5 Proven Ways to Increase Income at Multifamily Properties

Boosting Net Operating Income (NOI) doesn’t always require major renovations or large capital injections. Often, strategic enhancements and simple operational adjustments can meaningfully increase revenue while improving the resident experience. Below are five proven methods multifamily operators use to drive income and elevate property value.

1. Bring Rents to Market Through Strategic Upgrades

One of the most effective ways to increase income is to ensure rents are aligned with current market rates.If a property is underperforming compared to nearby communities, targeted upgrades—such as refreshed interiors, modern appliances, updated amenities, or improved curb appeal—can justify rent increases.

Key benefits:

• Higher NOI through increased rental rates

• Enhanced resident satisfaction with upgraded units

• Improved competitive positioning in the local market

2. Introduce Paid Parking Options

Many residents are willing to pay for added parking convenience—especially in high-traffic or urban environments. Consider implementing:

• Reserved parking spaces

• Covered parking

• Parking garages

  
  

Before rolling out paid parking, analyze competitor pricing and consider surveying residents to determine which parking options they value most.

Why it works:

• Strong additional income stream

• Reduced parking disputes

• Improved perception of convenience and security

3. Offer Private Backyards or Fenced-In Spaces

Private outdoor spaces are an increasingly desirable amenity—especially for families and pet owners. Adding fenced-in backyards or patios can command higher rents and set your property apart from nearby competitors.

Benefits include:

• Increased revenue from premium backyard fees

• Greater appeal for households with pets or children

• Enhanced retention due to upgraded lifestyle amenities

4. Implement Property-Wide Bulk Wi-Fi

Bulk Wi-Fi has become one of the most in-demand amenities at multifamily communities. By securing a property-wide bulk rate, owners can often offer residents faster speeds at a lower price than retail options, while still generating additional income.

Advantages:

• Lower monthly costs for residents

• Improved internet reliability and speeds

• A convenient, move-in-ready benefit that boosts leasing appeal

• New recurring revenue for ownership

5. Increase Laundry Income With In-Unit or On-Site Solutions

Laundry access is a top priority for many renters. By adding washer/dryer hookups or installing in-unit machines, owners can charge convenience premiums and stand out in competitive markets.

For properties with shared laundry rooms, owning the machines (instead of leasing them) can significantly increase revenue and reduce long-term operating costs.

Income opportunities:

• Monthly fees for in-unit laundry

• Higher rents due to increased convenience

• Additional revenue from owned machines in shared facilities