Renting out parking spaces: A guide for property owners and housing associations

As a property owner or housing association, there are often unused parking spaces that can generate extra revenue for the association or property. Renting out parking spaces is a cost-effective way for property owners and housing associations to both increase their revenue and optimize the use of unused spaces, which also improves the parking situation for residents and businesses in the area.

In this post, we guide you through the benefits, what you should consider and tell you how to get started with renting out parking spaces.

Advantages of renting out parking spaces

Renting out parking spaces is an easy way for property owners and housing associations to increase their revenue and make their property more attractive to residents and visitors, as well as to businesses that need parking spaces.

🍒 Benefit: Extra income
Renting out parking spaces can be a stable and reliable source of income. Many property owners and housing associations have already found that unused parking spaces can be turned into profitable resources, especially in areas with high demand for parking.

🍒 Benefit: Better use of resources
Instead of leaving parking spaces empty, they can be used efficiently by renting them out to people who really need them. This is particularly beneficial in urban areas where access to parking is limited.

🍒 Advantage: Flexibility in renting
Parking spaces can often be rented out on a short- or long-term basis, giving flexibility to adapt the rental to market needs and changes, for example by offering temporary spaces for specific periods.

🍒 Benefit: Increased safety
With more cars parked on the property's area, it can create increased activity and safety, which contributes to a better living environment and a safer feeling for both residents and visitors.

🍒 Benefit: Less maintenance requirements
Parking lots often require less maintenance than other parts of the property, which can make them an easier and less labor-intensive source of income.

Key aspects to consider

Renting out parking spaces can be a profitable business, but to maximize the potential and ensure a positive experience for tenants, there are a number of important aspects to consider. Below, we look at some of the key factors that can affect both demand and tenant satisfaction.

✅ Accessibility
To make your parking lots attractive, it is important to ensure that they are easily accessible and well signposted. Clear entrances and signposts make it easier for drivers and visitors to find the right place and reduce the risk of parking errors, while proper lighting improves access to the area and safety, especially during the winter months.

✅ Maintenance
A well-maintained parking area signals professionalism and respect for tenants' needs. Keeping the parking area attractive and functional requires regular maintenance. This includes, among other things, snow removal in the winter, maintenance of parking lines and signs, and quickly fixing any damage such as potholes or broken lighting. 

✅ Security
A secure parking area is an attractive parking area. Investing in security measures such as CCTV, good lighting and fenced areas can not only make your parking lots more attractive, but also reduce the risk of damage or break-ins. When tenants feel safe leaving their cars on site, their willingness to rent in the long term also increases.

Guide: Getting started with parking space rental

Renting out parking spaces doesn't have to be complicated. By mapping your available spaces, analyzing demand and setting up convenient payment options, among other things, you can quickly start taking advantage of existing parking spaces. Here is a step-by-step guide to help you through the process.

👉 Step 1: Map available parking spaces
Identify which parking spaces are available or can be made available for rent, including both parking garages and surface lots.

👉 Step 2: Analyze demand and seasonality
Demand for parking varies depending on the season, events or changing transport habits. Analyze and adjust prices at peak times or when demand is high, such as during events or the winter season.

👉 Step 3: Manage payment flows and monitoring
Implement digital payment systems and monitoring solutions to simplify payments and ensure the right car is parked in the right place.

👉 Step 4: Create incentives for long-term tenants
To ensure stable income, consider offering incentives to long-term tenants, such as discounts for annual contracts or extra benefits like access to charging stations or storage. Long-term rentals also provide you as a property owner with more predictable income and less administration.

👉 Step 5: Parking rules and regulations
Clear signage and communication of these rules reduces the risk of conflict. Therefore, put up clear signs and regulations for the parking lot, including rules on parking time and vehicle type.

Get help from an expert

To ensure your parking spaces are used to their full potential, it can be a good idea to hire a parking manager to analyze your existing spaces, evaluate demand and optimize parking usage. By outsourcing to experts, you can maximize revenue while getting help with everything from maintenance and security to administration and customer management. This saves you time and energy as a property owner or housing association, and ensures that your parking areas always operate efficiently and profitably.