You can't make an omelet without breaking eggs. Similarly, you can't create a well-ordered parking ecosystem in a multifamily community without consequences for people parking in spaces they shouldn't be in. While the numbers are almost impossible to pin down for multifamily communities, there are approximately 12 to 15 million cars towed from private and commercial properties each year, according to a study by the U.S. PIRG Education Fund. In co ...
Any owner or operator knows that resident happiness can make or break a business. Parking ranks as the sixth biggest detractor of resident experience, according to a 2024 Widewail study analyzing 400,000 resident Google reviews. It's not just a minor bump in the road—it's a pothole that could cost thousands in turnover and advertising expenses. With more than 30% of residential communities suffering from parking pains, it's a no-brainer to proact ...
Everyone once in a while the government gets something right. Living in Los Angeles, I frequently embark on perhaps one of the most difficult journeys known on Earth – commuting to Orange County. Although the journey is a mere 45 miles, the drive time can be as short as 35 minutes or as long as three hours, depending on the traffic. It's the reason Southern California residents measure driving in minutes instead of miles.In 2018, the Orange Count ...
The multifamily sector could face a significant shock in the coming months. Despite the persistence of high rental prices, numerous renters are foregoing home ownership due to the challenges, stress and expense of buying. This confluence of factors raises the likelihood of more households with roommates in multifamily communities. It also increases the risks of financial challenges for owners, particularly in regards to parking. Even with an infl ...
For many, the automobile is as quintessentially American as apple pie. It is deeply interwoven within our nation's identity, and we've built a nation centered around their existence, including the creation of a monumental interstate highway system, the advent of the drive-thru and parking spaces. Lots and lots of parking spaces. In a bid to assist car owners, city and state officials introduced parking minimums for virtually every structure built ...
One tug of a loose thread and the whole thing could come unraveled, which aptly frames the challenges many communities face when it comes to towing. Regardless of how many people complain about their reserved spot being inhabited by someone else, the data says the issue is usually caused by only a few people. Yes, you read that right. Just a few of your residents can impact overall resident satisfaction. On average, 1.7% of your residents are res ...
Some communities don't have to worry about parking. The funny thing is, parking isn't "a thing" until you don't have it…and then it's a "big thing!" No one wants to arrive home at the end of their day only to be confronted with parking inconveniences. Any hiccups in the process can lead to frustration, complaints to onsite teams and friction between neighbors. The reality is that about 1.7% of residents are responsible for almost all parking hass ...
I was intrigued by Matrix Fitness' informal survey at this year's Apartmentalize, which prompted attendees to select the amenities that were most important in their communities. While fitness centers and community events performed well, the clear winner was parking. Parking ranks high among renters in every preference survey out there, receiving three mentions in the eight most important amenities. Covered parking, dedicated visitor/guest parking ...
With so many changes occurring in multifamily leasing and management, owner/operators are seeking ways to meet the challenges of shifting consumer tastes, ongoing hiring and retention issues and maximizing revenues. Centralization is the next natural step in the industry’s continued modernization, offering a path to effectively manage prospects, teams and assets wh ...
As more multifamily operators venture into the single-family rental market and build-to-rent arena, they’re moving not only into a new real estate sector but a new renter demographic, as well. Prospective renter preferences and expectations vary significantly, as do renter profiles, between the multifamily and single-family space. Operators must market and manage a ...