Investing in a rental property can be tricky if you don’t know what to look for. It can often take time to find the perfect investment property. Our Property Management team here at Wellington & Reeves consider a range of factors, one of these being the necessity of car accommodation.
General Parking Trends in Albany Properties
According to the 2016 census, 96% of tenants have one or more vehicles kept at their property. 31% of people have one vehicle, 37% of people own two vehicles and 23% of people keep three or more vehicles at their property.
This clearly demonstrates that almost all tenants will opt for a rental property which comes with parking facilities. It therefore becomes imperative for you to look for properties which have an in-built garage or carport. A garage is often preferred by tenants, but a carport will suffice if the property lacks an enclosed parking area. Another point to consider is that people not only want space to park their cars, but they also often require storage space for keeping push bikes and machinery like the lawn mower. This becomes particularly important if the tenant is expected to maintain lawn and garden areas at the property.
Parking and Storage Considerations for Investment Properties
Whenever you go to inspect a property for purchase, you should check the car parking and storage facilities located in the yard or built into the structure of the property. If you are looking for a standalone house, it should have a separate car parking space. If you’re looking for and prefer an apartment, then there should be parking facilities for at least two cars in the designated parking area. It is not just an additional facility that you provide to the tenant but is also a necessity as they require space to keep their vehicles. Though car accommodation is provided with most properties now, it is usually for just one vehicle. If you provide greater parking space, you can ask for a higher rent from the tenant and get a better return on your investment. You can also expand your market by catering to the requirements of a greater number of tenants.
Always be mindful of this feature before choosing your investment property here in Albany.