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Ancillary Income: Can Parking be a New Revenue Stream?

  As the preferences of residents in urban areas continue to gravitate toward newer, hip forms of public transportation, apartment owners should be watching eagerly.    Fewer and fewer residents in high-density areas are opting to own cars, causing them to place a higher priority on car-share and ride-share services than on parking. Initially, downtown communities might have met this trend with disdain, wondering what they were going to do with all those extra parking spots.     But the concept that spurred this trend – the sharing economy – is also the answer of how to address it. Those empty spots serve as an ancillary income opportunity that can not only generate additional monthly revenue, but add overall value to the community. While residents opt for alternative forms of transportation, you can fill those increasingly vacant spots by utilizing a park-share concept.   Even though some of your residents might not park at your community because they don’t have a vehicle, spaces are still at high demand for those who commute to the area for work or entertainment.   A look at a study by the National Multifamily Housing Council on Urban vs. Suburban Housing Preferences reveals a clear picture of the disparity of resident preferences. While parking is a primary interest for close to 95 percent of residents in areas with household densities in the 94th percentile or less, the number declines in markets at the top end of the scale. In turn, interest in bike-share and car-share programs eleva......
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