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.


American Apartment Owners Association offers discounts on
products and services for all your property management needs. Find out
more at www.joinaaoa.org.

Source: American Apartment Owners Association