One of the perks that a property might offer is the advantage of having parking spots for the tenants. A car, particularly if your renter is a family, is an essential part of their daily lives. They would need it to take kids to school, get to their jobs, and use it for errands.
If a house hunter owns a car, one of the things they might require in a property is a designated parking space for them. Imagine not having to worry about where to park your car after a long day at work. People are more than willing to pay the extra fee for this perk.
Are parking spaces a must-have?
The downside of no car spaces:
It might be a problem if you have a multi-unit building with several tenants because it would also mean several cars. Not enough parking space can cause conflicts among your tenants if you do not designate parking spaces.
If your property is located within a bustling city, parking your car may be more difficult compared to when your property is in a suburban area. The city will not have a lot of areas for parking so there will be a scuffle for it. Whereas, a suburban area will have more space for everyone to share.
These are examples of complaints that may arise concerning tenants with cars and parking:
• The area of their parking spot is too far away from the property. They might find it exhausting having to walk a distance to get to their car.
• Someone else is parking on their designated area which would result in them having to use someone else’s spot and will then result in a domino effect of not using the assigned parking spaces. This could lead to conflicts between tenants.
• There are no parking spaces for guests so that they will end up using a spot assigned for someone else.
• The parking spots may not be enough if they own more than one car. Having two cars in one family is expected especially if a couple both have jobs and have to have separate cars.
• Not having a specific parking area for your tenants will increase the risk of their vehicles being towed.
Tenants complaining to their landlords about parking can be such a headache because you have to please them all. That is why there should be a constructed plan of action regarding this predicament and it will be your job as a landlord to come up with this.
Lease Agreement
Like what is commonly advised, the lease agreement is THE most important piece of the document a landlord should have when getting into this business. It should have everything, down to the nitty-gritty of the technicalities of renting out a property. When it comes to parking, set up specific policies because that would help you organize the parking situation. Here are some:
• Assign a designated parking area per unit. This will ensure them that they will have a space waiting for them anytime. Include the area in the lease agreement and mark it as theirs. It pays to have everything written down as documentation.
• Strictly implement that no parking will be allowed if it is not in a designated area. They should not be allowed to park their vehicles in other areas in the property (e.g. common areas, lawn area). You should also prohibit double parking.
• Do not allow vehicles that are not even working or cannot be used anymore. These will just be a waste of space. If the car is scheduled for fixing, then they should have a specific time frame to follow.
• Assign parking spaces for guests and guests only. Emphasize that parking in an area that was not assigned to them will have to have their car towed away.
• Be specific on the size of the vehicle that they can park on their space. Some will use a single space for more than one vehicle particularly if they have motorcycles. Indicate in the lease agreement that only one vehicle per spot.
• State the process of towing. Include the reasons that may cause a landlord to have their cars towed, the number of warnings given before you take appropriate actions, and their financial obligations on the matter.
• Consider the special needs of your tenants. You have renters that may need to have a parking spot that is nearest to the property as they may have disabilities and it will be a burden for them to walk far to their area. Accommodate these requests because they will help the tenant greatly.
Having enough parking spaces will attract more tenants and that would mean more profit. Don’t forget to highlight your parking space when you’re making a property listing at Padleads. It’s a feature that attracts a lot of home hunters. Interested applicants will be showing their interest in no time.