How To Value Your Parking Space
So now youve probably made the decision to rent a car parking space, but maybe your not quite sure on 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 valuation services from a professional.
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 and it represents the true market value of parking spaces today.
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 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.
Less Is More
If your 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 charge too little you wont be making the money you could.
Reviews Add Value
Also, because it can be tough to get bookings without any reviews, you may want to undercharge at first. Once youve built up a number of positive reviews and ratings, you may want to raise the rate to be comparable with similar listings in your neighbourhood.