Top Tips When Renting Out Your Empty Parking Space

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Empty Parking Space

There are several methods to get extra money without making more effort. Renting out your empty parking space is a common alternative. It’s quite lucrative if you reside in a city or near a railway station.

The basic reality is that automobile parking is expensive, especially if you live or work in a metropolis. That means a lot of people are seeking cheaper options, and your parking spot may be ideal for them. The same is true if you live near a railway station, since commuters will need to park, and you’ll almost certainly be a cheaper alternative than normal car parks.

You only need an empty parking space, which you can rent to earn money. However, before you plunge in headfirst, consider the following suggestions. They will assist you in correctly renting out your vacant parking space.

What Should You Know About Renting An Empty Parking Space?

Prepare A Written Contract

A written document might come in handy later if disagreements or misunderstandings occur. While writing one, explicitly state the specifications of your driveway or parking area, how much of it is reserved for the tenant, what hours of the day the tenant is permitted to use the parking space, and what types of cars can be parked. You can also state that they will be liable for any property damage.

Think About Access

Although we know renting a place doesn’t prevent you from accessing your space if needed, you must additionally validate the access system. This is especially vital if you are renting a space with your residence. There will most likely be a barrier, and access will require a code or key.

You may be able to obtain a replacement fob or inform your customer of the code. It is advisable to confirm the alternatives before renting. This guarantees that there are no problems when you begin renting out space. It is also possible to get a crucial safe, which will allow them to enter without difficulty.

You Will Be Allowing Another Person To Utilize Your Property

By renting out your parking place, you are offering someone permission to access your driveway. It implies that they have a license to utilize your property.

Examine Your Lease

You’ll need to examine your lease once you’ve determined that you have a space, or two, to rent. If you own the property, this isn’t a problem. However, whether you rent or own an apartment, there will be an agreement that must be reviewed. This confirms that you are permitted to rent your empty parking space.

Check this before you begin; else, you may find yourself in hot water.

Check Your Building’s Insurance

At times, issuing a license to rent your parking spot as a business transaction may void the insurance coverage you hold on your property. Check with your insurer to ensure that your insurance coverage is not voided.

Choosing Your Charge

The organization assisting you with renting out your parking place will assist you in determining the appropriate pricing. Remember that they will take a tiny percentage of the funds. As a general rule, you should look at how much it costs to park in the main lots. It might cost hundreds of dollars every week.

Once you know what your customers will have to pay, you can make yours cheaper, making your facility highly enticing to everyone driving into it. In most circumstances, private renters will charge between 60 and 70% of the usual parking fee. It’s a terrific deal for the consumer and a nice little side hustle for you. So, why not avail this if you have a commercial parking lot for rent?

Key Takeaways: Here Are Some Pointers To Assist You In Renting Your Empty Parking Space

  • There are several parking space rental applications and websites where you may offer your space. Make careful to list on many sites for maximum exposure. But, if you want to list your space hassle-free, you can visit the website of Leeveit. 
  • Update your schedule as often as possible to make sure you get all the potential tenants.
  • Promote your empty parking space on social media. Actively make postings to notify everyone when a position is available.
  • Describe your parking space in as much detail as possible. This gives renters the greatest indication of what to anticipate. Adding images is even better.
  • Provide a reasonable estimate of how much you would charge each hour for someone to park in your area.

Last Thoughts

Now is the time if you have yet to explore a commercial parking lot for rent but have space available. You will not just be earning more money. It’s a win-win situation because you’ll be assisting others in saving money.

It takes very little effort to see whether you can rent your room and test it out. If you don’t like it, you can always keep the contract short and make it a one-time event.

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