What effect do driveways/parking spots have?

Question

I’m interested in a property that only has a small driveway, on a one way street where there isn’t room to park. It’s been on the market for a few weeks, so the price isn’t what really concerns me because there’ll be room for negotiation.

It seems like two small cars could fit on the driveway but other than that there’s no real parking close by. In your experience will this affect rental prices and/or general interest? If so, how much? I’m not concerned about re-selling it because I want to hold it for a while.

Thanks for any input!

Nathan Gesner · Answer

It depends. Is the house large enough it would attract a couple or family?

Most families will have two cars. Where would visitors park? If they entertain often or have family visiting on a regular basis, I could see it being a deterrent. On the other hand, maybe it would attract some recluses that could use the lack of parking to deter visitors.

It's probably a negative, but there are other factors to consider and it doesn't automatically mean it's a bad rental.

Dave Spooner · Answer

@Jack Rozema how many units / beds are in this property? It's largely dependent on the area, but from my experience, parking doesn't impact rental price a whole lot. It can have a huge impact on interest, though.

Jack Rozema · Answer

@Joe Splitrock thanks! That’s my thought process too. It’s tight for 2 cars so it would probably need to be a smaller family or something similar

Joe Splitrock · Answer

@Jack Rozema I have passed on a couple deals due to the parking situation. You will have trouble retaining tenants if there isn't a place to park. That being said, if there is room for two cars, that is all that most of my renters have in my 4/2 properties. The only time they have more is roommates or if they have kids.

Jack Rozema · Answer

@Andrew Powers it’s a 4 bed/2 bath and it wouldn’t be a house hack. So I’m thinking it might be alright especially if I drop the price a little lower.

Jack Rozema · Answer

@Dave Spooner it is a 4 bed/2 bath

Pat L. · Answer

We have a couple of towns that enforce adequate off-street parking for the number of units.

We WILL NOT buy a property unless it has adequate off-street parking for all occupants. Most have 2 vehicles & some now have 2 vehicles plus a work truck. Another issue we avoid are common driveways between properties. That has led to some interesting confrontations then again we did sell a duplex with off street parking a block away. Originally the property backed onto that large parking spot (used to be the stables) but for some reason in the 60's the properties were severed & the adjoining property got sole access to the in-between sliver of land. However, the guy who bought it from us 12 years ago has never had a problem renting it with such an inconvenient parking spot.

From experience, apart from NOISE, parking complaints are #2. We have a MF on 5 acres & the idiot PITA millennial up front demands we assign him the closest parking spots.

Andrew Powers · Answer

Depends on units or number people renting. If you house hack, parking is an important factor especially with a driveway... tougher to shuffle cars when your not related.

What effect do driveways/parking spots have?

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