Other Income

Other income refers to all sources of revenue generated by a property that are not derived from rental payments. This additional income can help boost the property's overall financial performance and provide a buffer against fluctuations in rental income. Examples of other income sources include:

Laundry facilities: Income generated from coin-operated or card-based laundry machines provided for tenant use.

Vending machines: Revenue from vending machines placed in common areas, offering snacks, beverages, or other items for purchase.

Storage units: Additional income from renting storage spaces or lockers to tenants for personal belongings, vehicles, or other items.

Parking fees: Revenue collected from tenants or visitors for using parking spaces or garages associated with the property.

Late fees: Fees charged to tenants for late rent payments, as stipulated in the lease agreement.

Pet fees: Additional charges for tenants who have pets, which may include one-time fees or recurring monthly fees.

Application and administrative fees: Fees charged to prospective tenants for processing rental applications or other administrative tasks related to leasing.

Property owners and managers should regularly review and optimize their other income sources to maximize the financial performance of their properties. This may involve assessing the demand for and pricing of various amenities, exploring new revenue-generating opportunities, and ensuring that all income sources are properly managed and maintained.