Landlords Urged to Provide Parking Space
By: Rentals London
Landlords are worried that prospective tenants are ditching properties, citing the absence of a parking space. Many young professionals looking for a rented accommodation are professionals who need a parking space as they have company cars to move around and meet the clients. A majority of rental flats with one-bed in central London locations are without a parking space.
With parking space becoming a hot issue, solutions are also being put forth. Ultimately the onus is for landlords to provide parking area even if it means buying a parking space at a high cost.
Suggesting a way out Anita Mehra, Managing Director of Benham & Reeves observes that “Developers of many newly built schemes might be offering parking spaces. But they are only for two or three-bed units. So the problem becomes acute. Landlords have to take a call on this and buy a parking space for their tenants as the present laws vest the Councils with the right to refuse a parking permit under section 106”. However, landlords are in a dilemma as they cannot charge a premium on the tenants for the parking space after a heavy investment. Anita Mehra noted the value of a property will only with a parking area as higher rent and the selling price will follow.
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