Rent a parking spot: Parking Space Lease Agreement
What we’ll cover
What is a Parking Space Lease Agreement?
A Parking Space Lease Agreement is a contract for a parking space, allowing a person or entity to use the space for a specific amount of time, and for the specific purpose of parking, in exchange for rent. Parking Space Lease Agreements can help you formalize the agreement between parking space owner and renter.
The purpose of a Parking Space Lease Agreement is to establish the terms under which a tenant can park their vehicle in a designated space, as well as to clarify the responsibilities and rights of each involved party, such as who is responsible for damages or losses that happen in the agreed-upon parking space.
Renting a parking space is advantageous for both the parking spot owner and the renter. In urban areas, parking spots may be scarce and valuable. Perhaps you have extra parking spots available at your apartment building or rental property that you'd like to rent out separately. Either way, you can easily make a legal and professional Parking Space Lease Agreement using our template.
When to use a Parking Space Lease Agreement:
- You want to lease your parking space to others.
- You want to rent someone else's parking spot or a parking spot at a complex.
- You own or manage a complex and you’d like to rent out some of the available parking spaces in a safe manner.
Sample Parking Space Lease Agreement
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PARKING SPACE LEASE AGREEMENT
This Parking Space Lease Agreement (the "Lease") is made and entered into on (the "Effective Date") by and between of , , , (the "Lessor") and of , , , (the "Lessee"), collectively known as the "Parties." The Parties hereby agree as follows:
Terms and Conditions
1. Term
Lessor hereby leases to Lessee the parking space located at , , , and designated as space number . The lease will start on and will continue as a month-to-month tenancy until such time as it is terminated by either party.
2. Rent
Lessee agrees to pay as rent in advance on the of each month to Lessor or his or her agent by mail or in person to Lessor or his or her agent at their respective addresses as noted above. Upon receiving any payment of parking space rent in cash, Lessor agrees to issue a receipt stating the name of Lessee, the amount of rent paid, the designation of the parking space and the period for which said rent is paid.
3. Liability
Lessor shall not be responsible for damage or loss to possessions or items left in Lessee's vehicle. Lessor shall not be responsible for damage to Lessee's vehicle, whether or not such damage is caused by other vehicle(s) or person(s) in the parking lot and surrounding area. Lessor may, at Lessor's sole discretion, provide parking lot attendants. In the event that Lessor or operator of the parking lot provides such attendants, any use of such attendant by Lessee to park or drive Lessee's vehicle shall be at Lessee's request, direction and sole risk of any resulting loss, and Lessee shall indemnify Lessor for any loss resulting from such use.
4. Termination
Either party may terminate this Lease by providing days' written notice to the other party. Any such notice shall be directed to a party at the party's address as listed in this Lease.
5. Governing Law
This Agreement shall be governed by the laws of the .
6. Entire Agreement
This Lease contains the entire agreement of the parties, and there are no other promises or conditions in any other agreement whether oral or written concerning the subject matter of this Lease. This Lease supersedes any prior written or oral agreements between the parties.
7. Severability
If any provision of this Lease will be held to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision will be deemed to be written, construed, and enforced as so limited.
8. Amendment
This Lease may be modified or amended in writing, if the writing is signed by the party obligated under the amendment.
9. Waiver of Contractual Rights
The failure of either party to enforce any provision of this Lease shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Lease.
10. Assignment
Neither party may assign or transfer this Lease without the prior written consent of the non-assigning party, which approval shall not be unreasonably withheld.
LESSOR
| By: | Date: |
LESSEE
| By: | Date: |
Final Checklist for Parking Space Lease Agreement
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Next Steps: Make it Legal
| _____ | Look over the Parking Space Lease to ensure it matches your intentions. If you'd like to make changes, you can download this document in Microsoft Word, or you can make edits using the Document Manager on Rocketlawyer.com. |
| _____ | You can use Rocket Lawyer's e-signature service to electronically have each party sign the document. Or, have both parties sign and date duplicate hard copies of the Parking Space Lease. |
| _____ Deliver a copy of the Parking Space Lease to the other Party. |
Copies
| _____ | Keep a copy of all documents for your own records and in case there is a problem. |
| _____ | Each Party should receive an original signed copy of the Parking Space Lease. Your copy should be kept in a safe place. If you signed a paper copy of your document, you can use Rocket Lawyer to store and share it. Safe and secure in your Rocket Lawyer account, you can access it any time from any computer, as well as share it for future reference. |
Members can always consult an attorney at no extra cost!
| * | If you have quick questions or wish to review this document with an attorney, you can do so for free. Rocket Lawyer's On Call® service makes it fast and easy to speak with a local attorney. Get started by visiting the Find a Lawyer tab on our site, or calling (866) 243-2183. |
About Parking Space Lease Agreements
Learn about how to rent a parking spot
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What to include in a Parking Space Lease Agreement
A Parking Space Lease Agreement is generally a simple document. It doesn't include as many details as a standard residential Lease Agreement. Most contracts include:
Contact information
Name, address and phone numbers for both parties.
