In Hawaii, there’s nothing better than having adequate parking. One of the main questions we ask a property owner is whether they have parking with the unit, and if they say no, we won’t agree to manage their property.
If you don’t have parking, where is the property manager going to park when they inspect the unit? Where are people going to park when they come to look at the unit? Where are the service vehicles going to park when something is needed in the unit? Where are tenants going to park? Street parking isn’t a good answer.
The only time you can get more parking space is at the time of purchase. If you’re a real estate agent out there trying to get an investment property for a client and the unit doesn’t have any parking, walk away. Tourists stay longer in Hawaii now, the average is three to five days, and most of them rent a car. A two-bed, two-bath townhome with one parking space will go for $200 to $300 less per month than if that same unit had two parking spaces.
Everyone has a car in Hawaii, and they need to park somewhere. Especially in Waikiki, you need a parking space; we can’t ask people to ride scooters the entire time they live here. Parking spaces in some buildings cost $40,000 to $50,000, and it’s difficult to live on an island that doesn’t have enough parking. So the bottom line is to ensure your property has parking to avoid many headaches.
If you have questions about this or any other property management matter, call or email us. We would love to help you.