If you own a parking space in the Boston area, you own gold. Or at least a close approximation.
How do you spin that gold into more gold? There are several ways to make money off a parking space in Boston and its environs.
Sell it to an individual
This is probably the most straightforward way: Simply sell the space to another person.
Parking spots in the region’s denser areas go at a particular premium given that it’s often difficult to find parking in these locales (think downtown Boston’s commercial hubs).
Big caveat, though: Condo associations may not allow an owner to sell his or her parking space to someone outside of the condo development. This option, then, might be best for people who own a space in a lot or a garage.
Rent it long-term to an individual
Same concept as the option above, though with the same caveat: Condo associations may not allow long-term rentals of parking spaces to people beyond the building.
Also, with long-term leasing, it’s all about finding the right kind of tenant—one who will pay regularly throughout the length of the lease and not skip out.
Rent it short-term through a service
This is the option for those skittish about finding that right kind of regularly paying tenant.
There are services such as SpotHero and Parking Spotter that facilitate short-term rentals, including for spaces near special events. Think Airbnb, but for parking, not apartments.
These services do charge a commission—Parking Panda’s runs to 20 percent—but they give the lessor some distance.
Sell or rent to a service
Car-sharing services such as Zipcar are perfectly fine with paying market rate for parking spaces in more densely populated areas of the U.S.—and the Boston region is certainly one of those areas.
The usual caveat applies, though: Certain complexes, neighborhood associations, and even local governments may have rules barring such deal.
Your best bet is to contact the service itself and find out if a sale or a lease is doable.
Now you know some ways to make money off your parking space. If you are interesting in continuing the conversation about small property management in Boston, contact us at Town Property Management today!