The Value of Indoor Parking

The Value of Indoor Parking

Have you ever hit the snooze button one too many times or just woke up a little later than planned? Running around getting everything ready for work and deciding if you have time to make coffee or swing through a drive thru on you way into the office, you decide on drive thru. Then you get out to your car and it is freezing and now you have to scrape the heavy frost off of the windshield. You have to hurry so you now go with the great driving style of leaning way down to view your path through the small part that is staying defrosted. You are now regretting not paying for the optional heated seats. Oh great, now you don’t have time to stop and grab a cup of coffee either. This is the reality for many renters during the winter months.

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Indoor parking for tenants has several obvious advantages. A few of them are:
• Security
• Vehicle wear and tear
• Convenience
• Protection from the elements

One of the greatest advantages and sells of apartment garage parking is the added security. If you live in an apartment with only an open parking lot or parking on the street, you leave your vehicle far more exposed. This may not be much of a concern in a generally crime-free neighborhood and may utterly not prove worth the additional cost, but it can prove quite an advantage in an area that’s more prone to nighttime prowlers. Plus, you won’t have to be as worried about not storing items in your car for fear of attracting thieves.

These types of parking options also help the building owner to have a more successful property allowing owners to charge a higher rent and these properties average a higher occupancy rate. Underground/indoor parking is common for multi-family residential, mixed use and senior living facilities.

“When designing a mixed use commercial/residential building in the Midwest, under-ground parking is a critical element to success. People want the convenience to enter the climate controlled parking area and access the elevator.” Randy Miller – Mid-West America Commercial Realty

“In the senior living environment we always evaluate the under-structure parking for our clients. In addition to minimizing disturbed land and shrinking the impervious surface, under-structure parking gives the client the ability to provide security, protection from inclement weather to residents that can be more susceptible to falls, and often some cheap storage space when basements aren’t feasible. In addition, many clients can enhance their revenue by charging a premium for the indoor parking and the need to buy less land which helps get projects off the drawings board and into the ground” Michael Hass-Senior Living Specialist at The Weitz Company

“When it comes to high-rise developments parking is imperative if the project is going to be marketable in the non-student environment. A parking ratio of at least 1.25 stalls per apartment is necessary to successfully market a centrally located high-rise development and a 1.5 ratio is most desired.” James Stopple, Madison Property Management, Inc.

Indoor parking provides solutions to several potential issues and concerns. It also helps projects be more successful for owners. We also recommend going with the heated seat option. Stay warm.

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