Cost-Effective Parking For Apartment Buildings: Is It Possible?

February 17, 2021

Apartment complexes come with several facility-wide costs. The common areas and grounds must be maintained, security must be guaranteed, and adequate parking must be provided as an option. As a building owner or manager, your job is to ensure these needs are met, regardless of the tenants you have and the rent you collect. 

That said, parking minimums are on their way out, and just because some general services are must-haves does not mean they have to be expensive. One way to cut down operating costs is to improve parking management. Traditional management techniques have served well over the years, but with modern technology, you can give your parking lot the upgrade it needs to be more efficient, convenient, and cost-effective. 

Below are four excellent ways technology can help you lower the cost of providing parking for your apartment buildings.

1. Use Pass Management Software

If your building has dozens of apartments with driving renters, you need enough parking spaces to accommodate them all. With a larger parking lot comes the stress-inducing challenge of keeping track of each space. Sure, you can allocate parking slots specific to house numbers, but occasionally, a tenant will park in the wrong spot either knowingly or unknowingly. 

Many apartment blocks use valets to assure every resident of their parking space whenever they need it. However, any human assistance comes at a cost that can drive up your parking expenses significantly. A cheaper and more elegant solution is to use live parking software to manage allocations. 

Pavemint's Parking Passes tool makes it easy for you and your tenants to assign, manage, and pay for parking. You can assign a tenant to a general parking area or a specific space, then they can pay for their parking online and even set it to auto-renew on a monthly basis. This can also be used to reserve parking for guests, prospective tenants, and staff.

2. Register vehicles

If you are allocating parking spaces by providing tags to residents as they drive into your building, now is the time to change. Digital solutions exist to make enforcement more manageable and cost-friendly. 

With a camera and simple software, you can capture vehicle data such as make, model, color, and license plate and store it in a readily accessible cloud-based database along with the details of the car’s owner. That way, you do not need to issue tags to ensure you have the right people in your parking lot. Moreover, if residents need to change cars, they can simply update their assigned or reserved spots with the new vehicle’s details.

This is all possible with Pavemint's lot enforcement tools.

3. Use a digital gate opener

Hiring a person to open the gate is an easy way to ensure security in your apartment building. However, if you aim to reduce costs, it is advisable to avoid fixed expenses like wages and salaries as much as possible. Urban developers are increasingly replacing manned parking lot entries with automatic gates. 

That said, purchasing and programming devices that scan tags to open parking barriers accrue costs that are either offset by the building or the residents themselves. Moreover, you must be ready to replace any tags that are lost or broken. 

A cost-effective alternative is to go mobile. You can use Pavemint to integrate with your existing gate hardware so that all residents need to do is scan their QR code any time they enter.

4. Rent out extra parking spaces

If you find it challenging to save parking costs, perhaps you can compensate by making some profit. Assess your parking lot to see whether you have some spaces to spare and consider renting them out to other drivers or apartment buildings nearby.

Renting out parking spaces to outsiders may have been a security concern in the past, but today’s mobile technology makes it possible to rent specific spots and only let the drivers that made reservations access them. With Pavemint's Parking Marketplace, for instance, you can put up your empty spaces for rent, accept reservations, and receive payments right from your smartphone. 

Pavemint also provides real-time performance metrics of parking reservations and occupancy, enabling you to make smart decisions about which spots to rent and when. That way, you can minimize the chance of giving out spaces to outsiders when your tenants need them.

Provide Cost-Effective Apartment Parking With Smart Technology

Providing reliable parking to residents without driving up building costs can be a puzzle. Nevertheless, with the right tools, you can streamline parking allocation in your building and eliminate the expenses of hiring valets, dealing with gate openers, and issuing parking tags.

Embrace smart technology today and give yourself and your residents the benefits of cheaper, seamless parking with Pavemint.

Join us in making parking smart.

Speak to a member of our sales team to discover how Pavemint’s software can make your parking more efficient.

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