Is Your Rental Property Enticing Vehicle Owners?
Location, local amenities and cost are often cited as the most important things to consider when looking for a rental property. But with analysts predicting that by 2030 there will be 2 billion vehicles on the world’s roads, it’s crucial that landlords cater to vehicle owners’ needs. So how do you turn your rental property into one that’s suitable for the modern-day car owner?
Off-street parking is essential
The average American wastes 17 hours per year searching for a car parking space, according to USA Today. This costs them a total of $345 annually, so the last thing they want is to face problems finding a secure spot to leave their car when they get home. A driveway is a great addition to any rental property and will instantly make your property attractive to prospective renters. Driveways don’t just interest more parties, they can also add value to a property, as a driveway can increase its curb appeal. Consumer Reports states that a good-looking driveway can increase the value of a property by as much as 5%. This means you could charge higher rent than properties with no driveway in the area.
Offer the security of a garage
There are 156 motor vehicle thefts every single day in North America, according to the National Insurance Crime Bureau. The average vehicle theft equates to a loss of $8,407, so it’s no surprise that many vehicle owners look for properties that offer the security of a garage so that they can safely lock their vehicle away when it’s not in use. Garages are also very versatile and can be used for storage, home gymnasiums and offices, so even if your renters don’t want to keep their car in it, the additional space will entice them to your property. If that wasn’t enough, research from Florida State University shows that a garage increases your property’s value by 13%.
Put up a carport
When it comes to considering a new vehicle, quality, reliability and performance all rank highly among motorists. It’s factors such as these that are pushing up new car prices to more than $36,000. But when such a substantial amount of money has been spent on a top-of-the-range, quality vehicle, motorists want to ensure that their vehicle is as protected as can be. This includes being able to safeguard it from the harsh impact of the elements. The sun, for example, can drain the color from a vehicle, while snow can corrode the paintwork. Putting up a carport on the grounds of your property is the perfect solution as it allows car owners to shield their vehicles. A well-made, attractive carport can also add curb appeal to your property. Just make sure that its designated location doesn’t block any light from getting into the property.
Provide EV charging facilities
Electric vehicles (EVs) are growing increasingly popular in North America, and in the last two years, almost 700,000 of them have been sold to drivers. But sales haven’t been increasing as much as the government would like due to consumers worrying about how and where they can charge these vehicles. It would, therefore, make sense to invest in an EV charging port on your rental property’s land to combat this problem. These ports are compact and secured to the exterior wall of your property, so there’s no need to worry about them intruding on your property’s appearance.
As a landlord, it’s crucial that you think outside of the box and offer renters something a little different. With millions of renters owning vehicles that need to be parked in safe off-road locations, you must be accommodating to this. Similarly, showing you respect the environment and drivers who choose EVs is essential too.
Written by Guest Blogger – Ali McGovern