5 Reasons Why You Should Include Parking in Your 2022 Multifamily Budget
Budget season may feel like one big confusing set of financials for you, or maybe you’re a budgeting pro by now. Wherever you lie on the spectrum of managers this year, take a few minutes to think about why parking may need a place in your budget.
Benefits of Budgeting Parking in Your Community
1. Potential for extra revenue
Have you heard about generating ancillary income from parking? This revenue can come from charging for premium resident parking spaces, guest parking outside of allotted free time, and paid guest parking for visitors to nearby stores or venues. Managers using a software parking platform have seen increases in rented carports and garages through tracking resident vehicles.
They’ve also been able to catch unauthorized occupants and generate up to $3,000 a month on guest parking. Check out this case study about an Atlanta community that consistently makes anywhere from $1,000-$3,000 a month on guest parking.
Parking is a common pain point in communities. It takes precious time and energy from staff, creates frustration for residents and guests, and often becomes a source of negative Google reviews.
Whether you have limited parking to juggle for residents and guests, guests who overstay their welcome in your visitor spaces, or cars being parked while people visit neighboring areas, we have a solution for you. The best part? We understand every community is different, which is why our team works hard to create a custom parking plan to fit the needs of your property. Oh, and did we mention you can earn revenue off of parking? Let’s look at five reasons why budgeting for parking can benefit your community.
2. Improved online ratings & reviews
People are more likely to leave bad reviews if they have a negative experience than they are to leave a good one after a positive experience. Most of us look at online reviews before eating at a restaurant, visiting a new location, or even moving somewhere.
In fact, 94% of people in a recent study, said a negative online review has led them to avoid a business. A big red flag when looking for a place to move? Lots of negative reviews about parking. Needless to say, a well-managed parking lot or garage makes a big difference in reducing bad ratings.
3. Increased community harmony
If your residents struggle to find parking spaces, assigned spaces and signs to indicate resident vs. guest parking spots may help. According to NMHC 2020 insights, 74% of apartment households have one or more cars. While many more people work from home than before, those who do commute still don’t want to spend their evenings searching for a good parking space.
A reliable parking management system can significantly improve parking availability and reduce the confusion resulting from out-of-control parking. Better parking means greater harmony among residents and their guests.
4. Greater sense of overall security
Do you deal with unauthorized and unidentified vehicles taking up parking spaces? There’s nothing more frustrating than seeing cars using up your limited space for free and then going somewhere else. You and your residents can find peace of mind with a solution that keeps unknown vehicles from being in your community.
5. Technology adds value
Technology was already working its way to the forefront of multifamily management, but the pandemic pushed it front and center. It not only makes certain tasks more efficient for your team, but it also gives residents simple ways to handle things like registering a guest to park on their own.
An online parking platform like Parking Boss offers a Smart Parking Map, giving your team an overhead view of parking. Here, you can assign residents to spaces, see where paid premium spaces may be beneficial, and identify how much guest parking you have to offer.
With a parking management system like Parking Boss, you can:
- Keep tabs and set limits on the number of vehicles per unit
- Allow access to your enforcement partners for tracking violations/warnings and validating parking permits
- Offer an allotted time of free guest parking per unit and allow residents the option to pay for additional guest parking outside of the allotted hours
- Catch unauthorized vehicles or residents
- Visually manage the best places to set up premium reserved spaces
At Parking Boss, we may not be able to solve your budget headaches, but we can help you solve your parking problems. In addition, we’ll work directly with you to develop a parking management plan that will create parking cash flow. Schedule a demo with us to learn how we can help your community thrive.