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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.

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: When Did We Start Monetizing Parking?

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.

Manage Parking Effortlessly

If you’re planning to rent your parking spaces out, make sure that managing your newly opened car parks is convenient and hassle-free.

With Get My Parking, you can set up lightning-fast access and touchless payments in your parking lots in no time. Automate your gates with our retrofit technology and set up appless and effortless QR payments with a custom-branded web app. Our solutions come with a user-friendly admin dashboard through which you can control your operations remotely and receive customized reports on all activity in your car park.

Check out our website, or contact us at sales@getmyparking.com to know more.