Written by: Zarah Mae Torrazo is the Head of Content at Spacer Technologies, where she leads content creation for Parkhound, Spacer.com, Spacer.com.au, and WhereiPark.
With nearly a decade of experience in digital content, Zarah specializes in crafting engaging, SEO-optimized writing that bridges both B2B and B2C audiences. Her work spans a wide range of industries from real estate and finance to mobility, health, and tech, with a focus on turning complex ideas into clear, actionable insights.
At WhereiPark, Zarah writes extensively about multifamily property management, urban mobility trends, and the monetization of underused assets like parking. She’s particularly passionate about the sharing economy and its power to reshape how people and businesses access space, transport, and opportunity.
Edited by: Sofia Nolasco leads B2B marketing at WhereiPark, supporting real estate partners and businesses in monetizing underused parking assets. With a strong background in content and digital strategy, she helps communicate the value of flexible parking solutions to asset managers, developers, and operations teams across North America. Her work bridges the gap between property owners and drivers, with a focus on performance marketing, storytelling, and long-term partnership growth.
Reading time: 24 mins
There is a common problem for multifamily properties across North America: too much parking.
Research shows many multifamily developments are built with more parking than ever required. A recent Rutgers study of 175 properties in New Jersey found that high-rise renters used just 1.08 spaces per unit on average, well below the average local zoning requirement of 1.8 spaces per unit in the municipalities included in the study.
However, the findings put the spotlight on a bigger issue: most developers and cities lack a clear understanding of their actual parking needs, leading to a surplus of parking and unused property space.
“We’ve partnered with many multi-family property owners who tell us the same thing. They have dozens of parking spaces sitting empty, taking up space and generating no income while costing them money each month to maintain,” says Joshua Eisen, the Chief Revenue Officer at WhereiPark.
And all that unutilized parking adds up. Over time, it can cost property owners millions in missed revenue opportunities.
But how can property managers and owners transform an idle parking lot or space into an ancillary revenue stream?
Over the years, Mr. Eisen has helped dozens of multifamily property owners and managers tap into new income from underused parking.
“It’s easier than most people think,” he says. “Multifamily properties are uniquely positioned to take advantage of excess parking. With the right platform, some creative thinking, and a basic understanding of your available space, you can start generating passive income almost immediately.”
So in this guide, we’ll walk through how to turn underused parking at your multifamily property into a cash-generating asset. From long-term leasing to flexible short-term options, this is how property owners are making the most of every square foot.
Before you turn your multi-family property’s parking asset into a cash-generating machine, you need to take stock of the space you have and what is going unused. This can pertain to both tenant and visitor parking, as its important to understand the utilization of both parking segments on the property.
Conducting a parking audit will help you understand your supply, patterns in demand, and identify which spaces have the potential to generate passive income.
By gathering this information beforehand, you’ll be in a better position to determine how many spots, when, and to whom you may rent out.
Here’s what to evaluate:
The size and layout of your lot directly affect how much you can earn.
“The biggest opportunity often lies in just understanding the layout and matching it to demand. Even a small lot can be valuable if it’s in the right location, easy to access, and if the spaces are being unused,” Mr. Eisen noted.
For example, a compact space might suit individual renters or electric vehicles (EVs). Meanwhile, a larger, well-marked parking lot can serve commercial tenants or fleet vehicles. If your layout is confusing or lacks clear access, it may reduce your potential renter pool.
If you’re unsure whether your layout is ideal, check in with a parking consultant or traffic engineer to evaluate things like:
“Look at your layout with fresh eyes: Are the spaces easy to get in and out of? If you were a 1st time parker, would it be easy for you to find an available space? Is there enough room for cars to move around without awkward turns or tight squeezes?” Mr. Eisen said. He explained that small improvements can open up your lot to new types of users, which can expand your potential market.
When doing your parking audit, take note of how many spaces are vacant during peak hours and off-peak times.
For most multifamily properties, peak demand happens in the evenings, when people get home from work, and on weekends. Meanwhile, midday on weekdays tends to be quieter.
“Keeping track of these patterns over a few weeks, or even a few spot counts on certain days/times of the week, can help you spot consistent vacancies, and that’s where your revenue opportunity lies,” Mr. Eisen said.
