Monetize Unused Parking Spaces

Monetize Unused Parking Spaces? Here’s how.

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Private companies with underutilized parking lots can consider tapping into the USD 10 billion global parking industry to make a profit as private parking operators. Insufficient parking contributes to traffic congestion and carbon emissions. A shared parking management approach can help smart cities progress towards more sustainable solutions and transform how we develop our urban spaces, with less on-street parking and more green areas. Let’s find out how to monetize unused parking spaces.

Reasons to Rent Parking Spaces

Shared parking costs almost nothing for firms with a private garage. The easiest method to start renting your parking lot is to connect with a supplier of smart parking solutions, which will make it easier to discover customers and manage reservations and various transactions. This future-proofs your revenue strategy and helps you compete with commercial parking lots. Due to the increase in smart vehicles and EVs, smart parking solutions have become a pressing need.
  • Assess your Parking Space

Before renting out your parking lot, examine the layout and the lessee. Reevaluate your parking garage plan to see which spaces are underused. Plug-and-play smart parking solutions enable you to maximize space (and revenues) with minimal effort.
  • Choose your Renters

In most cases, your selections will be restricted to personnel from adjacent companies and sometimes local people without their own parking places. These are the easiest groups to manage since you can charge rent without having to deal with a lot of people. Project-based professionals, ex-pats, tourists, commuters, travelers, and residents lacking parking spaces can also rent your parking – higher returns, but harder to manage. Again, a solutions provider may help you identify new clients, handle tenants and payment options, customer service, and automation without any extra effort on your part. Read more: New York City May Pay You to Snitch on Fellow Parkers

Wrapping Up

Underused or unavailable parking spaces create the impression of scarcity. Shared parking options connect companies with space to those needing extra parking space. By merging parking garages, we may generate community areas, parks, and business centers. You can make a profit as a private parking operator while simultaneously benefiting our highways, towns, and the world.
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