Why You Should Include Parking in Your Multifamily Budget

How utilizing parking management software can benefit your community

As a manager, you value your residents and their overall satisfaction. But you also know the value of being smart with your budget. There are a lot of things to fit into your budget, but if you haven’t considered including parking, it might be time to.

Parking is a common pain point in communities. It takes precious time and energy from staff, creates frustration for residents and guests, and can even bring down overall community ratings and reviews. A J Turner Research report found parking to be the number one complaint of residents nationwide. The majority of renters own at least one car and don’t want to have a daily struggle finding a place to park.

Maybe you’ve wanted to do something about your community’s unruly parking but it’s been put on the back-burner or you haven’t found the right solution.

Here are some reasons why budgeting for parking can be good for your community:

1. Potential for ancillary income

Utilizing paid guest or premium parking can generate extra income. Managers using a software platform, such as Parking Boss, have seen increases in rented carports and garages through tracking resident vehicles. With that, they’ve also been able to catch unauthorized occupants and fill paid parking spaces with authorized occupants.

2. Better online ratings & reviews

As parking improves, residents will be more inclined to leave good reviews about it or edit previous poor reviews. According to a 2018 Brightlocal Consumer Survey, 91% of 18-34 year olds trust online reviews as much as personal recommendations. The survey also found that 57% of consumers will only use a business if it has at least four stars.

3. More community harmony

With clearly designated and assigned spaces, residents and guests will spend less time fighting for parking spots. A good parking management system can significantly improve parking availability and reduce the confusion that comes from out of control parking.

4. Improved sense of security

Residents will feel safer knowing no unauthorized cars can be parked in your community. Renters also look for communities where parking is a guaranteed amenity.
According to a 2017 NMHC/Kingsley renter preferences report, 88% of surveyed apartment renters look for secure resident parking as a community amenity. Of those renters, 71% won’t sign a lease without it.

5. Modern, convenient technology

The future of multifamily communities relies on technology and most residents appreciate technology add-ons. In this digital age, people don’t want to spend more time on things than they have to. With a tech-based parking management solution, you’re simplifying the process and offering another modern amenity to your residents.

• With a parking management system like Parking Boss, you can take control of:
• The number of vehicles residents have
• The guest parking, including how efficiently and fairly it is enforced
• Paid parking spaces and the ability to make spaces pay-to-park on certain days/times.
• Unauthorized occupants

Additionally, with Parking Boss, you can add an interactive map which can efficiently manage parking space assignments and track premier reserved parking.

At Parking Boss, we may not be able to solve your budget problems, but we can solve your parking problems. We want your community to be successful. Learn how we can help your community.

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