Providing a safe place to lock up bicycles can increase the rental and property value of a home or apartment complex.
To a cyclist like myself this seems painfully obvious, but to people living in the world of the car I guess, well, they don’t understand and need to be told this be a real estate company.
While car parking has long been a factor considered by potential landlords, Ludlow Thompson argue, it’s important now that they also think about where would-be tenants can keep their bikes. Decent bike provision could even increase the property’s price or rental value, it effectively says.
The chain operates only in London, but the advice of the eponymous Stephen Ludlow would seem relevant to anyone thinking of letting a property in an urban area:
Cyclists are increasingly important if you intend to let or sell to the 20-35 year old post-university market. Cyclists prefer not to leave their bike chained up on the street.
When renting a flat in converted houses, cyclists often ask if they can leave their bicycle in the shared hallway. Most contracts explicitly prevent this because if often leads to damage and can upset the other tenants. By agreeing, a landlord might have the edge if a tenant is weighing up two options.
Landlords of ex-local authority and new build housing can often offer the best solution, as those properties frequently provide storage sheds which are perfect for bicycles. But landlords in other housing types can make their properties more attractive to cyclists by installing safe storage, such as a secure shed unit which will fit in even a small front garden. Landlords that are leaseholders – either in a converted house or in a more modern block – can be proactive and negotiate with other leaseholders and the freeholder to provide shared storage. There will often be a net benefit as the desirability of the property is improved.