Parking ROI

Creative Parking Solutions

By Erica Rascón on Jul 31, 2015 in News

For most of us, parking is little more than a necessary evil. If we could, we’d use the parking space for more units and enjoy the additional cash flow. But what if your parking lot could become an asset? From practical to extravagant, these creative parking solutions can transform a requirement into a revenue-generating tool.

Creative Parking In metropolitan areas, the ability to offer multiple parking spaces per household may give you an advantage over the competition. Get the most out of your available space by ditching the traditional parking scheme for one that is growing in popularity in the UK. The layout above permits narrower rows thus potentially more rows for your site.

 

 

Automated Parking Urban luxury properties may consider electronic self-parking. The featured automated parking tower above is for a Volkswagen plant but add in a “valet” for the electronic system and you’ve tapped into a marketing feature. (Robotic Carpark in Dubai shows a non-commercial application.) It only takes 15 seconds to park or retrieve a vehicle. While the space savings is significant and the amount of parking you can offer tenants is appealing, the bragging rights may be a tower’s greatest appeal.

Commuter Options Shuttle may be an excellent asset for suburban rental communities. When you can’t offer residents direct access to public transit, a shuttle to and from the nearest station can be even better. Residents gain access to affordable transportation into the city without concern for weather conditions, paid parking at the station, or parking security. Before implementing a plan, a quick survey from the community may help you determine the cost structure and travel times that will be most successful.

 

 

Added Amenities Adding amenities to parking areas is another way to generate revenue. Traditionally, this has come in the form of an auto-detailing center but several properties have established small retail shops and kiosks. The key is to cater to businesses that don’t require much space to operate, yet garner lots of resident attention. You can effortlessly market a smartphone repair shop on your property. Dry cleaning drop-off and pickup makes it a breeze for residents to prep for work and social events. Leasing out a few spaces each week to food trucks not only feeds your busy residents but it also encourages a social atmosphere and a sense of community. All of these options require minimal upfront investment while generating long-term income and adding value for renters.

Green Space Green space has a proven ROI and promotes resident retention. Planting trees in the row dividers and medians of your parking lot goes a long way towards improving its aesthetic value. (Arborist inspections minimize liabilities while preserving your investment.) Lining the balconies of parking decks with planters is a great way to add pops of color when soil is unavailable.

What creative parking solutions have you seen that transform traditional lots into assets for the community?