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When and How Much Should My Community Charge for Parking

When and How Much Should My Community Charge for Parking
"How much to charge for a parking space" is a common concern we hear on a frequent basis. A lot of communities, specifically in the multifamily industry, struggle with knowing how much and when to charge for parking due to the concern of negative response or backlash from residents. It is an unfortunate reality, that offering free parking at a community such as an apartment complex or shared condo parking lot can lead to numerous issues and even place a higher long-term cost on the local community itself. Overcrowded lots result in unhappy residents that spend additional time searching for parking; which is just one issue that can arise when there is no cost tied to parking a vehicle onsite. Parking Lot Supply and Demand Considering if a multifamily community or apartment complex has fewer spaces than it has units or is above the average of 1.88 vehicles owned per household (according to the U.S. Department of Transportation), the demand outweighs the supply causing a parking deficit. This results in parking problems such as residents wanting to park their vehicle close to their own home only to find out the space has been taken by a neighbor's guest who has been occupying the space for far too long. This can be managed effectively by pricing out permits based on the deficit. Every city has building codes which allocate a specific number of parking spaces per unit, however depending on the data that was used at the time of construction, this may......
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Internet Providers Becoming a Key Ingredient To Leasing Success

b2ap3_thumbnail_comcast-apartment.jpgWarning - the image below is not completely appropriate.  So if you are easily offended, please click away.   A post recently came up on Reddit called, "Im moving into a new apartment complex and the only cable company that services them is Comcast", and this was the meme they shared: For those who don't watch Southpark, it is basically a snide remark from the cable companies that there is no real competition, so people have to accept whatever they decide to offer them.  Of course, as apartment communities can sign exclusivity arrangements with cable providers, they become a part of this very issue. Although many people are caught up in a wave of Comcast hate, I still think the responses on that thread are incredibly valuable market research.  These are what residents truly think about their Internet service options, and how that impacts their moving decisions. Here are some of the comments: Comcast is also included in my rent. However, this sucks beyond belief, because I'm in Chattanooga, and Chattanooga has gigabit internet through EPB. But I can't have it because I GET F****** COMCAST INCLUDED IN MY RENT SO THE BUILDING IS WIRED FOR COMCAST.   Yep. I'll be damned if I move anywhere before I check the internet provider. Its the first question I ask realtors. They all look at me weird. I don't give a f***. A sh***** ISP is a deal breaker.   I've lived in a place with sh**** water pressure. It will never happen......
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