Websites for Apartments - Professional Consulting Services

Increase community value with parking garages, covered spaced, and temporary parking payment options

Parking garages and efficient payment options boost property value and tenant satisfaction in multi-family apartments, while improving ROI and operational efficiency.

Understanding the Impact

increases property values, reduces stormwater runoff, reduced energy bills, and prolongs pavement life; • Allows for narrower lot widths which can be more profitable for developers while increasing the tax base for local government; and, • Allows communities to accommodate accessory dwelling units that support aging in place and affordable housing provision. Unbundle Parking It is a common practice to include parking in the price to rent a building or apartment space. Unbundling parking means [...] Per-space parking levies are special property taxes placed on parking facilities. Placing a tax on parking helps recapture property tax revenue that is lost due to the low assessed value of parking lots, while creating an incentive to practice more efficient parking management. This strategy would require some amendments to Iowa Code to allow communities to impose a levy on parking spaces. Alleys/Lanes Whenever possible, residential developments should have alleys or lanes that accommodate rear [...] performance-based pricing should invest in electronic payment systems that charge only for the amount of time a car is parked, accommodate various payment methods, and automatically vary rates based on time of day and day of week. These systems track use and turnover which can improve parking planning and administration. Parking Tax Reform Parking tax reforms include commercial parking taxes and per-space parking levies. Commercial parking taxes are taxes placed on parking rental transactions.

Best Practices

In conclusion, effective parking management remains a fundamental component of successful apartment complex operations. It’s not just about maximizing real estate use; it’s about enhancing tenant satisfaction, improving property value, and promoting a more streamlined operational workflow. The right apartment parking solution can be the difference between a thriving community and a consistently vexing living situation. [...] Seasoned property managers understand that satisfying a tenant’s basic needs, like safe and ample parking, can greatly impact their living experience. When parking issues are minimized or eliminated, they incredibly boost tenant satisfaction. [...] Hence, by implementing efficient parking solutions, not only can apartment complexes keep the current tenants happy, but they can also attract new ones. When potential tenants find out about the effective parking management in place, it becomes an attractive feature of the complex and may even afford the property management the allowance to increase rental rates.

ROI Considerations

References 1. Jakle, J. A., and K. A. Sculle. Lots of Parking. University of Virginia Press, Charlottesville, 2005. 2. Shoup, D. High Cost of Free Parking. American Planning Association Planners Press, Chicago, Ill., 2011. 3. Litman, T. Parking Management Best Practices. American Planning Association Planners Press, Chicago, Ill., 2006. 4. Litman, T. Transportation Cost and Benefit Analysis II—Parking Costs. Victoria Transportation Policy Institute, British Columbia, Canada, 2013. Accessed [...] the creation of above- or belowground parking garages. This has price implications. [...] plus population in the surrounding neighborhoods, • Unit size, • Average rent, and • The price charged for parking.

Implementation Strategies

You should be staring at spreadsheets (or property management dashboards) that tell a clear story
popular solutions include covered or uncovered parking lots, above/below-ground garages with assigned spaces, and EV charging stations

Moving Forward

At Websites for Apartments, we understand that implementing these strategies requires expertise and careful planning. Our team specializes in helping apartment communities maximize their property valuation through proven digital solutions and operational improvements.