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Should You Be Careful About Renting Out Your Parking?

Updated: Sep 8, 2018

Frank Jing, Business Development & Brand at GoParkr

Wether you are a house owners, condo owners, property manager, apartment or condominium corporations is it legal or not to rent out your parking spaces for money?

Even Lyft cars need parking sometimes

P2P sharing has been on the rise in the recent years with Uber, Airbnb like services becoming easier than ever. As startups dive into grey areas to find new ways to earn people passive income, parking is a up and coming contender on the horizon. The question comes to mind is that is this legal? Well, the answer is rather not so straight forward.


1. Single Detached House or Town Homes

Units of town homes in Toronto

Home owners list thousands of available parking spots for rent on Kijiji and Craigslist in cities. The law says that it is legal for home owners in houses or town homes to rent out 1 parking spot inside their garage. Nevertheless, the law does not allow short term rental of drive or any other larger space that can fit multiple vehicles. Simply due to the nature of turning residential driveway into commercial parking lot. It is important to note that the chance of the home owner getting fined for this is highly unlikely as it is a complaint based system that is hardly enforced, if enforced at all. On an international scale, one city council in UK for instance has voted in favor of renting out private driveways.


(thanks to SavelAndTheCity)


2. Condominium or Apartment Owner

A high end condominium in Toronto, Ontario

For condos and apartments where a spot can be sold for as high as $70,000. The owners has legal ownership documents for their parking spaces that are often separate from the agreement signed when the unit is purchased. These parking spaces are regulated by the condo board which varies from building to building. Some condos require the spots to be only rented to residents within the building. It is advised that owners check with their condo rules.


3. Condominium, Rental Apartment Corporations

Rental agreement signing does not always come with parking

For corporations and small businesses however, they often own non-exclusive use of common elements as their parking spots. The court confirmed that the corporation such as condominium corporations (not owners) can lease out these spots.


Solutions

Usually condo does not allow short term rental due to the logistics issue with fob. Companies like GoPark is making the rental experience worry free with up and coming options such as minimum number of months, driver authentication, user trust/rating system, and online lease signing process. This therefore completely removes the added stress and uncertainty when renting out monthly parking on platforms such as Kijiji or Craiglist.



Please share this with all your friends to spread the love around to those beautiful people.

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Author: Frank Jing, Business Development & Brand at GoParkr

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