Renting out parking spots
I am considering buying an apartment in downtown Chicago that includes an indoor parking space. I want to rent out the unit and the parking separately.
Is it easy to rent out parking spaces? What's the best way to do this? How does renting out a parking space differ from renting out an actual apartment in terms of costs, turnover, etc?
@Zach Simon - I am assuming it is in a condo building? Usually there is a bulletin board or list with the office of people waiting on spaces. Then you just rent it out for the year, no overhead except for the taxes if it has a separate PIN.
You lease would expire after a year or have a 30 day out clause, so when it is due you would just put something on the bulletin board or go back to the office.
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hmm; What is the on-street packing situation? If you're in a high density neighborhood, I would suggest renting the spaces is not ideal - - you're actually creating a negative marketing situation, where down the street spaces come with the units, but not yours :thumbs down:
I have lockable garages with my MFU and most only come with car ports - - I win as they can serve as onsite, free storage units.
Every amenity is a marketing advantage.
Originally posted by @Zach Simon:
I am considering buying an apartment in downtown Chicago that includes an indoor parking space. I want to rent out the unit and the parking separately.
Is it easy to rent out parking spaces? What's the best way to do this? How does renting out a parking space differ from renting out an actual apartment in terms of costs, turnover, etc?
You can rent them separately. But I wouldn't be surprised if your tenant of the condo wants the spot as well. Maybe just bill it as a separate fee?
Cool idea. I see ads out here for private garage city parking around a couple hundred a month. There is actually a sub-market for this kind of thing I think. Good luck and let us know how it worked out.
Originally posted by @Franklin Romine:
My thought would be to collect a full year parking rent up front.
Frank
I'm not sure how reasonable that is. There's plenty of garage parking available in the city for about $200/month. Forcing a renter to pay that up front seems like a good way to send them to the competition.