What should I put in a parking lease?

Question

I rent a few parking spots and garage spaces on my gated property, and have always rented them to neighbors informally.  I pitched a vacancy to the realtor marketing a new development across the street (for a hefty $225/mo!) and he'd like a lease. What should go into a parking lease that isn't obvious like rent and term?

Patrick M. · Answer

@Johann Jells I understand, I am sure it doesn’t.

As for knowing who it is rented to- I want to know who is on my property and the direct point of contact.

Registered/Operable- I want to make sure that the vehicle can be moved and moved from the property legally.

I have no doubt that you may be priced out of these issues, but a lease is meant to protect us when things go south.

I added these things to my lease (in a bit more detail) after having dealt with inherited problems. May want to add some clause about removal at owners expense to XYZ Tow yard when rent not paid by 1st of the month.

Johann Jells · Answer

Thanks @Patrick M., When the condos are going for $900k, $225 for parking seems a pittance!  I don't think the operable clause is going to be an issue at that price point, though back in the day when we rented for $75 it sure was. Why is lessee relevant? If the realtor leases it and subs it to a tenant or condo purchaser, should I care? How can it affect me adversely if I get paid? One bad scenario I can see is wanting to attach it to an AirB&B. That would suck dealing with a stream of idiots who can't park in tight spaces.

Patrick M. · Answer

Wow- that is a nice score.

I always make sure the car is registered (to the lessee) and in operable condition.