Compare the number of total parking spaces to the number of occupied units. In many multifamily buildings (particularly those near public transit), actual usage often falls between 1.1 and 1.3 spaces per unit, despite developers building more.
A study in the Bay Area found an average demand of just 1.15 spaces per unit at transit-centered developments, even though 1.7 spaces were provided, further illustrating how development ratios can be out of line with reality.
Comparing your parking-to-unit ratio can help reveal similar inefficiencies and identify unused capacity.
Take note of how often your guest parking spaces are being used. Are they sitting empty most of the week, or consistently full on evenings and weekends?
Tracking visitor traffic patterns over time can show if you’re over-allocating parking for guests.
Kapil Doorkapersadh, Business Development Specialist at WhereiPark, who works closely with property managers to unlock new revenue opportunities, noted: “Many multifamily property managers tell us their guest spaces sit empty during the week, especially in buildings near transit lines or with younger tenants who don’t drive,” he explained.
If visitor spots aren’t being used regularly, consider reallocating a few for flexible short-term parking or even contractor use, depending on what local regulations allow.
Many potential parkers may only need use of the spaces during the workweek, leaving them free for residents and their guests on weekends. Small changes like this can help you unlock hidden value in your multifamily property without sacrificing tenant experience.
Take inventory of special-use spaces, such as tandem spots, oversized vehicle stalls, or EV charging bays. These can often be repurposed or marketed at premium rates. Employees of the same firm are more willing to share tandem spaces that would normally go unused by individuals worried about being “parked in”.
Also, different space types can command higher rates in certain areas with different clientele (e.g., a construction firm may be willing to spend more on larger spaces to accommodate their work vehicles).
Before listing any parking spots for rent, it’s important to make sure that you’re allowed to do so under local laws, community rules, and current lease agreements. Overlooking this step can result in compliance issues or conflicts with tenants.
As Mr. Eisen puts it, “It’s always better to check first. A quick review of your lease terms or HOA bylaws can save you from a lot of headaches down the line.”
Don’t know where to start? We’re here to help:
Some municipalities or cities have rules on whom you can rent a parking space to, particularly when it comes to non-residents or commercial use.
For instance, Vancouver’s Parking By‑law (No. 6059) requires off‑street parking to meet specific local requirements, and certain uses may be forbidden unless they follow zoning standards.
Before listing your property, verify if your property’s zoning allows for short-term or third-party rentals.
Before you list any parking spaces, check whether local zoning laws allow you to rent them out in the first place. Some municipalities limit who you can lease to or restrict commercial use entirely.
If your multi-family property is part of a homeowners’ association (HOA) or strata (as it’s called in parts of Canada), review the community rules as well. Some associations don’t allow renting out parking spaces to third parties or require prior approval.
In the US, many HOAs explicitly restrict what can be parked where. Some limit the number of vehicles per household, or ban RVs, trailers, or commercial vehicles. Check your HOA and strata’s covenants, conditions & restrictions (CC&Rs), rules, or bylaws.
Similarly, Canadian strata are strict on how parking assets can be used or leased. For example, parking designated as limited common property may require council approval to sublet, while common property spots often have stricter access controls. Before offering your parking spot, check the strata plan, Form B (Information Certificate), and any relevant bylaws.
Review your existing tenant leases carefully. Some agreements give residents exclusive rights to certain parking spots, while others place limits on how shared or guest parking can be used.
Renting out a space that’s already allocated (or not clearly defined in writing) can lead to tenant complaints or even legal issues. Double-check the fine print to make sure your plans don’t conflict with the agreed-upon terms.
Check whether your current insurance policy will cover third-party users or short-term parking rentals. This is because in many cases, standard coverage applies only to residents or tenants, not outside or third-party renters.
So make sure to cover all your bases. Talk to your insurance provider to see if you need extra coverage for non-resident renters.
Make sure you’re not interfering with fire lanes, accessible parking spots, or emergency vehicle access when renting out parking spaces. Remember that these areas are protected by both local building codes and national accessibility laws, such as the Americans with Disabilities Act (ADA) in the U.S. or barrier-free design standards in Canada. Blocking or repurposing them (intentionally or not) can result in hefty fines, liability issues, or safety risks.
