How can you find a parking spot in busy areas?
If you’re seeking a spot to park daily, renting a parking space can be the perfect solution. With a monthly parking option, you can reserve a parking space, store a vehicle when you’re out of town, or park a car that doesn’t fit into the parameters of your apartment lease agreement. There are several different parking options. You can rent a parking space in some public parking facilities like lots, car parks, or parking garages, or you can connect with a private host to rent a parking space in a garage, driveway, or other available space.
Is buying a parking spot a good investment?
Not always. Like any real estate investment, buying a parking spot can have drawbacks. In some areas (often busy cities) parking spaces are available for purchase. However, investing in a permanent parking space can have disadvantages. You’ll need to pay a significant cost upfront for the purchase. More importantly, you’ll be locked in once the purchase is final without any of the flexibility of a short-term rental. If your circumstances change or you decide the spot isn’t as convenient as you thought, you’re likely to become the owner of the property you never use.
How can I get cheaper parking?
For cheap parking, it helps to consider alternatives to traditional parking rental areas like garages or public lots. Whether you plan to store a vehicle for an extended period of time or need an easily accessible parking space, renting a parking space from an individual host can be a less expensive option. Large businesses often depend on brand recognition to get a lot of customers. As the need for monthly parking spots increases in an area, parking rates can increase quickly.
If you’re seeking cheap hourly parking, plan ahead and use apps to help you find convenient parking. Various apps designed for short-term parking can help you find available parking and keep up with metered parking so you don’t pay too much or too little and get a ticket. For monthly parking, apps like Neighbor can help you find convenient spaces close to work or home that meet your unique needs. Planning ahead to determine your parking needs will help you find available spaces within your budget.
How can I rent a parking space?
Begin by making a list of all the places you can rent a parking space in your area, then choose the best parking spot for your needs. Depending on your situation and location, you may be able to find public garages or parking lots in your area by searching online parking maps or downloading a parking app. Many people prefer to rent parking spaces from individual hosts through a website or app. This approach usually requires you to search for available parking spaces, reserve a new space with a host, and bring your vehicle at an agreed-upon time.
Can you make money from a parking space?
Absolutely! If you have a free parking space you’re not using, you can rent it out to make passive income. Outdoor parking can rent for $50-$200 per month while indoor parking can run from $100-$300 per month. There are many reasons people need to rent parking spaces in both urban and rural areas. Renting out your unused parking space is a great way to earn passive income while helping a neighbor find affordable parking.
Types of parking spaces
Depending on the parking options you’re considering, there can be several different types of parking spaces available. The most common parking areas include parking garages, parking lots, driveway spaces, parking storage, assigned on-street parking, and personal parking spaces. The type of parking space you choose will make a dramatic impact on your vehicle’s accessibility, how many other cars are parked nearby, and how well your car is protected from the environment. Some offer weather protection for long-term storage, while cheaper options usually mean parking outdoors in an area fully exposed to the elements. These are the most common types of parking spaces available.
Garage parking
Professionally run garages are staff-maintained facilities that provide monthly parking options for renters. However, they can be pricey. You also might be able to find garage parking in your area by connecting with a host renting out available space. Garage parking offers protection from the elements which can be important if you plan to store your car for a long period of time.
Outdoor lots
Professionally-run lots usually offer month-to-month contracts for outdoor car storage. They are usually a cheaper option than garage parking and can be found in many locations. However, your vehicle will likely be parked in close proximity to many others and it will be exposed to elements like sunlight and inclement weather.
Driveway parking spaces
Many individuals rent driveway parking spaces they’re not using to make extra income. Like outdoor lots, these spaces will mean your vehicle is exposed to the weather. However, driveway parking spaces are often less expensive, don’t carry the concerns of leaving your car in a crowded lot, and may offer more flexibility for parking space size.
Individual parking spaces
Like driveway spaces, these parking spaces are typically located outdoors on private property. Such parking spots may be on an unoccupied area of land near a home, a graveled lot, or a field. Since individual parking spaces might not have the same accessibility as a driveway spot, you’ll need to make sure the spot fits your needs.
Considerations when renting parking spaces
Your car is a substantial investment. Where you park can have a big impact on how well you can maintain its condition. These are important things to consider when renting a parking space.
- Access: How frequently will you need access to your car? Some public lots have specific hours and instructions for when you can move your vehicle.
- Distance: Whether you seek short-term or long-term parking, the distance you have to go to get to your parking space is critical for getting the convenience you need.
- Duration: If you plan to store your car for a long time without checking on it, a public lot may not be the safest option.
- Cost: Monthly fees from public lots can be expensive in some locations. Seeking less traditional options can be one way to cut costs.
- Size: Many public spaces for car rentals utilize the space they have to create as many rental spaces as possible. Therefore, you might not be able to park your full-size sedan or SUV in a parking space designed for a compact car.
Vehicle size guide
When finding the perfect parking space, it’s important to be sure your vehicle will fit into the space available. In many cases, rental payments are non-refundable, so it’s vital to get acquainted with the size of your car and how much space it needs.
Motorcycles
Motorcycles and motorized toy vehicles can fit into relatively small spaces and storage units. A 5’x10′ unit or parking space is typically sufficient.
Small compact cars
Compact cars are some of the smallest cars available and are usually under 187 inches long. These cars can often be stored in a small space. However, it’s important to ensure you have room to navigate around the vehicle. A Kia Forte is a great example of a compact car and can fit into a 10’x15′ parking space.
Sedans and larger compact cars
Four-door sedans and larger compact cars often measure 15 feet or longer and require larger storage space. For example, Camry is the typical size of a sedan and can fit into a 10’x20′ space.
Minivans, crossovers, SUVs, and trucks
While minivans, crossovers, SUVs, and trucks range in appearance in size, a universal parking space that is 20 feet long is typically advisable. For example, a Ford F150 and Hyundai Tuscon fit into this category. The most common size for this type of vehicle is 10’x20′.
Large pickup trucks and SUVs
For the largest vehicles, you might need a slightly larger space. For example, a Chevrolet Suburban or heavy-duty truck is likely to require a 10’x25′ or a 10’x30′ space.
How do I find parking spaces near me?
From online searches to mobile apps and connecting with local businesses, there are several ways to find short-term and long-term parking spaces.
- Find metered parking in busy cities and towns
- Park in a public parking garage or parking lot
- Connect with a host on Neighbor to find a parking space that meets your unique needs and budget
- Rent a long-term parking space in a storage unit or garage space
Common reasons for needing parking space away from your home
From limited space at home to safe storage, there are many reasons you may need to park a vehicle away from your home. Limited parking space is an issue in urban areas, making it difficult to find parking when you’re away from home or enough room for a multi-car family. These are some of the most common reasons you may need parking space away from your home.
- Commuter Parking: If you commute to work, parking options may be limited.
- Parking Time Limits: City parking often only allows for 2-hour parking or requirements to frequently feed the meter.
- Vacation Parking: Looking for a safe spot to park your car while you’re away
- Storage: You need long-term parking for a vehicle that isn’t in use.
- Saving Money: Traditional garage parking is too expensive or not available in your location.
