5 Tips to Grow Your NOI in 2022 From Top Rental Experts

5 Tips to Grow Your NOI in 2022 From Top Rental Experts

2022 is primed to be a year for growth and record profits for building owners

With home prices and mortgage rates continuing to rise in 2022, the increasingly competitive home buying market means that those who can’t compete for a home will likely continue to rent. And for the occupants, who moved in with family during the pandemic, moving out and resuming renting, forming a “new household,” and the shift to the work-from-anywhere culture is substantially growing the demand for rental units.

Savvy building owners can take advantage of these promising opportunities and increase revenue with a few proven strategies to reduce operating expenses, decrease vacancies and boost net operating income up to 30%.

Here are tips for growing your NOI in 2022 from 5 top rental experts: 

  1. Differentiate with dynamic pricing and add-ons
    During what the real estate industry calls an unprecedented competitive and frenzied rental market that emerged after the pandemic, building owners need to stand out against the competition. Some ways to accomplish this and increase your profits are by offering flexible lease terms for tenants, dynamic pricing (similar to how airlines offer pricing), and collecting additional revenue by providing add-ons such as furniture rentals and cleaning services.
    – Farah Dagher , Real Estate Analyst
  1. Lease up faster with vetted, high-quality renters  
    A few of the main challenges that significantly impact my clients’ bottom lines are prolonged vacant spaces or needy renters who pay late. So, for building owners to have the ability to tap into thousands of pre-qualified tenants not only frees up time and reduces stress, but it also helps reduce time on the market by 10x.
    – Eugene Martinez, GM Austin Texas
  1. Eliminate potential income loss with downside protection
    Managing collection, property damage, and evictions cost time and money. That’s why having a guaranteed and reputable partner who can effectively mitigate the risk of lost income is imperative. Working closely with my clients, I see how much our downside guarantees significantly reduce a building owner’s risk as an investor and provide peace of mind.
    – Nick Taylor, Washington DC Real Estate GM
  1. Outsource maintenance and tenant support nightmares 
    The high level of maintenance that building owners acquire with every investment places heavy burdens on finances and resources. Gaining the support of a 24/7 customer success team and experienced building staff that manages tenant and maintenance issues quickly and efficiently at no cost to the building owner has been a game-changer for my clients.  
    – Taryn Baglino, Boston Real Estate GM
  1. Start with a test unit to prove your ROI
    It’s critical to take steps to differentiate and increase NOI. So, I advise my clients to start to test one unit. It doesn’t have to be a considerable risk. With the single unit, you can clearly see what strategies garner success and prepare how to implement them into your other investments. In fact, by doing that, we were able to help a building owner on the Upper East increase NOI by 45%.
    – Eric West, NYC Real Estate GM

Building owners do not need to go at it alone, but it’s important to seek a reputable and experienced partner. With a proven track record of achieving a 95% occupancy sold rate, partnering with a company like June Homes will empower you with the ability to maximize your property’s returns by up to 30% in 2022. Contact us today to find out more about how June Homes can help you grow your NOI in 2022.   

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