What is a Parking Space Lease Agreement?
A parking space lease agreement is a legal contract that can be used in two ways:
1. As a standalone agreement between the owner of the parking space or lot and an individual who wants to rent the parking space.
2. As an addendum to a residential lease agreement where the owner of the rental unit also owns parking spaces that tenants can lease (such as for an apartment building).
In both situations, this agreement between landlord and tenant outlines the rules and responsibilities surrounding the rental of a parking space.
Why Use a Parking Space Lease Agreement?
A standalone parking agreement may be useful for someone who owns a parking lot or even a single parking space. This agreement would allow them to earn additional income while having control over who is using their space.
For residential leases, landlords may want to include a parking space lease agreement if they own property in an area where parking is in high demand and they want to charge the tenant for a spot. Tenants may choose to rent parking spaces for various reasons—such as living in a busy residential area with limited parking or owning multiple vehicles.
Renters may have the option to sublet their parking space, depending on the terms of the lease agreement.
What to Include in a Parking Space Lease Agreement
Lessors should include the following information in their parking space lease agreement:
- Type of Agreement – The heading and opening should state that this is a parking space lease agreement.
- Lease Date – For residential leases, the date of the original lease should be included.
- Agreement Date – Lessors should include the date that the agreement is signed and goes into effect.
- Name and Address – The names and addresses of both the lessor and lessee should be included.
- Signature and Date – The agreement should be signed and dated by both the lessor and lessee.
- Rent – Lessors should include the rent amount and when it is due.
- Subletting – Lessors should clarify if lessees have the option to sublet their parking space and if permission is needed.
- Registration and Insurance – Current vehicle registration and insurance information should be included.
- Maintenance – Lessees should agree to keep their vehicle in good condition with no leaks.
- Use of Space and Damage – The lessor should clarify that the parking space is not to be used for personal storage and they are not responsible for any damage to the vehicle.
It is important to be aware of local laws and regulations before choosing to rent out a parking space. Lessors should research zoning ordinances and safety codes in their area before creating a parking space lease agreement.
