Parking availability varies from community to community; some have a surplus, and renters in others fight for any spot they can get. In either situation, there are now helpful solutions for you! New apps allow users to buy and rent out parking spots, quickly making a name for themselves as the “Airbnb of Parking.”
More Than Enough Parking
Apps like ParqEx and WhereiPark offer solutions for communities with more than enough parking for their residents. Apartment communities can rent out specific spots to anyone who needs parking in the area. ParqEx allows you to know exactly who you’re renting your spots to in order protect your security and your reputation. Rental times are highly flexible and can last anywhere from a few hours to a whole month. If you have a surplus of parking spots, why not monetize them?
Not Enough Parking
Some communities, especially newer ones (and perhaps communities built near public transportation) don’t feature an excessive amount of parking. Rather than feeling the need to waste your limited real estate by building extra parking, you can look for available parking spots nearby that your residents can use.
Parking apps collect fees in different ways, some charge a certain percentage of the revenue made each week while others charge a portion or all of the first month’s revenue. Either way, monetizing your parking spaces or finding alternatives to new lot construction, parking apps may benefit your community and those who live there.
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Taylor Fish
Taylor is a staff writer for Multihousing Friends and a student at Brigham Young University.