Buying investment property in city with little parking

2 Replies

Hey guys,

I need your opinion, what is your thoughts on purchasing a property in a city that has little to no street parking no driveways at all?

Would this greatly affect my efforts in keeping my units rented? Or the tenants who are used to the area wouldn't mind? 

Please let me know if you have ever or currently have propeties that deal with ni parking like in New york city  and jersey city.

Thanks!

Hi Cody,
When you’re talking about urban areas like NYC and Hudson County, NJ (Jersey City, Hoboken, etc) you’re talking about some of the best public transportation systems in the country. Many tenants don’t even want to own a vehicle since most would just use it on weekends at most.

Most important thing to do is focus on areas closest to the transportation lines (bus, train). That’s where the money & demand are. I rent many apartments every year in Hudson County & depending on where the tenant is commuting to can affect where in town they want to live.
I also lived in Hoboken and street-parked the entire 9 years I was there. It can be very annoying however many people deal with it if they need to have a car. Hope this helps!

I live in Jersey City and having a parking space was absolutely a requirement for me because I reverse commute to work. BUT, there are 6 units in my development and 3 (3 bedrooms each) don't come with parking. I thought for sure they would take much longer to sell, but to my surprise, they went fast and there is still one left that does have parking. A lot of my friends take the bus or trains, so proximity to public transportation is your biggest plus if parking will be an issue. I would keep it within a 15 minute walk to the light rail or path, if possible, and definitely near a bus station.  Also, like Dan said, people say street parking is impossible, but when friends or family visit we never have a problem finding close parking. If it takes 2 swings around the block, or parking a block over, that's the price people pay for city living. It's obviously better if you do have parking, but not a deal breaker. 

Jessica Zolotorofe

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