Location of parking space
Specific location details, such as the main address and stall number. You could include GPS information, as well. If there are instructions, such as which gates to enter or directions on how to open and close the gate, you could include that information here.
Terms
When the rental agreement begins and how long it will last. It could be long-term, such as a year, or month-to-month. You could even stipulate the times the parking spots are available, such as Monday through Friday, 8:30 am to 6:00 pm PT.
Rent
How much the rent will be and when it is due. Include information about late fees and grace periods, as well as instructions on how the rent is to be paid. You could also add how long the rent will remain at that rate.
Description of vehicle
Description of the vehicle that can use the space along with information such as the license plate number. If someone can park different vehicles, you could provide a placard or a dashboard note to identify that it is okay for the car to park there.
Limitations
The rules you set, such as no overnight parking or no sleeping in vehicles. You can also say that renters are not allowed to share their parking spot with others without your permission. You can add that cars must be registered, insured, and in working order (no oil leaks, for example).
Liability
What security you provide as well as what you are not liable for, such as items stolen from the vehicle, damage to the car, or accidents that occur in the parking lot.
Termination
Actions that could terminate the contract, such as nonpayment or violation of the agreement.
Parking Space Lease Agreement FAQs
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Is my Parking Space Lease Agreement legally binding under local law?
As with any other contract, Parking Space Lease Agreements will not be legally binding until they are signed by all parties. Unlike a Parking Space Lease template or blank PDF file that you may download elsewhere, your Rocket Lawyer rental contract comes with the option of Document Defense®, so one of our network attorneys can assess the situation and take action if you need to demand payment or have another issue.
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What does it typically cost for a lawyer to create a Parking Space Lease Agreement?
The cost of meeting and hiring the average lawyer could total a few hundred dollars or thousands. If you decide to draft your Parking Space Lease with Rocket Lawyer, you can have it reviewed by a lawyer in our nationwide network of attorneys.
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Can my Parking Space Rental Agreement be checked out by an attorney?
Having a professional double-check your agreement is always a good idea. Finding and hiring the right lawyer can take a lot of time and be costly. Rocket Lawyer members can request a contract review from a Rocket Lawyer network attorney with relevant experience and can ask additional questions as they come up. When it comes to managing your rentals, you can Work Confidently® knowing that Rocket Lawyer is here by your side.
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Will there be any next steps that I should take once I make a Parking Space Lease Agreement?
Attached to each Parking Space Lease Agreement, there's a checklist of suggested steps you can take to finalize your document. You are encouraged to take the following actions after making your agreement: adding electronic signatures with RocketSign®, printing, downloading, editing, and requesting attorney review. Most importantly, you should ensure that everyone who signed the agreement has a copy. Also, feel free to take a look at our larger collection of additional contracts and documents.
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Can I rent out my driveway?
If you own the property, you can likely rent out your driveway. If you are renting or part of a homeowners association, there may be rules against it. Conversely, if you are a renter and do not have a parking agreement included with your lease, it may be possible for your landlord to rent out what you thought was your parking space.
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Do I need a permit to rent my parking spaces?
Some areas require a parking permit to rent parking spots, especially during special events such as parades, festivals, sport events, or concerts. To take advantage of opportunities like this, you'll want to find out what your local requirements are well in advance of the event.
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How much rent can I collect for a parking space?
Like most real estate, it varies by location and demand. In small cities or rural areas, a suitable monthly rate may be $50 per month. In urban areas such as New York City or Washington D.C., monthly rents often reach into the hundreds. Event parking can range from $5 to $30 for a limited duration.
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Can I have a vehicle towed from my property?
Yes, you can. However, it is best to spell out in your agreement the events that could cause someone’s car or truck to be towed. You'll also want to include information about who is liable for that expense. In most areas, all you must do is show the Parking Space Lease Agreement to the towing company to provide permission for the tow. You might also include contact information for the towing company in your agreement. If your parking lot looks like public parking, you'll want to consider installing signage indicating that it is private parking only.
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