‍A recent Greystar study published this year revealed that covered parking tops the list of community amenities for their residents, outranking traditional favorites like swimming pools and fitness centers.

The survey was sent to residents within 60 days of moving into a Greystar-managed community in the United States, and recipients were asked: How high of a priority are the following apartment features/amenities when making your lease decision? They were then presented with 18 apartment features and 29 community amenities, and prompted to rank the importance of each one.

According to the study, 84% of respondents expressed an interest in covered parking, with 33% stating they would not rent an apartment without it. The numbers were higher than any community amenity listed, and mark an uptick in the importance of this parking compared to the previous years’ results. 

Another equally interesting stat: On average, respondents assigned a $75 rent premium for covered parking, the highest premium of all community amenities surveyed. They value it so much that they’re willing to pay more than they would for a pool or fitness center (for which residents assigned a $73 and $69 rent premium, respectively). Additionally, reserved parking came in at #3 for the most desirable amenity for residents, for which residents assigned a $70 rent premium.

So it’s clear parking is more than a convenience; it is a necessity. But how do property managers ensure they are maximizing the value of this high-demand amenity? The answer lies in modern parking management technology.

How parking management helps you get the most out of covered parking 

Dynamic pricing helps you charge the right price

One of the key considerations surrounding parking is getting pricing right. Not only can the right pricing help you bring in more ancillary revenue, but it can also help you manage demand. This is especially relevant for covered parking if only a portion of your parking lot is located in a garage or other structure.

So how does the right pricing impact demand? If your spots are priced too low, desirable covered spaces are quickly taken, leaving many residents’ needs unmet (which is especially frustrating for residents who would be willing to pay more for it). Set your prices too high, on the other hand, and spots sit empty and underutilized. 

However, it can be tricky to balance affordability, demand, and revenue generation if you’re handling parking with traditional systems like rentable items and spreadsheets.

That’s where parking management systems can lend a hand. Revenue management tools take several factors into account when pricing a spot, including desirable features like covered, gated, or larger parking spots, seasonality, and lease length. This helps you strike the perfect balance and keep your spots filled while meeting your residents’ needs.

Short-term parking differentiates your community

As the #1 Greystar community amenity of 2024, covered parking is too valuable to sit idle between leases. 

Let’s say a resident who previously had a covered spot moved out or no longer has a car. With traditional, manual parking management, that premium spot will sit empty until you fill that apartment. But with modern parking management software, you can make it available immediately for residents and guests to book, whether it’s for 3 hours or 3 months, or anywhere in between.

Since parking management systems like Parkade allow for such flexible lease durations, this becomes a true selling point for your community. These flexible options create more space for visitors to park, or a resident can reserve extra covered parking for a shorter period of time.

Your team drives more revenue while also maximizing your most valuable amenity, ultimately boosting resident satisfaction. It’s a win-win. 

Better enforcement tools for everyone

Parking enforcement plays a crucial role in maintaining a seamless experience for residents, especially when it comes to in-demand amenities. Since residents clearly crave covered parking, you want to be sure no one is parking in these premium spots when they shouldn’t be. We’ve heard stories from several of our customers prior to using Parkade: Some people were getting away with not paying for months or even years because parking records were out of date.

This is one of the main benefits of a digital parking management system. With Parkade, admins can quickly pull up a list of all vacant parking spots in the app, then head to the parking lot or garage to see if there are any unauthorized cars in those spots. It’s as easy as snapping a photo of the license plate and getting an instant result that displays whether or not that car is in the system – and admins can submit a digital problem report from there.

To take it a step further, parking management software like Parkade even minimizes the need for your staff to patrol the lot in the first place, since residents can report unauthorized parking themselves. If they come across someone in their spot, they can snap a photo and instantly receive another spot to park temporarily while the issue is resolved. This also ensures a smooth experience for premium spot holders. Otherwise, it can be difficult to justify the higher price tag.  

In short, with digital enforcement, properties enjoy a hassle-free parking experience while preserving the value of covered spots.

Assigned parking comes in at a close third—we can help with that, too

While covered parking takes the #1 spot in must-have amenities, assigned parking ranks closely at #3. 

We’ve talked extensively on the blog about the incredible benefits of switching from unassigned to assigned parking, but without the right system, it’s often easier said than done. 

To create a positive assigned parking experience for your staff and residents alike, a well-managed, PMS-integrated parking system is a must. With this, you ensure records are 100% accurate and update automatically upon move-in and move-out. The right solution will also provide a user-friendly app for residents to both select their spot and pay for it directly on their phones. 

Ready to start delivering on resident priorities? 

Creating a memorable resident experience, as the Greystar report shows us, goes far deeper than providing the typical “luxury” amenities. While residents love the fancy bells and whistles, these mean nothing without a strong foundation, and parking plays a crucial part in that. 

If your parking experience could use an overhaul, get started by requesting a demo today.

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