Mastering Parking Space Rentals: Top Strategies for Businesses

As hybrid work accelerates, businesses must adapt by cultivating an office culture that attracts and retains top talent. Parking plays a vital role in boosting office attendance. This guide covers how to source parking spaces for rent for your company.

Building Better Habits: Assessing Your Parking Needs

Before embarking on your journey to revolutionize employee parking, it’s crucial to evaluate your current situation and identify the essentials.

• How many parking spaces are needed?
• How far are employees willing to walk?
• Is a gated setting necessary?
• Should CCTV be present on site?
• Is shared access required?

Understanding the nature of the urban parking market is essential, as it often leans in favor of the sellers.

For example, a parking lot for rent will be very expensive. Due to parking scarcity spaces together often go at a premium.

“The more specific your asks are, the more money you are going to have to pay.”

The Power of Trusting Advanced Solutions

Before we jump into all the ways to find parking spaces for rent, let’s pause to ask a simple question? Is there another way?

Renting parking spaces might seem like the easiest solution, but it can be costly and often results in underutilized space. Traditional methods of assigning spaces to specific staff members lack flexibility and efficiency, making it difficult to get the most out of your investment.

In contrast, parking management software offers a cost-effective and efficient alternative. Leveraging advanced technology, it monitors and forecasts parking occupancy, allocating available spaces to employees as needed. This maximizes utilization while reducing the need for additional rentals.

Embracing this innovative solution is not only cheaper and easier to implement, but also delivers better results. By streamlining your company’s parking allocation, you can unlock your business’s full parking potential and save valuable resources in the process.

Wayleadr has been voted the world’s #1 employee parking management software by Capterra & G2. Check out this video to see how our software can help your business.

With the growth of hybrid working, companies often find that many parking spaces remain unused. Meanwhile you have staff sitting at home who would be happy to come the office if parking was a little more readily available.

Industry averages reveal that a typical employee parking lot is only 60% – 75% full at any given moment. This considerable surplus, combined with the cost of renting commercial parking spaces, calls for a more efficient solution. Real estate experts are turning to smart parking systems like Wayleadr.

Wayleadr monitors and predicts employee parking occupancy, determining when and which spaces will be used. It then allocates unused spaces to staff in need, maximizing utilization. Wayleadr typically boosts parking availability by 25% – 40% at a fraction of the cost of renting additional spaces.

If you have a current stock of spaces, your first port of call for needs to be a software like Wayleadr.

Advocate for Wayleadr as the Ultimate Parking Solution

Sounds like a winner but not sure if your business is ready to embrace the future?

To convince your boss that technology is a better solution than renting more spaces, follow these steps:

1. Highlight the cost savings associated with Wayleadr compared to renting additional spaces.
2. Emphasize the increased parking availability and reduced carbon footprint.
3. Share success stories of major clients like Sanofi, Uber, and eBay.
4. Explain how Wayleadr’s parking booking & allocation features, as well as parking hardware integrations, ensure efficient use of all parking spaces.
5. Point out the positive impact on office culture, as employees enjoy a more convenient parking experience.
6. Demonstrate the ease of use and how Wayleadr can eliminate manual administration tasks.
7. Offer to coordinate a product demo with Wayleadr to showcase its features and benefits

The Declining Allure of Renting Spaces

While renting additional parking spaces may seem like a straightforward solution, it’s becoming less desirable due to skyrocketing costs and the rapid development of parking technology. As the demand for urban parking spaces increases, so do rental fees. The rise of innovative parking management systems offers a more sustainable and efficient alternative, reducing the need to rent additional spaces.

Definitely Need To Rent Parking?

If you don’t have any spaces or have already employed technology then you need to find parking spaces to rent. Finding spaces can be daunting, where do you even look?

Well there tends to be four answers.

1. Over the last few years there has been a global explosion of parking marketplaces. This has made it much easier to find a spare parking space near offices. The market is very fragmented and a lot of cities have their own market leaders.

Global standouts include SpotHero & Parkpnp. It is worth noting that these sites are good for sourcing individual spaces. They are not ideal for larger amounts of space.

2. Most commercial real estate agencies deal in parking spaces particularly for existing clients. If you are looking for a parking lot to rent, reach out to your companies preferred letting agents. However, for a lot of these business parking is small change. They see themselves as almost doing a favour by helping here.

There are some notable exceptions but don’t expect for real estate professionals to lose sleep over your parking requirements unless it’s a deal breaker for a large scale deal.

3. You can reach out to your local car park operator. Most large scale car parks will offer a host of options including monthly parking for businesses in the area. However, there can be waiting lists if the area is busy and prices tend to be sky-high.

4. Most large cities will small companies who specialise in car parking spaces for rent. They are often run by real estate or parking professionals and operate through word of mouth. Ask around your network and you’ll find out quickly who is worth talking to in your own city.

Determining the Right Price

Renting parking spaces can be expensive. To gauge whether you’re getting a fair deal, consult the Global Parking Index. Keep in mind that urban areas face a space shortage, so prices are often driven by demand.

“Please note that our cities are running out of space and hence it’s a sellers market. It’s a case of how much you want the space.”

Negotiating A Parking Rental Contract?

This can often be the biggest pain point. Many companies have strict procurement procedures. However, many parking space providers are looking for looser agreements. If you want a long-term contract, liaise with a reputable car park operator or agent. However, you will pay for this privilege.

Many real estate agents and the online marketplaces will have stocks of parking spaces for which they can’t give long-term commitments. This however doesn’t mean they won’t be available for the long-term.

For example a property developer might speculate on a plot of land in an urban setting. While they wait for planning permission, they might rent out the space to local offices as a car park. Now nobody can predict the planning process, they might be waiting 10 years for approval. They are often hesitant to sign long term contracts. In the event they get the green light for development they will be looking to move quickly.

It’s best to approach negotiations with an open mind.

“For many decision-makers parking contracts are not their core business. As a result, they will not lose sleep walking away from a deal.”

If you can get long-term parking for rent on a contracted & guaranteed basis that is great. Be open to a more flexible arrangement might give you everything you need.

Who Should Be Responsible For What?

Companies looking to rent parking often fail to understand – cars park at their own risk. This is why it’s important to make sure facilities fulfil your needs and requirements. For larger deal sizes a landlord might be happy to invest in better gates, cameras etc.

Be rational about this, if you are only renting a couple of spaces a landlord isn’t going to make many changes. Particularly if he feels he can rent the spaces elsewhere. When entering into any agreement make sure you’ve fleshed out your red line issues. Be flexible to landing elsewhere on other points.

Looking for some real-life examples? Check out how companies like Colliers International, Version 1 & Ayre Chamberlain Gaunt solved their parking problems.

Parking causing issues? Join industry leaders from companies like Sanofi, Indeed.com & CBRE, schedule a demo with Wayleadr.com today and solve your parking problems in the click of a button.