Canada may have up to a billion parking spaces, which is a lot considering the country's population of 34.3 million registered vehicles. While many of these spaces are free to use, those in heavily populated or common areas do charge a fee. As a result, owners of parking spaces in these high-end locations will make a lot of money.
Renting out an empty parking spot or driveway can be a lucrative way to supplement your income. Follow this guide to learn how to do it and avoid any possible pitfalls.
What is an allocated parking space?
An allocated parking space ensures you will have a guaranteed parking spot and will not have to fight with other tenants for space in your own parking lot.
Subletting your parking space is not a concern if you own the lot. If you are a parking space tenant, you can rent your space when you are not using it if the parking owner agrees.
Why would anyone use your parking spot?
If you live near any of the following, your driveway or allocated parking spot could be a hot spot:
An airport terminal
A shopping mall
A stadium for sporting events
A train station
You may also be in a spot that is better catered to those with limited mobility. Your space can bring great value to those who need it most!
From the perspective of a commuter, renting your driveway or garage has many advantages over public parking. For starters, they would pay a fraction of what they would in a station or public parking lot.
Your driveway or garage can also have a better parking area, protecting you not just from break-ins, but also from the irritating 'bumps' and 'dinks' that are a common occurrence in public parking lots.
Stress is reduced! For a commuter, the benefit of parking in your driveway is that they will have a guaranteed parking spot every day! Therefore, if you do not use yours, it could be in high demand.
Are parking spaces a good investment?
Do you have a gold-paved driveway? That could be true if you live in a major city, near an airport or a train station. You can rent out car parking spaces on the internet, and some people receive hundreds of dollars a month or more. They are also a good way to find cheap parking if you're looking for one.
The most desirable locations are in city centers, but you can still make a lot of money elsewhere. It's worth a fast appraisal if you live near a major transportation hub, such as an airport or train station, or even a football stadium.
If you have an empty car parking spot, you can probably rent it out and make some money. However, there are a few things to think about first:
Is it legal to use the space (such as a space on a driveway or in a garage) without a permit?
Do you have legal ownership of the property or permission from your landlord to rent it out?
Is it possible to enter the space without a key or code?
If you think you apply to these then go for it and reap the benefits!
What can I gain from renting my parking spot?
You benefit from the extra cash. You could rent out these spots on a weekly, regular, or hourly basis, potentially bringing in thousands of dollars in rental fees per year.
Another advantage of purchasing a parking spot is that it requires less effort than becoming a residential landlord. Although the parking spot's pavement will inevitably deteriorate and require maintenance, owners will avoid the dreaded 2 a.m. phone calls from tenants complaining about a leaking toilet.
If a month-to-month parking occupant defaults on their payments, an investor may get the car towed and lease the spot to someone else, making the eviction process much easier. Getting a car parked in your driveway all the time makes it seem as if there is someone in your house when there is not. This can be a significant deterrent to potential burglars, which is particularly beneficial to the elderly or if you are away on vacation.
How do I earn money with my parking spot?
Those looking to rent out a driveway or cyclists looking for a spot can register their information online. Then it is just a matter of a commuter finding the space, like online dating.
There is a wide variety of ways you can rent out your spot. Some post listings on Facebook or craigslist whilst others will use online companies.
The fees for these online sites vary as some may charge a 15% commission on the amount paid for your parking spot; some will let you advertise your space for free but will charge you a levy if you find a taker, and still, others will charge you nothing at all.
Going about it solo means you won’t need to pay any commission or registration fees, but it does mean that you won’t have the security and verification from customers.
Should I use an online company?
Using a company like clickNpark allows you to book a parking space in seconds!
In the spirit of the sharing economy, clickNpark operates a digital parking platform where individuals can register their parking spaces to be leased to clickNpark users.
Using their app to locate a parking spot that has been recommended by locals. Once your ideal spot is found, you will want to secure it for an extended amount of time, maybe a week, fortnight, or month. The beauty is that you just pay for what you require!
There is no need for legal contract agreements with the homeowner, down payments, deposits, and issues. It is quick, simple, and easy! And did I also mention that by doing this you will help to reduce CO2 emissions?
Want to rent your spot? Your unused parking spot could earn you up to $2,000 per year! Be sure to look at clickNpark’s services here.
How do I increase car parking revenues?
