General Landlording & Rental Properties

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Nancy DeSocio
  • Rental Property Investor
  • Cranston, RI
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Does more parking add value to a property?

Nancy DeSocio
  • Rental Property Investor
  • Cranston, RI
Posted Apr 5 2018, 04:24

Hello BP community!

We recently purchased a 4-plex with a driveway that is big enough to park 4 cars but only two units have a parking space (otherwise, they'd all be blocking each other in). The parking spots were allocated by the previous owner as follows:

Unit 1 - parks on the street and has stated to us that she doesn't like the parking situation.
Units 2 and 3 have a parking spot in the driveway.
Unit 4 moved in on March 1, and his lease notes parking is on the street. No complaints from him so far.

When there is a parking ban in effect (which happens often with Rhode Island winters), all four tenants park in the driveway until the ban is lifted.

We've been looking into expanding/widening the driveway to allow one parking spot per unit but the quotes  are higher than I expected (ranging from $3500-5400), so now we're rethinking whether or not it's worth adding more parking.

We have the money to pay for it, but it would be out of our own pocket, as we haven't owned the property long enough to have built up the CapEx savings. We're leaning towards not making any immediate changes, but is that being short-sighted? Is this an added value to the property other than keeping one tenant happy?

I appreciate any thoughts or similar experiences that others have had.  Thanks!

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