We will assume that anyone who has been investing in real estate for any amount of time knows how squeeze every drop of income out of a rental property and will find this real estate investing tip redundant. On the other hand, we also will assume that investors just starting out with a real estate investment do not, and might find this article helpful.

Here is the premise: real estate investors sometimes make the mistake of giving away space they might be able to charge a tenant to use.

For example, some real estate investors might not be aware that they can charge a tenant for storage space, garage ports, or parking spots though they are under no obligation to supply storage or parking spaces as part of a rental agreement to a tenant.

Here are a couple of suggestions.

First, consider what you do supply the tenants under the current rental agreement and assess whether it is in line with the competition. If not, if you offer more than the competition, try to assess how much rent you can charge to a tenant or other person if the space was rented separately and whether or not you can reasonably do so.

Secondly, examine your investment property and look for other potential rentable space available on the property. For example, a garage you are not using or the small shed or old barn on the property, or perhaps an empty attic or basement.

These can make ideal storage areas a tenant would be willing to rent as a place where they can put things—tenants are always looking for a place to store old clothes, bicycles, and children’s toys.

In this case, these areas, that otherwise might not be of any benefit to you or the property, can start earning you additional income if you charge for the use. Even at just $50 a month, that garage space could earn you an extra $600 a year.

Thirdly, in areas where there are parking shortages, rental amounts for automobile space on a property could mean quite a considerable increase to your potential income. Just remember, if you do decide to rent out nonliving space to residents, always include the rental in a lease or agreement.

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