Do you have a property that has a big empty outdoor space? Do you plan to make use of it and turn it into something that can earn you an income? One of the things you can do with it without having to let out a lot of cash just to fix it up is to make it a car park where car owners can park their vehicles while they’re off to other places. It’s especially a great idea if you live in urban spaces where there is a scarcity of spaces to park vehicles. It’s a great way to also help others looking for a safe place to park while you can earn from the parking fees. Aside from obtaining permits and other licenses needed to pursue your car park rental space, you also need to create a draft of an agreement between you and the car owners that you both acknowledge that the owner will park their car regularly in your car park and at certain times and you will be responsible to ensure their cars are safe from harm. This article will guide you on how to make a car park rental agreement.

10+ Car Park Rental Agreement Samples

1. Car Park Rental Agreement Template

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2. Car Park Bay Rental Agreement

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Size: 32 KB

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3. Car Parking Space Rental Agreement

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Size: 7 KB

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4. Sample Car Parking Rental Agreement

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5. Car Park Rental Lease Agreement

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6. Car Parking Space Rental Agreement Form

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7. Paid Car Parking Rental Agreement

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8. Basic Car Park Rental Agreement

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Size: 106 KB

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9. Car Park Concession Rental Agreement

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Size: 520 KB

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10. Airport Car Parking Rental Agreement

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11. Car Parking Lot Rental Agreement

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What is a Car Park Rental Agreement?

A  car park rental agreement, also known as a parking space lease agreement, is a legally binding written document that formalizes the agreed terms and conditions between you (as the car park owner) and the renter.

How to Make a Car Park Rental Agreement

Making a parking rental agreement is a simple document to make and doesn’t need a lot of time and effort to do it since it doesn’t need to include a lot of details as a standard residential or commercial lease agreement. The details mentioned below are what you can include in the agreement:

  1. Contact information: Include the names, addresses, and phone numbers of both parties of the agreement.
  2. Location of parking space: Include the specific location details such as the main address and stall number. If you can, you could include GPS information to make it for other drivers easy to track your parking space. Include other special instructions as well, such as which gates to enter and exit, or how to open and close the gate.
  3. Terms:  This is where you point out more details regarding the agreement such as when the rental will begin and when it will end and what time the parking spots are available during the day.
  4. Rent: State the amount of the rent and when it will be due. Include other details such as late fees, and instructions on how the rent will be paid.
  5. Description of the vehicle: Include details regarding the vehicle of the renter that will be parked in your car park. You may limit which vehicle of the renters can use the space by collecting information on their license plate numbers.
  6. Limitations: You can also set your own rules that limit what the renters can do in the parking space such as no overnight parking, no sleeping in the vehicle, not letting them share their parking spots without your permission, or that the cars that are parked are registered and insured.
  7. Liability: This section explains the type of security you provide to the car park as well as what you are not liable for, such as items stolen from the vehicle pr damage to the car that occurred while the owner wasn’t there or accidents that occur in the parking lot.
  8. Termination: Last but not least, include what actions that could be the reason to terminate the contract. Nonpayment of the rent or violation of the rules and terms of the agreement can be used as grounds for termination.

FAQs

How much rent can I collect for a parking space?

The rent amount you can collect for a parking space will vary by location and demand. In small cities or rural areas, for example, a suitable monthly rate maybe $50 per month. In urban and highly densed areas, monthly rents reach into hundreds of dollars per month, especially if the city has expensive real properties.

How much is a car park space worth?

Car parking spaces can sell anywhere between $50,000 and $90,000 in the suburbs alone.

Once you’re done drafting the agreement, make sure to review it first and check to see if there are any errors or wrong information being input. Discuss it first with your client and reach a mutual agreement with the contents of the contract before signing it. To help you get started making the agreement, download our free sample templates above to use as your guide!

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