Asphalt Paving Blog

4 Cost Saving Reasons to Repave Your Apartment parking Lot with asphalt

WOLF_blog_commercial-02_paving-driver.jpgAs a property manager, you understand the importance of making a great first impression and delighting your tenants so they continue to choose renting and leasing options from you.

Remember that the first impression doesn’t start with a handshake and greeting: the first impression starts the minute people pass your building on the street or turn in your driveway.

Impress your current and prospective tenants with a beautiful asphalt parking lot surface, and never again be concerned about getting their attention.

Here are four key reasons why you should consider new asphalt pavement for your apartment complex:

1. Delight Your Current Tenants

Keeping your current tenants happy is important to all property managers, as it reduces turnover, saving you time and vacancy costs.

  • An apartment complex with updated facilities is something great to come home to, and a place where tenants will be happy to stay long term.
  • An important part of your apartment building’s exterior is the parking surface. With a well-maintained asphalt parking lot, you will have no worries about tenant’s vehicles being damaged by cracks or potholes.
  • Keeping your parking lot in good condition avoids complaints, and even bigger problems like trip and fall accidents.

Asphalt is the best choice for paving your apartment complex lot because it is quick to install and cost effective - less construction inconvenience for your tenants, and easy on your budget. It is also the best choice for Wisconsin weather - asphalt is flexible enough to tolerate freeze-and-thaw cycles with better results than concrete, and the black color even helps speed snow melting. A smooth, uniform parking lot surface makes plowing quicker and easier in areas with snowy winters, and prevents damage to your plow or snow blower.

2. Attract New Tenants

We have all made snap judgments when viewing properties, and sometimes the judgment is to keep looking elsewhere. Improving the exterior of your apartment complex, including repaving, will get you noticed in the right ways.

  • A new parking lot is a big part of curb appeal, which attracts attention from neighbors and passing traffic that may be potential tenants.
  • Visitors to current complex residents may consider moving there when they notice up-to-date maintenance.
  • An attractive property that can fill infrequent openings quickly will cut vacancy costs and increase cash flow.

3. Receive A Valuable Return On Your Investment

All property owners should have a budget for capital improvements - repairs or restorations that increase your property value or extend the life of the facilities.

  • A safe, updated apartment complex exterior offers you the potential to increase rents, providing a great return on your investments in capital improvements.
  • Asphalt repairs should be a part of your budget each year, ensuring that you will have the funds when a project needs to be completed.
  • Durable, flexible asphalt can last 20+ years if maintained properly, making it quite affordable on a year-by-year basis.
  • Additionally, getting your asphalt into better shape is not an all-or-nothing process. There are numerous repair and treatment options that extend asphalt lifespan safely. 

4. Increase The Value Of Your Property

If you are looking to sell or leverage your apartment complex, improving your curb appeal by repaving your parking lot or driveway is a worthwhile investment. Enhancing the exterior of your property can provide an increase in value of up to 5%.

Find A Great Asphalt Contractor To Partner With

Most experienced landlords have a contractor horror story or two to share. Whether the workers never showed up, vanished with the job half-done, or completed it with unacceptable results, many property owners have a reason to worry when hiring help.

  • A reliable and experienced contractor is a valuable partner.
  • Look for an asphalt contractor who is licensed, bonded and insured.
  • A contractor with experience completing similar projects who owns their own equipment will be more likely to deliver (and stick to) and accurate quote.

Locally-owned and operated, Wolf Paving owns not only their own equipment, but their own material plants. This ensures that complex projects can be completed with customized solutions - and on budget.

Whether you own one rental house or hundreds of apartments, what is on your exterior improvement to-do list?

With 75 years of asphalt paving experience, from highways to driveways, we are your local source for all of your asphalt paving needs.

For more information on Wolf Paving or to request a free quote for your next paving project contact one of our two offices. If you live or work in the Milwaukee area, call us at 262-965-2121. For the Madison area, call us at 608-249-7931.

Property Manager checklist

Topics: Asphalt Parking Lot, Parking Lot Paving