The value of a parking space lease agreement

Many cities around the world are seeing a decrease in traffic. Referred to as the “new mobility,” urbanites are opting more and more for public transport, shared cars, and bikes. This revolution is also having an impact on the availability of empty available garages. For frustrated commuters, this is welcome news, since many have grown accustomed to spending hours in traffic looking for an open parking space.

What to do with empty available garages

If an urban resident has opted out of the car game but still has an available garage space, they may want to consider leasing it. The potential for extra income is substantial, though it pays to be wise about how one markets their available spot. A parking space lease agreement is best when renting out an empty parking space. To ensure one is paid fairly and on time, getting a driver to commit to a payment amount and schedule in writing is the best option. A contract would also allow the leaser to request certain stipulations, like a deposit in case the leasee fails to pay.

Signing a parking space lease agreement

Things that can be included in a lease agreement for empty available garages are the fixed rental period, the payment due date, the method of payment, the rental amount, and any additional terms, such as stating that the leaser won’t take responsibility for damage to the car or for any missing items incurred. The leaser may also consider having a witness present at the signing of the lease agreement or consulting with a legal expert on the best way to draft the document.

Urban residents all hope for a less polluted environment. Decreasing their reliance on motor vehicles has a significant impact on their carbon footprint, but cars are also necessary for many commuters for a variety of reasons. Yet, if a former driver can spare the space, why not make a few extra dollars a month by renting it out? They should just make sure to cover their bases and get the agreement in writing.