Have you considered paid guest parking permits as a way to boost NOI? Like most apartment communities, you’re probably charging residents for carports, garages, or maybe even additional parking permits. So why is it that guests always get a free ride? They take up valuable real estate too. To be clear, we believe providing a place for guests to park is a very important amenity for a thriving community. After all, this is your resident’s home and having friends and family over is an important part of life.
Over the last year we’ve seen more and more communities make the shift to paid visitor parking permits, making an average of $635 per month.
Garden-style apartment communities
The garden-style communities we serve make a net average parking income of $2.33 per unit per month. That’s $815.50 per month for a 350-unit community.
Here are examples of two of our communities, and how they’ve set up their policies for paid guest parking:
459 apartments with paid guest parking between 11 pm and 7 am
- Guest parking costs $5 per night
- Average of $1,400 in monthly parking income with $3.08 per unit
244 apartments with paid guest parking between 6 pm to 6 am
- Guest parking costs $1.50 per hour
- Total average of $385 in monthly parking income with $1.57 per unit
Mid-Rise and mixed-use retail apartment communities
Our mid-rise and mixed-use communities in high-traffic areas average a net income of $5 per unit per month in revenue from paid apartment parking permits. If you have a 200-unit community at that average, you can potentially bring in $1000 of ancillary parking income each month.
Here are a few examples of our customer communities using paid parking:
- 72 hours of free guest parking per unit per month
- Guests pay $3/hour after free parking time is used
- Average of $1,889 in monthly parking income with $5.83 per unit
- Guests pay $2 per hour
- Average of nearly $1,500 in monthly parking income with $3.93 per unit
- First hour of guest parking free with purchase at nearby cafe
- Guests pay $3 per hour
- Average monthly parking income of $412 with $5.50 per unit
How it works
Free and paid guest parking registration options are available in your community’s 24/7 self-service Parking Attendant. Guests can scan our pay-to-park signs to access the Parking Attendant or through your custom URL.
Paid parking is easy to get set up and there are no setup fees. If you already have a Parking Boss account, all you need is a Stripe account for payment processing. Once a guest has paid via ApplePay or credit card, they will receive a registration confirmation with the parking permit start and end time. Paid violations are also available from Parking Boss. Don’t miss out on the opportunity to grow your NOI with paid parking this year.
*Income totals after processing fees. Fees may vary based on plan.