The Challenge

Maggie Sullivan, the property manager tackling this launch, was no stranger to parking woes. She had witnessed firsthand at several other properties how inadequate parking management could create significant operational challenges, revenue loss, and resident dissatisfaction.

With only 1.07 parking spaces per unit in a building where many residents own multiple vehicles, Maggie knew from experience that traditional parking management approaches wouldn’t cut it. 

The anticipated challenges were evident.

Limited inventory with high resident expectations 

Residents paying premium rent expect premium levels of service, including flexible parking options for multiple vehicles. The tight inventory made meeting these expectations near-impossible without the right strategy in place.

Revenue requirements from lease-up

The property needed to maximize parking income from the beginning to meet financial targets, and it quickly became clear that a traditional flat-rate pricing model wasn’t going to cut it. They needed a system that could handle sophisticated pricing schemes without adding administrative burden. 

Administrative complexity

Having managed parking challenges at previous properties, Maggie understood the administrative burden of spreadsheets, hang tags, and manual tracking systems.

"At the end of the day, our lives are a lot harder when the residents are unhappy and the income isn't there."

The team evaluated several alternatives, but none of the other parking solutions on the method seemed fit to address their specific needs. Traditional methods involving hang tags and towing enforcement would strain resident relationships while consuming a lot of staff time. Free or bundled parking would eliminate a crucial revenue stream and provide no control over limited inventory.

Manual management also presented significant additional challenges — tracking variable pricing, managing tricky mid-lease changes, and maintaining accurate records would require extensive staff resources.

The Solution

Maggie turned to a proven solution. She had successfully implemented Parkade at a previous property, which also operated with less than one space per unit. Those positive results gave her the confidence that Parkade could address Rosette's specific challenges, too.

The key factors in selecting Parkade included:

Demonstrated success at similar properties

‍Maggie's direct experience with Parkade's effectiveness at parking-constrained properties provided crucial validation.

"My last community had 122 units, this one has 265, and Parkade has been able to adapt and flow regardless of the size of the community to meet our needs and restrictions and still generate income for us."

Comprehensive financial modeling

Since Rosette is fee-managed, there was a lot of due diligence that Maggie’s team had to do, and Parkade helped to alleviate much of that burden.  Securing ownership approval for the added monthly cost — not included in the original budget — required detailed projections. Typically, this requires lots of numbers crunching from property teams. Parkade was able to take the burden, though, and their financial modeling demonstrated clear ROI potential, providing ownership with the data needed to approve the investment. 

“That free work they did to help not just me understand but answer all the questions that our client had, is so valuable.” 

Immediate operational flexibility

‍Parkade’s revenue management tools, guest parking features, and month-to-month options for second vehicles were available from day one, enabling maximum utilization of limited inventory.

Since Parkade checked all of the necessary boxes for the Rosette team, they moved quickly, signing the contract before the building opened. By November 2024, with only 20 residents in place, Parkade was operational and ready to scale as the building stabilized.

The Results

Seven months after implementation, Rosette has exceeded parking revenue projections while creating a positive parking experience for residents.

A powerful revenue management strategy

Despite offering six months of free parking as a move-in concession, Rosette has been able to surpass revenue targets much earlier than expected. In addition to enabling guest parking for the first time, they’ve benefitted greatly from Parkade’s sophisticated approach to pricing spots based on features and location. 

• Average parking revenue: $103 per space (compared to $91 budgeted) while providing residents flexibility to choose based on their budget
• $1200/month in short-term parking revenue (which would have been $0 without Parkade) at only 60% occupancy

Parkade’s revenue management feature has proven particularly effective. By offering spots ranging from $75-150 per month based on location and convenience, with month-to-month options at a 25% premium for second vehicles, the property has successfully captured additional revenue from residents willing to pay for convenience, flexibility, and other premium spot features. 

Residents opting for premium spots

The data reveals how strongly residents are embracing the parking program:

75% of residents selected spots priced above the $75 minimum. Given choice and transparency, residents willingly paid for preferred locations.

"It's hard for residents to complain about the pricing when you yourself get to choose it. So our residents are happy," Maggie told us.

The system provides tangible resident benefits: guaranteed reserved spots, mid-lease spot changes, and competitive pricing compared to other properties charging flat rates of $100-150. During leasing tours, staff can present parking as an amenity starting at $75, rather than apologizing for limited availability.

Operational wins for onsite staff

By implementing Parkade, the operational improvements have matched the financial gains, specifically on the enforcement side. The patrol feature enables automatic violation detection, while residents can report issues directly through the app. The 24/7 support team handles enforcement and issues, allowing property staff to focus on other responsibilities. 

• No more parking sticker expenses through digital management
• Automated enforcement that keeps their lots in order without burdening staff
• Marketing materials provided for resident communication
• Responsive customer service for immediate issue resolution

“I will scream from the mountain tops - the hello@parkade.com team, whoever is responding to that email, is the greatest customer service team that exists because they respond so quickly and they always have the answer."

Looking Forward

At a luxury property where details matter, effective parking management has proven essential to the Rosette’s overall success. After implementing Parkade at the second property she’s worked at, Maggie is now a true Parkade advocate and is excited to spread the word to other Willow Bridge communities that are struggling with parking. 

As the team continues their lease-up, the parking program has evolved from a potential liability into a competitive advantage. Ready to transform your parking? See how Parkade can help you maximize revenue and minimize headaches at your property. Get in touch with our team today.