How many parking spaces would you prefer if you were living in a 2 bedroom apartment.

Question

i am a new real estate investor and just bought a condo unit in NYC which is a 2 bedroom apartment. The unit comes with an assigned parking spot and i have an option to reserve (and pay for) a second parking spot.

thanks

i am debating whether or not i should get the second parking spot. would most tenants that live in a 2 bedroom apartments prefer (and to pay for) two parking spaces or is one parking space sufficient?

Answer 1

Well, in NYC parking is premium so certainly you can charge for that convenience...however, also remember that many NYC residents do not have cars.  Further, will you be able to charge enough to compensate for that extra spot?  If you rent to a one car person or no car person, how will your higher rate affect them.  I really think one is fine but that is just my humble opinion.  Best Wishes.

Answer 2

I would evaluate my decision on how close public transportation is available. In some cases having an extra space is more valuable to renters if it is obvious that they will be driving to work and having to park.

Answer 3

If two people are going to live there it will be worth it to pay for the second spot so you don't have to search out a parking space on the street.

Answer 4

If it were me, I would find a renter first and ask them how many cars they have.  If they have two, than I would reserve and pay for a second parking spot.  One thing you do have to think of though, is if a tenant has one car, where are their guests going to park?  I own some 2 bedroom apartments, and sometime they have one car, and sometime 2 or 3.  Guest parking is also important to tenants.  It is a question I usually get asked.