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Making a Parking Space Lease
Parking spaces can be profitable assets to lease. A Parking Space Lease Agreement can help you formalize agreements between you and your parking space renter. Or, if you have found a parking spot you'd like to rent, you can use this template to make the document for your parking space “landlord.”Use the Parking Space Lease document if:
Renting a parking space is advantageous for both the parking spot owners 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. Or alternatively, you've found an open parking space that you want to rent and the owner says “make me an offer.” Either way, you can easily make a legal and professional Parking Space Lease Agreement using our template.Other names for this document:
Parking Space Lease Agreement, Parking Rental Agreement, Parking Space Lease Form
Parking Rental Agreements are generally simple documents. It doesn't include as many details as a standard residential lease agreement. Most contracts include:
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.
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 is available, such as Monday through Friday, 8:30 am to 6:00 pm PT.
How much the rent will be and when it is due. Include information about late fees and grace periods. Also, 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
You may limit which vehicle can use the space and collect information such as license plate numbers. If they 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.
You can set your own rules, such as no overnight parking or no sleeping in vehicles. You can also say that they 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).
This section explains 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.
Actions that could terminate the contract such as nonpayment or violation of the agreement.
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.
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 NYC or DC, monthly rents often reach into the hundreds. Event parking can range from $5 to $30 for a limited duration.
Yes, you can. However, it is best to spell out in your lease agreement the events that could cause their 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 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.
If you own the property, likely. 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.