CASE STUDY: Rapid Parking Revenue Growth For a MultiFamily Community
Affinity on North Avenue, is a modern residential building in Chicago’s Old Town neighborhood owned and operated by Avanath. The building includes 57 dedicated parking spots, primarily for residents, with additional capacity to generate recurring revenue through monetization of unused spaces.
ParqEx partnered with the property to launch a fully digital parking solution on March 1, 2025, focusing on secure access, tenant satisfaction, and immediate financial returns. Please keep reading to discover ParqEx’s rapid parking revenue growth for a multifamily community, and learn how ParqEx’s tailored, property-specific solutions made it happen.
THE SITUATION
Before implementation, the property lacked a modern system for managing resident parking, renting excess spaces, or tracking occupancy in real-time. The property needed a solution that would:
- Quickly bring all resident parking under one system
- Begin generating monthly income with minimal effort
- Provide automated access control and real-time reporting
- Improve visibility into reservations and space utilization
THE SOLUTION
ParqEx deployed a customized suite of solutions to activate Affinity on North Ave’s parking infrastructure and build rapid parking revenue growth for a multifamily community.
✅ Internal Tenant Management—For tenant parking assignments and registration, ParqEx’s internal tenant management system was up to the task.
✅ Access+ with LPR – ParqEx’s secure LPR technology automates garage door entry via license plate recognition for the property.
✅ Real-Time Dashboard—ParqEx’s real-time admin dashboard is the perfect tool for tracking parkers, revenue, and space utilization in real time.
✅ Marketplace Activation—To generate income from underutilized spaces, ParqEx’s private parking reservation platform added a parking revenue stream the property had never experienced before.
All systems were up and running within weeks, giving management immediate oversight and control.
THE EARLY RESULTS (March 1 – April 1, 2025)
- 💰 $9,047.14 in total revenue generated in the first month
- 📈 15.63% revenue growth over the last 30 days
- 📦 100% of transactions were monthly, showing strong long-term adoption
- 🚗 73 reservations completed since launch
- 🧾 Over $5,500 in new revenue just in March, plus $3,000+ early April
- 🔒 Access+ activated, with 3 users registered for automated gate entry
- 📍 46% occupancy with room to grow as new residents are onboarded
TESTIMONIAL
“We were live in just a few weeks, and within the first month, the revenue was real. Our tenants love the seamless parking experience, and ParqEx has been a great partner every step of the way.”
— Property Manager, Affinity on North Avenue
SUMMARY
In only 30 days since going live, ParqEx helped Affinity on North Avenue:
- Achieve nearly $10,000 in parking revenue
- Streamline tenant parking operations
- Enable secure, touchless entry via LPR
- Begin long-term monetization with virtually no overhead
THAT’S A WRAP!
With a solid tech foundation and strong tenant adoption, Affinity is now positioned for scalable, recurring parking income moving forward. Thanks for reading our case study on “Rapid Parking Revenue Growth For a MultiFamily Community.” If you want to see how your property can generate parking revenue rapidly, contact a ParqEx customer service representative today!
📞 Contact ParqEx
See what your property could earn in just 30 days:
www.parqex.com | [email protected] | (855) PARQEX-1
