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A number of properties are being rented out in Singapore in order to cater to the needs of people (both from local and international scenes) – looking for the perfect place to live. These individuals usually want a comfortable living space near their work area or offices.

House Living room

Landlords should be able to provide such needs in order to get more revenue from the properties they are leasing out. However, if they want to even more increase the money they get from their rentals, then they must implement the following.

  1. Target Ideal Tenants

It is essential that you do some research when it comes to subletting your properties. You must be able to look for a good tenant to lease them out. You want someone who will stay long so you can avoid extra costs which come with a turnover or vacant units. As much as possible, provide them with things that will entice them to pay for your units; simple items like a good lighting and some fixtures to make the place more attractive to them.

  1. Take Note of Tax Breaks

It is important for you to learn all the tax breaks you can take advantage of when it comes to subletting out a property or two. Consider if some expenses you have paid for such as the costs for repair, maintenance, and other items that keeps these places in perfect condition can be deducted from your taxes by the end of the year.

In most cases, you can also deduct the mortgage interest you have incurred in purchasing properties. You need to make sure though that you deduct them during annual depreciation.

Kitchen

  1. Add Revenue Streams

Additional revenue streams can definitely increase the amount of money you are going to receive from all your properties. For instance, you can offer single tenants house cleaning services, which most of them will be glad to pay extra for. If they agree to it, create a contract for them to sign that will enable you to collect fees for a certain service.

On the other hand, tenants who come in families appreciate items like vending machines or a coin-operated laundry. These things may not add much value on your revenue at the end of the month, but they can surely add on the property’s capitalization rate and asset value in the long run.

  1. Minimize Turnover

As mentioned above, turnover will surely costs landlords money in many ways. The best thing you can do in order to avoid turnovers is to make sure your current tenant stay on board with you. Entice them to stay on your property by lowering down your rent at a reasonable price.

Furthermore, always make sure that you keep a good relationship with your tenants; treat them with the professionalism and respect that they deserve.

  1. Have a Rent that is Competitive

It is important for you to determine and to correctly calculate revenue vs. cost – which you paid on each of your properties. Ensure that your rental price makes sense for you and for your tenants. Don’t rent out your property for minimum rates just so you could easily fill it up because you may end up losing revenue.

Make More Money

Remember to also research as much as you can on the average rental rate in your location; you would not want to discourage would-be tenants from leasing your property by asking for an expensive rate.

Take note of all of these items when renting out an HDB in Singapore. There is no doubt you will be earning more money in due time!

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