Not sure which areas in your parking are off-limits or what your layout needs to comply with?
A property attorney, facilities manager, or local building inspector can help you review your site and avoid missteps. Keeping these routes clear isn’t just about compliance. It ensures safety for your tenants, visitors, and emergency responders.
Now that you’ve evaluated your parking layout, usage patterns, and legal considerations, it’s time to explore the practical ways you can turn that unused space into income
Whether you’re managing a large apartment complex, a mid-sized condo building, or own a small multifamily rental, here are five proven strategies to help you start earning from your unused parking spaces.
If you own or manage a multifamily property with parking spaces that consistently go unused, offering them as monthly rentals to non-residents can be a simple way to earn steady income.
Your potential renters can be nearby professionals, shift workers, or residents of neighboring buildings that don’t have in-house parking facilities. In high-density neighborhoods, secure off-street parking is always in demand.
Platforms like WhereiPark make it easier by handling listing, renter screening, and payments for you. You can set your pricing and availability, and still keep priority spots reserved for tenants if needed.
This strategy worked well for 240 Wellesley Street East, a multifamily building in Toronto that had over 100 vacant parking spots. The team started by listing 20 of them through WhereiPark.
Within six weeks, all 20 were fully booked. As demand continued, more spots were added, resulting in over $50,000 in new annual parking income.
Want to see what your parking asset could earn? Partner with WhereiPark to get started.
If your multi-family property is located near retail centers, restaurants, or office buildings, offering short-term parking during peak hours can help you earn extra income from unused spaces.
Based on trends, these spots are often in demand during weekday lunch hours, evening dining times, or when local events increase traffic in the area.
For pricing, you can set a flat daily rate or use flexible pricing based on time of day and demand. There are third-party parking apps that make it easy to manage bookings, accept payments, and fill spots without additional overhead or effort.
This strategy works especially well if resident spaces sit empty during business hours or weekends. And if you notice consistent demand from the same drivers (like nearby workers or regular visitors), it might be worth evaluating if you should convert those short-term parkers into monthly long-term rentals for more stable, recurring revenue.
It’s also important to keep in mind what types of access control devices are in use at the property. If the garage is controlled for tenants using prox cards or other access cards for ingress, it may not be possible to accommodate transient parkers.
Many businesses are actively looking for parking during the day. This often lines up with the hours when your resident parking spaces are sitting empty. That unused capacity can become a reliable revenue stream when leased to the right commercial users.
This strategy is especially useful for:
WhereiPark offers flexible group parking solutions designed to meet the needs of business fleets. Whether you’re leasing a few unused stalls or a full row of daytime-only spaces in your multifamily property, this model can turn underused parking into predictable commercial income, with minimal involvement from your onsite team.
Adding EV charging stations to your parking lot is a practical way to monetize unused space while supporting sustainability.
EV adoption is steadily rising across North America. In 2023, there were over 4.7 million plug-in vehicles on the road in the U.S., and 9.7% of new vehicle registrations in Canada were zero-emission models as of early 2025.
At the same time, public charging infrastructure is still catching up. Across both countries, there are approximately 225,000 publicly available charging ports: 192,000 in the U.S. and 33,767 in Canada. This means demand often exceeds supply, especially in busy urban areas.
It’s this growing supply-demand gap that presents an opportunity. Installing EV chargers in your parking lot can generate new income by offering session-based charging to residents, visitors, or even fleets!
EV charging is just one of several value-adding upgrades you can add to your parking facility. Other improvements, like covered parking, added security, or concierge-style services, can also boost the value of your property for both residents and outside renters.
Unused parking spaces can also be monetized directly by offering add-ons to current residents. Many renters are willing to pay extra for a second space, guest parking, or even priority access to covered or secure spots.
Here are a few common upsell models:
Before rolling this out, make sure to check your local regulations. Some cities have rules that limit how parking can be sold or leased, especially to outside parties or non-residents. It’s also important to review lease terms and strata or HOA rules (if applicable) to ensure you’re following the rules.
“When done right, this model helps increase revenue while keeping things simple. You’re working with tenants you already know, and you have control over availability and pricing,” Mr. Eisen said.
When it comes to renting out your property’s parking spaces, you’ll need to decide whether to manage it yourself or work with a third-party platform.
