How to Make More Money from Your Rental Property
An apartment complex in San Francisco is trying out a new strategy to make some additional cash: parking space rentals for non-residents.
While this isn’t a new idea, it encourages other landlords to consider hidden income possibilities — this could be a great money maker for other city apartment owners with unused spaces in their parking lot.
Hunting for parking in a city like San Francisco can be very difficult and frustrating. People vacationing to the area are often surprised to find just how expensive it is to park. The savvy property managers with Marina Cove Apartments saw this as opportunity to market their idle spaces.
Monthly parking in San Francisco and similar areas can reach nearly $400. Marina Cove is setting the rate at $250, taking advantage of a highly desirable location near the Bay.
The complex offers luxury Marina District apartments for rent, serving the needs of San Francisco residents who desire to live in one of the city’s most prestigious neighborhoods.
William Harlow, marketing manager at Trinity Management Services, says the policy will benefit residents. “We understand how important it is for our tenants’ guests to be able to have a place to park when they are visiting. No one wants to tell their Mom or Grandma or friend that they have to park a mile away and hike up to the apartment complex to be able to visit them. With the outrageous cost of scarce parking in the city, $250 a month for a guaranteed spot is a deal.” That’s bound to enhance tenant retention.
Marina Cove also benefits from diversification, offering furnished apartments, short term leases, and corporate suite leases or rentals. The company focuses attention on its friendly and professional staff.
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