Perhaps you are a car park owner and are trying to increase the revenues of your parking garage. The optimization of parking lots to maximize profit is also an untapped source in a variety of industries. Though there is more to operating a car park than just filling up spaces, those responsible for its smooth operation must do everything possible to open revenue streams and maximize profit potential. From sensor lighting and automatic number plate recognition to subcontracting spaces for weekends and major events, managers may optimize car parks to minimize costs and raise revenues in a variety of ways. So, if you want to maximize income, I will show you how to reorganize your car park physically and operationally, as well as tips for filling capacity, maximizing revenue from your spaces, and lowering overheads.
You will almost certainly have done your own research into the prices and capacities of rival car parks, as well as how much drivers are willing to pay, before deciding your own car park's rates. Since prices will fluctuate, if you don't follow your own research and keep an eye on what's going on, you risk falling behind the competition.
For example, your parking lot can be completely full on a regular basis. While this could seem to be positive news, it may also indicate that your prices are too poor, and your customers are flocking to you because you are the cheapest choice. As a result, you will need to raise both your rates and look for other ways to boost revenue in the process.
Alternatively, the parking lot can be full due to fake customers, employees, or guests. It's possible that unauthorized users are preventing primary users from parking near your company. If your company relies on customers parking close to your premises, this may result in complaints from your target consumers, as well as a loss of sales.
If, on the other hand, if your car park appears to be vacant, your prices could be too high, and reducing them may attract new business and revenue. In any case, the aim is to increase sales by attracting more customers at a cheaper cost or by raising prices to be more competitive.
Those that use your parking lot will be more likely to return in the future if they feel safe and protected. Improved parking lot lighting may therefore have a significant impact on sales, and it offers an alternative to conventional approaches, which often result in areas of foreboding shadow that could pose a risk to certain customers. A well-lit parking lot, on the other hand, provides a better area for pedestrians and reduces the number of injuries. Aside from providing a higher level of comfort, some types of lighting offer transparent, easy signage to available spaces, allowing for a smoother, more streamlined traffic flow. They can also be converted into special status bays, such as disabled spaces, and motion-activated lighting improves energy efficiency, lowering costs while retaining site safety and security. As a result, this enhanced service could potentially lead to repeat customers and word-of-mouth recommendations.
Automatic number plate recognition
Automatic number plate recognition ensures greater enforcement and improved parking revenue by being dependable, reliable, and cost-effective. automatic number plate recognition technology, in general, records the movement of all vehicles entering and leaving your parking lot and sends the data to a central control system. The information is then continuously processed against specified criteria for a facility 24 hours a day, providing data on traffic flow from hour to hour, day to day, and month to month.
This effectively translates to 24/7 management, streamlined processes to minimize day-to-day hassle, and increased protection – all of which leads to a decrease in spending and an increase in revenue.
Furthermore, automatic number plate recognition gives you access to big data, giving you valuable insight into the parking patterns of the drivers who visit your place. This information can be easily used to provide insight into motorist behavior, giving you more information about infrastructure needs and revenue opportunities.
If you have difficulty filling up slots at certain times of the day, a system that enables customers to reserve spots online may be beneficial. It means that drivers can view the car park's available spots and reserve one ahead of time, helping to draw customers who may not have been attracted otherwise. You would be shocked by how many people are willing to pay a premium for a parking space.
Using an online optimizing company
This can be very overwhelming for someone unfamiliar with business and company optimization. This is why there are companies, like clickNpark, that can provide assistance and solutions to generating revenue. Whether your business is a hotel, car park, real estate, or condo, clickNpark can increase your parking revenue effortlessly.
Through clickNpark services, they can:
Eliminate administrative mistakes and provide customer service 24 hours a day, 7 days a week.
Remove the burden of parking management from your staff.
Based on usage data, create a dashboard that shows your availability.
There is no risk and a fast return on investment:
There are no installation fees.
Installation and servicing are handled by clickNpark.
On leases, you only have to pay a commission.
Lastly, clickNpark provides advertisement at no cost:
Our website and app will help you promote your parking lot.
At the disposal of your parking lot is the ClickNpark promotional campaigns
By renting your parking spaces by the hour, day, or month through the clickNpark app, you can make money. Thousands of users are linked to your parking lots without even having to interact with them.
You will be able to increase the amount of time your system is online.
ClickNpark is a growth partner capable of supplying you with additional parking spaces when you need them, thanks to our parking network.
You will be able to reduce costs.
In addition to streamlining the maintenance of your parking lot, clickNpark's application allows you to rent out your unused spaces. If listing your parking space is something you are interested in, then click here to do so! Furthermore, click here to make an appointment to optimize your parking business, and contact us with any queries you may have!