Each option has its trade-offs depending on how hands-on you want to be, how many spaces you’re offering, and the systems you already have in place. Here is a side-by-side comparison of the pros and cons of each management model:
| Management Model | Pros | Cons |
| In-house | – Full control over pricing and policies – Direct communication with tenants or renters – Keeps all revenue in-house | – Time-consuming to manage – Requires staff for bookings, payments, and support (higher overhead) – Higher risk of disputes or missed income |
| Third-Party Parking Management (e.g., WhereiPark) | -Fully hands-off operations (listings, payments, and support are all managed for you) -customer service team provided by a third party – Wider advertising reach and access to a larger renter base – Streamlined setup with built-in tools for booking, reporting, and management | – Platform takes a share of the revenue – Less direct control over day-to-day renter interactions |
Tip:
Many multifamily property teams start with a third-party platform to test demand, then scale their approach based on results. There are also now many different residential parking software suites that simplify in-house operations and can save the asset owner hundreds to thousands per month in management fees.
Unused parking in multifamily properties is like seats on a plane: If they’re empty, you’re missing revenue. With demand rising across cities and suburbs alike, monetizing your parking assets can unlock a reliable new stream of income for multifamily properties, commercial buildings, and even individual space owners.
If you’re unsure of where to start, you can try running a quick parking audit or listing just a few spaces to test local demand.
Ready to get started? Contact the WhereiPark team to see how we can help you turn your parking into extra income.
It depends on your lease agreement or ownership structure. If you’re a condo or unit owner in a multifamily building, check whether the parking space is titled to you or considered common property. You may need approval from your HOA, condo board, or strata council before renting it out.
Yes, in most cases, standard property or landlord insurance may not cover liability for non-resident users. Speak with your insurance provider about adding commercial general liability coverage to protect against accidents or property damage.
Start by researching local market rates using parking platforms, neighborhood listings, or commercial garages nearby. Prices vary by location, type of space (covered, uncovered, EV-ready), and time of use. Daily and monthly rates are typically more competitive in high-demand urban areas or near transit hubs.
Legality varies by city and zoning laws. Always check with your local zoning office or planning department before listing the space.
WhereiPark supports both property owners and individuals looking to rent out parking. It’s designed for monthly rentals and works across multifamily, commercial, and peer-to-peer setups, making it easy to manage multiple spaces in one place.
Yes, but it depends on accessibility. Tandem spaces (parking that allows two or more vehicles to share a single parking space), work best when rented to the same household or business that can coordinate vehicle access. Compact spots can be rented to drivers with smaller vehicles or motorcycles, but must be clearly labeled and meet local safety regulations.
Return on investment depends on location, demand, and how many spaces you lease. In high-demand urban areas, a single spot can earn between $150 and $400 per month. For larger lots or multifamily properties, this can be thousands in additional annual revenue, often with little to no upfront cost beyond signage or minor setup.
Zarah Mae Torrazo is the Head of Content at Spacer Technologies, where she leads content creation for Parkhound, Spacer.com, Spacer.com.au, and WhereiPark.
With nearly a decade of experience in digital content, Zarah specializes in crafting engaging, SEO-optimized writing that bridges both B2B and B2C audiences. Her work spans a wide range of industries from real estate and finance to mobility, health, and tech, with a focus on turning complex ideas into clear, actionable insights.
At WhereiPark, Zarah writes extensively about multifamily property management, urban mobility trends, and the monetization of underused assets like parking. She’s particularly passionate about the sharing economy and its power to reshape how people and businesses access space, transport, and opportunity.
Zarah Mae Torrazo is the Head of Content at Spacer Technologies, where she leads content creation for Parkhound, Spacer.com, Spacer.com.au, and WhereiPark.
With nearly a decade of experience in digital content, Zarah specializes in crafting engaging, SEO-optimized writing that bridges both B2B and B2C audiences. Her work spans a wide range of industries from real estate and finance to mobility, health, and tech, with a focus on turning complex ideas into clear, actionable insights.
At WhereiPark, Zarah writes extensively about multifamily property management, urban mobility trends, and the monetization of underused assets like parking. She’s particularly passionate about the sharing economy and its power to reshape how people and businesses access space, transport, and opportunity.
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