Tenants Avoiding Properties Without Parking Space

For many landlords it is a matter of disappointment when prospective tenants come calling and back out, citing the lack of a silly parking space. For tenants also this is a big dilemma after liking the property and the area which may be a prestigious neighborhood and is perfect except the elusive Parking space.

For many tenants it is unthinkable to move into a house that has no parking space, even if it is a one bed flat. According to a young tenant located in central London, the issue is simple. These days’ professional tenants are looking for a parking space at their place of residence as most of them have company cars to move around and meet the clients.

So the parking has become a debating point. Tenants look up to the landlord to provide the same. At the same time, tiny units such as one-bed flats in central London locations hardly have any parking space. The landlords are under pressure as no good tenant will rent a flat that without a parking space.

Says Anita Mehra, Managing Director of Benham & Reeves: “In many of the newly built schemes, developers do offer parking spaces. But they are meant for two or three-bed units only. This compounds the problem and makes it imperative for landlords to buy a parking space for their tenants so that he or she can park the vehicle outside the development, as Councils will not provide a parking permit under section 106”.

Though landlords cannot charge a premium on the tenants for a parking space the lack of it will curtail the market appeal of a property restricting the number of potential tenants. So the landlords are being advised to consider purchasing a parking space for their property as a value added that may stand in good stead for both renting and sale.