As a rental property owner, providing adequate parking can be challenging, especially in areas with limited parking space. If on-street parking is unavailable or prohibited, several cost-effective options exist to add parking without breaking the bank. Here are four options to consider for your rental property that can help you increase your profits:
Expand your rental property parking with low-cost parking pads
If you have unused outdoor space on your property, consider converting it into a parking area. Options include extra space next to your driveway, unneeded lawn areas, or gardens that you can have removed. Before starting the project to add parking, check with local laws and codes to ensure you conform to city requirements.
While concrete is an option for adding additional parking space, concrete parking pads can cost anywhere from $8 – $18 per square foot. There are more cost-effective options that rental property owners should consider.
1. Gravel parking space additions are affordable, and installation is fast
Gravel is the most cost-effective way to add parking spaces to your rental property. At an estimated $1.25 to $2 per square foot, this can be a cheap way to add parking on your rental property. Gravel requires maintenance, and you may need to add more over time. Install edging around the gravel area to keep it from getting onto the lawn.
2. Asphalt provides lower maintenance and cost-effective parking pads
Asphalt is slightly more expensive than gravel at an estimated $3-$5 per square foot. Asphalt parking pads can last 20 to 30 years, depending on climate, maintenance, and usage. The initial upfront cost over gravel may prove worth it for the longevity and lower maintenance.
3. Permeable grass pavers maintain the look of your lawn to create additional parking
Permeable parking pavers can be installed for an estimated $3-$9 per square foot. These pavers can be topped with sod, costing an estimated 35 – 80 cents per square foot. The look of your lawn will be maintained, and with proper installation, the only maintenance required will be cutting the grass along with the rest of the yard.
4. Tire track parking spaces are great cost-effective options for rental properties
This option consists of two strips of the parking space material you choose with an unpaved space between them. The smaller square footage needed to create the parking space will save you considerable money.
You can choose any of the cheaper options from gravel, asphalt, or permeable grass pavers, but you could also install concrete as this will be a much smaller area. Concrete tire track parking spaces may be the best option if you are looking for a cost-effective, long-lasting, maintenance-free parking spot addition.
If you’re not able to add parking space on your rental property, here are some alternative options to consider.
Rent nearby parking spaces
If your rental property does not have the space or local codes do not allow for the addition of parking, rental property owners can look at renting parking spaces from businesses nearby. If the cost is low, this additional expenditure may pay for itself with higher rent and fewer vacancies.
Highlight public transit, walkability, and other options near your rental property
You may not need additional parking if your rental property is near good public transit or is in a walk/bike-friendly area. Another feature to highlight is if car-sharing or scooter rental is available in the neighborhood of your rental property.
By implementing one or more of these cost-effective solutions, you can increase the parking capacity at your rental property at a reasonable cost. Additional parking spaces will benefit members and increase your rental income and property value in the long run.
Additional parking is even more valuable with PadSplit to provide higher ROI
Traditional rental properties can benefit from additional parking spaces, but additional parking can be even more crucial for hosts that use PadSplit’s shared housing marketplace. With PadSplit, your property will have more bedrooms providing more income and higher ROI. This results in the need for additional parking for the extra members of your rental property.
Optimizing your rental property with PadSplit may increase profits by more than 100% and lower vacancy rates. If you want to see how much more lucrative your property could be with PadSplit, check out our calculator. You can find us here to learn more about becoming a host.