A new trend that is becoming increasingly popular right now is renting out car parking spaces – with landowners looking for new intuitive ways to make additional revenue.

One area of particular interest is residential car parks – from apartment blocks and flats to people’s driveways. For those in need of a space on a regular basis, it’s proving to be cheaper than renting in places such as city centre multi-storey car parks.

Depending on where the space is located, it could be incredibly valuable to the landowner – earning a healthy sum every day with minimal work and effort. If you own a single space in a central location, your earnings could potentially reach three figures every month – a great source of additional income.

You’ll be in a particularly strong position if you’re in a location with insufficient existing parking – a real seller’s market. This is an issue which faces many city centres as they simply weren’t built to accommodate the mounting volume of cars on the road. This lack of infrastructure could play into your hands – and help visitors who struggle for parking in these locations.

 

Potential issues facing landowners renting out their parking spaces

This new trend does create a potential headache for managers of residential properties. What can they do to appropriately manage residents who are renting out their spaces? Policies will need to be put in place and legalities will have to be considered – including whether the residents own the space they are looking to rent.

If you are looking for support in this area, it’s worth considering a car park management provider – read on as we explore the ways this practice can be more effectively managed…

 

Cars in parking garage background.

How to manage unauthorised users

As with any kind of car park, the facilities found in residential areas are subject to the same misuse and abuse of motorists parking on-site without permission. This creates an issue when it comes to enforcing the rules of your car park if you don’t have any appropriate deterrents.

The support of a car park management provider is the most effective way of ridding yourself of the abuse

Automatic Number Plate Recognition

Sometimes, what appears to be ‘unauthorised usage’ may simply be an honest mistake. But if repeat offenders are using other people’s spaces for free, then ParkingEye’s Automatic Number Plate Recognition system is very effective, especially when combined with a virtual payment system for residents and integrated with booking software to identify motorists legitimately renting available space.

ANPR cameras can read the number plates of every car entering the facility through high-speed image capture 24 hours a day, 7 days a week. By correlating the information on the permit with the authorised vehicle, managers can identify residents, genuine renters from the abusers.

Issuing Parking Charge Notices

Since it’s private land, any breach of contract that takes place on these residential car parks can be subject to a Parking Charge Notice from us. To accommodate this, ParkingEye will install clear signage that lays out the terms and conditions, but any breach of these terms will result in a charge, which we will recover. This will ensure any abuse and misuse is deterred as much as possible so that only genuine paying customers retain use of the space.

How to manage resident bays?

The most efficient way to manage resident bays is to implement a permit system where each resident is allocated a specific number of spaces. Using permits, you can also consider spaces for staff and visitors to ensure a positive parking experience for all parties.

By using a virtual solution, you can offer have online applications so that visitor bays can be booked ahead of time and you have the option of automated waiting lists to ensure the spaces are used as anticipated.

 

Driver using smartphone app to pay for parking in the paid parking zone in a city

Bay sensors can also be used to monitor activity giving real-time status information of your spaces – which is fantastic especially if you are managing multiple car parks.

You can take this a step further by utilising contract parking through your online permit system where you can lease surplus parking to third-party motorists. Alternatively, you can use a provider like Glyde Spaces where you can rent spaces for long and short term and have access to thousands of motorists looking for available parking.

How does this help residents?

If you own your car parking space, then using the Glyde Spaces option mentioned above is a great solution for your needs. Advertise your space for the times you don’t need it, decide on the amount you want to charge, and you are on your way to generating a new source of income.

 

A precedent in private parking

At ParkingEye, we have previously helped the London Velodrome and Olympic Park management team overcome issues with non-customers using their parking facilities. Visitors to the nearby Westfield Shopping Centre were taking advantage of the velodrome’s free parking – affecting genuine customers and costing the site money.
ParkingEye were brought in to ensure that non-customers would be effectively discouraged from parking at the velodrome and genuine visitors could easily find spaces – increasing customer satisfaction and profitability as a result.

Some of the processes used could benefit private landowners looking to rent out spaces in the residential car parks. Click here for the full case study.

If you’re keen to monetise your parking spaces and rent out your residential car park; ParkingEye will be able to help. For more information about our car park management solutions, click here. Alternatively, get in contact here, and ask about Glyde Spaces.