Tips For Renting Out a Parking Spot In a Condo

1. Check with your property manager first to ensure you have the authority to rent out your spot and ask about any special bylaws that may apply.

2.  Set a term and price for how long the rental will last for.

3. Factor in the potential that the unit may sell during the term set out for in the lease.  Both parties should have a clear and easy out should the unit sell and the parking spot be needed by the new owner.

4. Put everything in writing, always…From parking spot location, description of the car,  to post dated cheques. Feel free to use my Parking Spot Rental Agreement by signing up below, but be sure to edit or add anything that applies to your unique situation.

Toronto Star ran a great article chronicling the legality of renting out a private parking spot in the City.   The gist of the story was that the bylaws haven’t been updated to reflect today’s times and that renting out a parking spot in your own driveway is in fact – illegal!

In my daily business of working the downtown condo market, this problem becomes even more complex! Often times there are more rules and by-laws that must be met before renting out a spot. For example, most condo bylaws only allow owners to rent out to residents of the building ONLY! Because most spots are located underground, a remote garage door opener is often needed.  This device can also open several other doors to the building and allow non residents access to private common areas… ie gym, pool, etc.

Parking Spot Rental Agreement

Truthfully speaking, I have no idea where the city stands on the legality of renting out parking stalls in private condominium building… but I do know that rentals happen very often, and typically without much organization. Due to this grey area, problems range from non payment to lost remotes.  In an effort to make the process easier for everyone, I’ve come up with a simple Parking Spot Rental Agreement for those looking to lease out their spot.