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Parking Made Easy > Blog > How To Value Your Parking Space

How To Value Your Parking Space

If you own a home, a rental property, or a parking lot, you have more alternatives for renting out not only your parking space but also other spaces. For instance, you can rent out spaces for buses, trucks, trailers, boats, and trailers. It would be much better if you had room for an airplane or helipad. This makes parking simple for all kinds of vehicles and gives you additional opportunities to make money.

Homeowners in Australia are making money by charging drivers to park in their spaces. You may list empty parking spaces, garages, and driveways for no charge on Parking Made Easy. The potential income for homeowners and website visitors is up to $400 per month or roughly $4,000 per year.
So now that you’ve probably made the decision to rent a car parking space, but maybe you are not quite sure how much to rent it for? Here is a quick and easy parking space price guide to help you on your way.

Please note this is general information only. To be certain regarding the value of a parking space it is recommended that you seek the real estate valuation services from a professional.

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Compare It To Other Spaces

Like any other type of real estate, the best way to set a price for your parking space is to check comparable parking spaces and their rates in your area. You can do this by using the search function on our website which represents the true market value of parking spaces today.
Before listing your space, make sure the price is not too small, so that you make more money, but also make sure not to put the price too high because other nearby spaces might be cheaper. You might also want to consider bollard parking installation so you can demand a higher price for your parking space.

Installing bollards in parking spaces can bring about several advantages, enhancing the overall value and attractiveness of the parking facility. Bollards, which are sturdy posts, serve multiple purposes, including improving security and safety by acting as barriers against unauthorized access and potential collisions. They also aid in controlling access to the parking area, particularly in crowded urban settings.

Features Matter

All parking spaces are different, not only in terms of size but also in terms of location, security, and other features. For example, a parking space such as a garage that is lockable with a key and has lighting will generally cost more than an unsheltered driveway in the same area without these features. If you bought a parking space in the center of the city, but you don’t use it anymore, that space might make you a small fortune.

Features such as lighting and lockable garages tend to increase the cost compared to open driveways. The location, proximity to amenities, and accessibility, including distance to major roads, can significantly impact attractiveness. Security features like surveillance cameras and on-site personnel enhance safety and contribute to perceived value.

Well-maintained, clean spaces with reserved or exclusive options and modern technology integration, such as electronic key access or smart parking solutions, add convenience. Electric vehicle charging infrastructure is increasingly valued. Flexible usage policies, environmental considerations, and knowledge of future developments also play roles.

The configuration and size of the parking space, neighborhood reputation, and overall safety contribute to its desirability. Awareness of upcoming changes in the area and the additional income potential through short-term rentals or subletting further influence the overall value of a parking space.

Less Is More

If you are new to sharing your unused car space, you may want to start by charging less than the market rate at first and then raising your rates based on the response you receive. By charging too much nobody may book and by charging too little you won’t be making the money you could.
So, make sure to charge according to your space’s features, location, and size. Don’t overestimate and don’t underestimate your unused car space. Find the right balance to rent the space as frequently as possible and make more money.

Reviews Add Value

Also, because it can be tough to get bookings without any reviews, you may want to undercharge at first. Once you’ve built up several positive reviews and ratings, you may want to raise the rate to be comparable with similar listings in your neighbourhood. Reviews are extremely important for improving the reputation of your unused parking spaces. More positive reviews, and more bookings that result in more money for you.

Other notes

If you live in capital cities there may be tax charges so please be aware of this, we have more info for you on the congestion levy here. Also it's recommended to establish clear guidelines when renting the parking parking space and you can use one of our sample parking agreements here.

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