Renting Out your Parking Space

December 2021

Not everyone has need of condo parking.  Many residents have two parking spaces and only one car.  Others may not own an automobile.

Renting out unused parking can be a way to make a little money.  Depending on location and demand prices range from $50 to $450 per month.  Daily rentals may be available at $15 or more.  Parking spaces near downtown, commercial buildings and covered spaces are more likely to command the higher rates.  In business areas it may be possible to find separate day and evening renters for parking spaces.

Some municipalities and buildings prohibit individuals from renting out their parking spaces.  Where allowed, only building tenants may be able utilize these spaces.

There can be a security risk when allowing non-tenants access to secure parking areas, elevators and hallways.  Keys, remotes and electronic tags may provide access to secure amenities and common areas.  Where allowed by a building, it may be possible to purchase an electronic tag or fob providing limited access to parking areas.