- Jan. 23, 2014
-- London: Parking space for tenants is becoming a serious issue in London rentals as tenants are turning away properties without parking areas. Many landlords are facing the heat as young professionals wanted properties with parking space despite the location.
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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