Driveway increases cash flow?

[Andres Bernal]

Hi guys, Im planning to build a driveway in my triplex here in Connecticut, there's plenty space and I have all the permits to do it. Now, the topic it's on how much would you charge per space, or would you include that on the rent? It's it worth it? Also, I'm from West Haven, Connecticut and the winters can be cold so what type of driveway would you recommend asphalt, gravel, concrete? If anybody has any experience or story please share! Thank you!

[JD Martin]

Asphalt for sure where you live. Freeze/thaw flexibility, benefit of blacktop to melt snow, less destruction with salt use. 

Where do the tenants park now? On-street or on-site? If they're already parking on your property, I doubt they'll see the value in asphalt and agree to pay more. If they are parking on the street, you could offer it as an additional service - I, however, would just add it into the perks of the apartment and price accordingly. For existing tenants on anything other than M2M, I would inform them of increase $X on X date (renewal, most likely). On M2M I would do it a month or two out with notice.