When you’re strapped for cash, it may be worth considering whether your apartment complex allows you to sublet parking spots. An unneeded parking spot may be the answer to your financial problems.
Is Subletting Parking Spots Allowed?
Apartment complexes vary in their policies for subletting your parking spot. To determine your options, first read your lease. The terms regarding the number of parking spots and your use of those spots should be outlined there.
Apartments with community handbooks may have additional information about your parking rules and rights. Carefully examine all documents before taking steps to sublet your parking spot.
Setting the Price
Once you’ve determined your right to sublet your parking spot, set a fair rental price. The easiest way to do this is to find out what other tenants are currently charging for their spots.
If no one is subletting a parking spot, gather information about the average rate for monthly parking spot rentals in your area. Online message boards, community bulletin boards and local newspapers are all sources where you can find this information.
Advertising a Parking Spot
Unless you know someone who wants to sublet your parking spot, you’ll have to do some work to get the word out about the availability of your spot. Certain options are free, and others will require an advertising fee. If you’re trying to save money, try the free options first.
Post a flier on your apartment’s bulletin boards, advertising your parking spot. Create small tabs at the bottom of the flier so that interested parties can tear off information to take with them. The tabs should say “parking spot for rent,” and contain your phone number and e-mail address.
Soon, people should start contacting you about the parking spot. If not, you’ll need to broaden your reach beyond your apartment complex. Create online advertisements and post fliers in your neighborhood. When advertising outside your complex, don’t forget to mention a location for the parking spot, such as the name of your apartment complex or the street address.
The Subletting Process
Put everything in writing, since verbal agreements are difficult to enforce. You may be able to find a ready-made parking spot subletting document online. Search for sites geared towards landlords who need forms for rental properties. Books about renting property and office supply stores may also have standard subletting forms.
If you create your own subletting document, be sure to include all of the basic information necessary to protect your rights. Include your parking spot number, the start and end dates and monthly rental price. Parking rules should be provided for the subletter, to ensure compliance with your apartment’s rules. Spell out the termination clause. For example, reserve the right to terminate the agreement with thirty days notice, so that you can regain the use of your parking spot, if you need it.
In areas with large numbers of apartment dwellers, there’s a demand for parking spots. Use this to your advantage, if you don’t need your spot, but you need extra cash.
Lisa Bernstein: As a long-time apartment dweller and seasoned condominium trustee, I have dealt with numerous landlord-tenant, property management, and day-to-day apartment complex issues. My extensive, direct experience has led to invaluable insights into apartment life from both the tenant and management perspectives.