Private car parking rentals are becoming increasingly popular. There are several reasons why this is the case. Primarily, the price of commercial car parking is steadily increasing and the limited availability. Surprisingly, while commercial car parks are full, there are many private parking spaces vacant. This creates cities full of car parking spaces but without any available parking!
The answer is for many people to rent their own unused parking spaces. It’s cheaper for the user and it’s a good way of earning extra money. But, if you’re going to adopt this approach, there are several considerations you need to be aware of before you start.
Make Sure The Space Is Free
If you’re going to lease your parking space to a private individual you need to verify that you are free to do so and that the space is free. In other words, if you’re a tenant it’s essential to check you have the right to sublet your parking space.
If you are letting a space, make sure it can be accessed at all times of the day and night and won’t cause a hindrance or complication to you. This is particularly relevant if you have a driveway but won’t be able to get your own vehicle out with a customer using the rest of the space.
Keep It Tidy
Customers are paying you to use your space. They want to feel that the space is secure and the vehicle is safe. That means you need to keep it tidy and well-presented. This will help you to obtain the maximum possible return and help to ensure you have customers all year.
The tidier and more appealing the space the easier it will be to rent.
Advertise
You can’t earn money from a car parking space unless people are aware it exists. While it is possible to advertise privately, you’ll do much better by joining a reputable site where people can search for parking near me.
They handle everything for you, making the process simple and painless. In fact, they won’t even charge you for listing your parking space. Instead, they act as negotiators when dealing with potential clients and, only when the deal is agreed, will they charge 10% of the fee.
Consider Electric Charging Point
It’s surprisingly cheap to install a smart meter that will allow your customers to charge their electric vehicles. It will make your car parking space more appealing and the electric charge can be passed onto the customer, with the potential to make a little extra profit.
As electric vehicles are set to become more popular, especially compared to hybrids, this is a viable proposition and will help you to stand out from your competitors.
Set Your Criteria
It is important to consider what you find acceptable and ensure these conditions are listed as part of the space. For example, you may need to define the times your space is available. After all, if you have young children do you want car parking in your drive in the middle of the night. Of course, if you’re in an apartment then this is less likely to bother you.
If you think about the options first then the process of earning money by renting a car parking space is surprisingly easy.
