about what people want by starting a side hustle in the evenings or on weekends. For example, if you’re interested in e-commerce or online marketing, these would be great ways to expand your knowledge base and gain access to up-to-date information about new products and services.
Increase Cash Flow
If you have extra time on your hands, it can be tempting to use it to make some extra cash. Starting a side hustle can help increase your income so that you can pay off bills, save for vacations, or just get ahead financially overall. The best part is that once you’ve built up some momentum with your side hustle, it will continue generating revenue even when
Improve Your Current Business
Your current business may benefit from the knowledge gained in your side hustle. If you learn how to do something better than anyone else or find a better way to do it, you can use this knowledge in your current property management business. For example, if you’re starting a landscaping company, then you can use this knowledge when managing properties with lawns and gardens. You can also use this knowledge when managing properties that have swimming pools or hot tubs because these are items that may require maintenance or repair at some point during the year.
Network with Fellow Entrepreneurs and Specialists
The apartment industry is a very small world. If you’re on the board of a local association, you’ll meet other owners and managers who can become great business partners and mentors. You may also want to join an apartment association focusing on your property type or geographic area. These groups often sponsor educational seminars, networking events, and other opportunities for members to learn from each other.
Provide a Better Lifestyle for Your Family
One of the biggest benefits of having a side hustle is that it allows you to provide for your family without relying on just one income source. This means that if something happens to one business venture, there will be another available so that no one has to suffer financially because they don’t have enough money coming in each month or year.
These are some crazy side hustles, most of which will allow you to make serious money through services rendered to the community around you. Although some side hustles don’t require much skill, most do. You’ll need the persistence to hit these goals, but if you plan carefully and stick to a schedule, you’ll be surprised at how much money you can make.