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.

Many real estate investors who own multifamily residential income property involved with rental subsidy programs may be able to achieve rental increases. As a rental property owner, you should consider several things, however—especially if you are new to real estate investing.

You should find out what the highest rate paid for rental subsidies is in your area and try to achieve scale for your size apartment unit. It is important that you make an effort every year to increase the rent for the entire apartment complex, including the rental subsidy.

Be aware, however, if you try to increase only the rental subsidy, the agency will not pay, because the increase is not equitable with other units in the building. Moreover, some programs will not allow for a sizable increase unless some capital improvement, such as installation of new windows or bath fixtures, warrants the increase.

In addition, if you go a long period without increasing the rent and then decide to do so to achieve fair market value, you may not get it. It is better to try to increase the amount a little every year with every tenant.

Finally, you cannot raise the rent on a Section-8 tenant first. The office that administers payment will always ask about how much you are charging rent for other comparable units at the property and will not allow the Section-8 tenant to be the front-runner in rent increases at the building.

Learning to recognize and keep good tenants can save a real estate investor hundreds of dollars in rental income loss and unit repair costs.

What makes for a good tenant? In addition to paying the rent on time every month, here are a couple of more things to consider.

1. A good tenant doesn’t bring unregistered cars onto the property, or leave garbage lying around the grounds.
2. A good tenant does not attract police attention or create a nuisance to other tenants in the complex.
3. A good tenant is responsible and considerate of others.

If you’re lucky, you might find a tenant who has some of these better qualities and pays the rent religiously every month. If you do, here are 7 suggestions how you can make that good tenant want to stay in your rental property for as long as possible.

1. Let the tenant know that you care about the safety and well-being of your investment property. This will indicate to the tenant that he or she is more than a rent check and that you actually are concerned about the tenant’s home.
2. Change the locks on the tenant’s door when he or she moves in. It will put the tenant’s mind at ease about who has keys to his or her unit. Also, later on willingly change the locks for the tenant if he or she reasonably requests it as long as you are not legally locking out someone who has signed your agreement to rent the unit.
3. Inform your tenant about where the electrical panels and water shutoff valves are or how to work the dishwasher or garbage disposal. Provide the tenant with phone numbers for police, fire, and ambulance services as well as utility companies and repair personnel.
4. Learn your tenants’ names as well as a few personal things about them for a more personal touch to your conversations with the tenant.
5. Make your tenants aware of rental housing assistance programs available and be willing to assist your tenants who qualify to obtain them.
6. Be willing to repaint or improve the quality of the unit after the tenant has lived there for a year or two. Often, a tenant will want to move simply because the place doesn’t look quite as good as it did when he or she moved in.
7. Listen to your tenants’ concerns about the property, and when reasonable, make arrangements to service your tenants’ needs.

Good tenants are worth their weight in gold to real estate investors—and maybe as rare. So it just makes good sense for real estate investors to make every effort possible to try and hang on to them.