Underutilized Basement and Parking Space

November 2022

More parking spaces are going unused in residential high-rise underground parking.

In New York City, unused lower-level space has been repurposed for storage – installed, repaired and cleaned at no cost in return for 25 percent of rental fees.  The provider maintains thousands of storage lockers in hundreds of buildings.

In some areas, on-site self storage can be rented to others with a portion of revenue going to the community.  Residents in need of storage can access space in excess of what may be provided within traditional storage areas.  Those in need of space can store bicycles, shopping carts and other personal items safely and securely.

Storage lockers can be installed by management, individual residents or a third-party so long as allowed by corporation governing documents.  With fewer parking spaces being required in many communities, using this space for storage can provide a much-needed service.

One community of 12 affordable housing buildings built in the 1960s lacked storage space in units.  They added storage units in unused basement space that soon filled up.  There is now a waiting list.  Storage fees are about half that charged by local storage facilities.  Revenues are used to benefit the community.