Parking: The Secret To Getting More Money From Your Rental Properties
Whether you have one rental property or a series of properties, the fact remains you need to treat your investments like a business to make as much money out of them as possible. Some landlords and property investors believe they can hike up rental prices and earn money because people will always come and pay.
That’s not true.
In today’s economy renters look for value for money, which means finding solutions to offer higher rental prices while still making it look like a good deal. That’s where the topic of today’s blog comes in: parking. Yes, parking is one of the biggest secrets to sneaking more money out of rental properties, and you’ll soon see why.
Parking Is A Great Asset For Renters
When someone looks to rent a home or an apartment, they always take parking into consideration. It’s not uncommon for it to be an essential requirement, particularly if the renter drives. This is reflected in the way parking can increase property value, too. Off-street parking boosts property value by up to 13%, according to industry research.
Any type of designated parking will make your property more attractive because it’s one less thing for the renter to worry about. Nobody wants to get home after a tough day at work, only to parallel park 200 metres away from their home. People are willing to pay more for rental properties with parking solutions, meaning you can make more money.
How To Enhance Your Property With Parking Solutions
What can you do to improve your rental property with car parking? Your options fall into three main categories:
- Dedicated On-Street Parking
- Dedicated Off-Street Parking
- A Dedicated Car Park
A dedicated car park makes the most sense if you own multiple properties within a building. You can build a car park area for tenants and utilise car park management for residential properties to ensure the right people park there. It gives everyone a place to put their car, meaning they don’t have to worry about a thing.
On-street parking might be harder to implement as you need to liaise with the council - and it’s not preferable for tenants anyway. If you find a way to renovate your property with an off-street parking space just outside, then people will be very eager to come. It’s always smart to look for driveways and garages when buying a home - or at least ensuring there’s space for parking.
Whatever solution you settle with, it will make your property far more attractive. It’s entirely possible to raise your rent by 10-20% in some areas, especially if you’re in a town/city that’s known for bad parking. If your rental property is the only one on a street with dedicated parking, then that’s an absolute gold mine for your profit margins.
Parking is one of the many secrets to getting more money from your rentals, but think about other things tenants may be interested in. Find ways to increase your rent without it looking like a terrible deal. Remember, it’s all about value for money!
Image source: Ethan Wilkinson via Unsplash.
