Everyone needs a place to live, and residential complexes create opportunities for residents and owners alike. When planning or updating a complex, one major concern is parking. It’s hard to get everything right, and when parking proves lackluster, you can lose prospective buyers and renters quickly.
- Catering to parking expectations can help turn prospects into renters or buyers.
- Policies on security, cleanliness, and congestion can lead to a better experience.
- Designing the lot with enough guest spaces and reserved spots for residents increases value.
With some planning and problem-solving, you can improve your parking outlook, and that leads to happier residents and fewer vacancies.
So, what do tenants and buyers notice first? What matters most? Let’s dive into a suite of ideas to help you get the most from your parking lot and help the right residents find you.
Access
The first thing any prospective tenant or buyer will notice is how easy or difficult it is to access the parking lot. Does it have a gate? Is it hard to get into the parking lot from the street? Does the parking lot accommodate their type of vehicle?
Many ideas come to mind, and it’s important to remember that there is no universal access design that is best for everyone. Some people want to be able to come and go very easily. Others like to have fences, gates, and other security measures.
Often, access and security exist in opposition to each other. It remains important to consider target demographics and how they will weigh the pros and cons of access in your parking lot layout.
Navigation
Speaking of layouts, navigation also matters. Some large complexes have sprawling parking lots, and it can be difficult to find your way through it all. Others are simple and easy to navigate.
In any case, if you have any designated parking, special rules, or notices, the right signage improves the tenant experience. If they can follow the signs to clearly understand what they need to know (such as where they can find a dumpster, or which spots are reserved), that tends to boost initial impressions.
The good news is that you can fix many aspects of navigation even after a parking lot is fully built. Parking lot stencils and signage tools enable you to communicate clearly to solve many navigation issues.
Proximity
Related to access and navigation is proximity. Is the parking lot adjacent to the buildings, or do you have an external parking lot?
Even when the parking lot hugs the building(s), proximity can still be an issue. How far do people have to walk from their parking spot to the building’s entrance? This matters, especially with larger, sprawling complex designs where some buildings touch the parking lot and others don’t.
It also matters when you have access points on all sides of the building. Often, one side is right by the parking lot, and the other isn’t.
Again, there is no perfect answer, but an attempt to optimize your parking lot around proximity to doorways helps prospects see value.
Reservation
While this often is not the very first thing tenants notice, it tends to become a priority quickly. Can people reserve parking spots? Are the best spots already taken? What happens when someone parks in a reserved spot without permission?
Answering these questions and making them clear shows tenants exactly what they can expect with parking in the long term.
In most cases, tenants and buyers like parking reservations. It means they are guaranteed a good place to park regardless of the behavior of their neighbors.
Naturally, reserved spots should apply to the most desirable locations for each unit. If the reserved spot is half the parking lot away from the apartment, it’s a problem. When you optimize reserved spots for each unit, you increase the value of your parking lot for your tenants and buyers.
Coverings
For some, this tops the list. Is covered parking available?
Covered parking dramatically reduces wear and tear on vehicles, and even simple coverings add monetary value to your complex. People will often pay more for covered parking, knowing that they get the value back with comfort, convenience, and reduced vehicle maintenance costs.
That brings up a second question: Does covered parking cost extra? Similarly, are the covered spots reserved?
Once again, no single answer optimizes every parking lot. In general, create as much covered parking as possible within your budget. Assuming you can’t cover every spot, rules that reserve covered parking for tenants and owners help extract more value from the investment.
Whether or not you should charge a premium for covered parking depends on your location and target demographics. It can be a revenue generator, but in the wrong market, it could keep units vacant.
Guest Parking
Guest parking boils down to two issues. Is there enough space, and are there specific rules?
Starting with space, how much is enough?
As a starting rule, aim for 0.2 guest spaces for every unit. So, a 100-unit complex would need 20 guest spaces. This ballpark ensures enough spaces for a revolving suite of guests, but as always, the specific nature of the complex will influence the number.
A more luxurious complex tends to see more visitors. Social gatherings and events trend toward the nice, upscale location, and additional guest parking may prove necessary.
Similarly, complexes that cater to highly social groups (e.g., college students) might benefit from more guest parking.
When space is limited, guest parking rules help prevent congestion. Rules can target long-term guests, require temporary parking passes, manage overnight parking, or even limit simultaneous guests or any unit.
Keep in mind that any restrictions detract from the value of the complex, as tenants and buyers feel less free and more frustrated when they come into conflict with your rules.
Security
Security also matters. Fences and gates create a wonderful starting point, but they do not cover the extent of parking lot security.
Do you employ security guards or personnel? Do they stay on site?
Seeing a physical security presence in the parking lot (or making rounds in general) typically improves tenant outlook. Safety and security are major priorities for almost everyone, and visible security in the parking lot helps build that sense of safety.
Cleanliness
For some, this is the very first thing noticed. For others, it’s lower on the list, but everyone eyes cleanliness at some point.
If your parking lot is filled with broken glass, trash, or other signs of messiness, you can expect to lose prospects.
Designated trash receptacles and a consistent effort for cleanliness will handle this problem pretty reliably. You may also need to enforce policies that keep residents in line.
Otherwise, this point remains straightforward. Clean parking lots promote a better living experience.
Policies
We’ve touched on a number of policies up to this point. They cover things like reserved spots, guest parking, keeping things clean, and more.
When it comes to things tenants notice, it breaks down into two concepts.
First, are the policies clear and easy to find? If they’re hidden deep in a lease somewhere and sneak up to bite tenants, it’s a bad experience, and you’ll lose business.
If the policies are clear and up front, tenants and buyers can self-select, and you’ll have fewer long-term problems with parking policy enforcement.
The second concept is restrictiveness. Most residents understand the need for at least some parking policy management, but every additional rule tends to feel like oppression over daily living choices.
Streamlined policies help parking lots flow and function while limiting negative feelings from residents. When you have clear, easy, streamlined policies that they can see up front (signage helps), prospects turn into renters and buyers that much faster.
You may also like to read,
- Parking Bollards: Enhancing Safety and Security in Your Parking Space
- How to Maximize Your Home’s Value: A Homeowner’s Guide
