As we mentioned last week, tenants are leasing for longer terms and looking for a different set of amenities than renters of even just a few years ago. Having sufficient parking is an increasing priority so if your rental property is lacking in this area, here are some tips:
- Gain control of your parking lot
Assign specific spaces to tenants. (From a security standpoint, do not identify the space number with the unit address.) Ask tenants for the make, model, and license plate of their vehicle and distribute parking stickers to place on the windshields. Post signs in the parking area notifying drivers use of the lot is restricted to those with valid parking permits. Contract with a towing company if necessary. Consider limiting the number of vehicles per unit. For example, assign only one pass per studio apartment.
- Add more parking
If there is room to enlarge the parking lot, this can be a cost effective improvement that raises the value of your rental. Be sure to obtain any necessary permits from the city. If it’s not possible to increase the size of your lot, there may be other ways to park more cars: Restripe the lot with narrower corrals or change to diagonal pull-ins. Turn an entrance or driveway into parking if there’s more than one exit. Replace the dumpster with individual cans that can be stored elsewhere. Designate a compact car section. Offer a few tenants a rent break if they can park off-site.
- Look for creative ways to expand
Parking issues often occur at certain times of the day, mainly nights and weekends. Ask neighboring businesses for use of their lots during these peak times.
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PMI of Houston is a full service property management company serving Katy, Sugar Land, Fort Bend, Missouri City, Richmond, Rosenberg, and the Houston area. We offer competitive and simple flat fees with no hidden costs. Contact us to learn more about our real estate management services.