3 Tips For Renting Out Your Parking Lot To Make Extra Money


If you own a large parking lot at your business and do not need all of the spaces in it, have you thought about renting them out as a way to generate some extra money? This is a great idea if there is a demand for parking in your area, but it may take some work to get your plan going. Here are three tips that will help you achieve this.

Designate which spaces to rent out

The first thing you should do is determine which spaces you will rent out. If you run a business that requires use of this parking lot, make sure you do not cut yourself short of spaces. The best thing to do is to choose spaces that are located furthest from the doors of your business. These are the last spots customers will generally use if they visit your company, and they will work great for rental purposes.

As you get started with this idea, it might also be good for you to visit your local town hall to find out if you will need any special permit or license to offer this service at your business. If you do, make sure you fill out all necessary paperwork and submit it along with any fees that are due.

Determine how you will find people that need the spots

The second thing you will need to do is figure out a way to rent the spots. The ideal method to use would be to locate people that would be willing to commit to the spaces on a monthly basis. If you can do this, you will not have to worry about having a parking guard on duty at all times.

You can achieve this by advertising in the newspaper or on social media websites. If your rates are affordable, people that are currently parking in other paid lots may decide to switch to your parking lot.

When you find people to rent your spots, have them sign a contract and ask for payment upfront. After they pay, you could give them a parking pass to display in their window or on the dash of their car, and you could assign each person a certain spot.

You could easily monitor your parking lot by walking through it each day to make sure that each car has the appropriate pass in it.  

Perform the necessary maintenance for the parking lot

Finally, you will need to make sure your parking lot is in good condition and is set up in a way that clearly reflects that there are certain parking spaces that are not for general use. You can do this by hiring a parking lot maintenance company (such as Courtenay paving contractors) to complete the following tasks for you:

  • Make all needed repairs – This will involve filling in holes, sealing the pavement, and painting parking space lines where they are needed.
  • Hang signs to designate paid parking – You can purchase a variety of different types of signs for this purpose, but a "Private Parking: All Other Cars Will Be Towed" is usually sufficient for this purpose. They can hang one of these signs by each of the paid parking spaces.
  • Paint space numbers – Another good idea is to have the company paint space numbers in the spots. This will help your paying customers remember where they are supposed to park, and this can help clear up any potential confusion.

To get started with this, talk to a parking lot maintenance company about helping you fix your parking lot so that you can begin making extra money with it.


15 April 2015

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