How to rent out a parking spot?

June 8, 2009 6:46 AM

Need help renting out a parking spot near several hospitals.

My husband and I just rented an apartment (actually a condo that we are renting from the owner) that comes with a parking spot. We do not own a car and the owner has given us written permission to sublease the spot. We are in downtown Philadelphia where parking is very difficult and a parking spot like this is hard to come by. We are also less than one block away from three major hospitals.

Other than Craigslist, how can we find a renter for our spot? Will hospitals let us post a flyer on their employee bulletin boards? We are not car owners, so is there something that would be especially alluring to drivers? We've mentioned that it's well-lit, safe, and accessible 24 hours a day. There are several garages in the area, and we are asking a comparable price. We would prefer to do a 3 or 6-month renewable lease, rather than month-to-month.

Also, is there anything we should be sure to include in a lease? Any suggestions for a sample/template we can use?

posted by jrichards to work & money (6 comments total)

I would include something about any damage done to the car while in the spot is not your responsibility.... and have a lawyer write it up to be safe. You don't want a bunch of kids spray paint the BMW parked in your spot, for instance, and have to cover the cost to fix it.

Will hospitals let us post a flyer on their employee bulletin boards?

This depends on the hospital. A quick call would clear this up, I'm sure. Or just walk around inside and look at the bulletin boards: are third parties putting stuff up? Then you're probably fine.
posted by nitsuj at 6:51 AM on June 8

I personally would never pay the same price for a garage as for a spot on the street/someone's parking lot. Maybe lower the price a bit, since it's an outdoor spot, exposed to the elements/crime?
posted by Grither at 6:57 AM on June 8

Other than Craigslist, how can we find a renter for our spot?

What about asking your neighbors in and around your apartment building? Someone might have two cars or otherwise need the extra space, and it would probably be easier to deal with collecting the rent money if they live nearby.

Also, on preview nitsuj is right that you should really make it clear that you're not responsible for any theft or damage, and I agree with Grither that because of that and other factors you probably can't charge as much as a garage would.
posted by burnmp3s at 7:02 AM on June 8 [1 favorite]

I've been in a few hospitals of late (elderly parents and inlaws: the gift that keeps on giving!) and have seen lots of flyers for apartment and parking space rentals on various bulletin boards. Call the HR offices and ask.

I do think that charging the same as a garage is a mistake, because your space isn't going to be as secure as a garage. If I were renting a parking space, and I had the choice between a garage and someone's driveway for the same price, I'd go for the garage every time.
posted by Sidhedevil at 7:59 AM on June 8

Try somewhere like www.parkatmyhouse.com/. I've been renting out my parking space using the UK version of the site with no problems...
posted by almostwitty at 1:30 PM on June 8

We rent a parking spot (actually a private garage) in Philly. Our garage-lord wanted a month-to-month lease but, at our request, he added that 60 days notice is required for either party to terminate. This gives us enough time to find alternative arrangements.

As for advertising... Don't limit your advertising to just the hospitals - there are a lot of other reasons why people need a regular place to park in Center City. We found our place on craigslist and, judging by the number of places we called about that were already rented, it works. Even though you're not interested in using craigslist, you could check there to see what spots are going for. Other options would be posting on bulletin boards at local coffee shops or just putting a sign out front if you are on a main street. Try posting to phillyblog's classifieds. I don't know anyone who has used this, so I have no idea how well it might work. Some neighborhoods have a neighborhood association that distributes a newsletter or has an online bulletin board.

Finally, when you find perspective renters, you should make sure you are comfortable with how they intend to use the spot... Are they commuters that will park there during the work week/normal working hours? Or are they locals that would rather pay you rent than search for a spot but might be there at any time of day/night (and potentially disturbing your sleep)?

Oh, and nth-ing the price for an open space vs a garage...
posted by jshort at 12:48 PM on June 9