Is it worth it to provide 1 parking spot to guests in a downtown condo building?

[Sahil43]

Hello Everyone,

I am setting up my new listing for a 2bdrm lake facing condo in downtown Toronto, Canada.  I am debating whether I should move my car out and offer my dedicated parking spot to guests for an additional option and charge?  If so, what would be a reasonable charge per day?

I am guessing some guests (not all) may prefer parking, but does it really add value for those guests visiting downtown.  I'm guessing most would uber, walk or local transit.  I wonder how many would have cars (there own or renting) and would request parking from me?  Would the additional revenue make sense to cover/exceed my costs to move my car and rent another spot for around 250 a month?

One problem I can envision is the guest going thru the garage and finding it difficult to find the resident spot underground on the 2nd level.  There might be some issues despite me providing thorough instructions, etc. 

Any insight or tips on this would be highly appreciated?!

[Lorna170]

@Sahil43  If you can offer parking, do so!  Adding a nominal fee to your nightly rate (based on the number of bookings you can expect to host) would offset the cost of you renting a space for your own car.  Otherwise you will want to advertise that guests must find other forms of transportation or take their chances with street and public parking garages.

Talk to the management of the parking garage and find out if your space can have some kind of signage (like Reserved for Condo #123) that would assist your guests in accurately locating the space.  Also check the status of guest parking -- many condo associations want the license tag number of the cars being parked in owned spaces or risk towing.

[Sahil43]

Thanks for the great response Lorna, I plan to offer parking.  Do you suggest adding a nominal fee or simply charging a higher rate per night with free parking?

Have you found that a lot of your guests from outside the country or other states rent cars and find the parking spot helpful..  From your hosting experience, what proportion of your guests are with cars vs. without?

[Bob297]

@Sahil43 
I suggest implementing a nominal nightly fee for guests who use the space. This way, you won't overcharge guests who don't utilise the facilities. Maintaining competitive pricing is important to attract guests who do not require the space.

[Sahil43]

Great point, thx

[Nur785 · Accepted solution]

It's absolutely worth it. I'm in the same situation, I actually rent a parking space for the same amount so I can offer to guests. I actually charge them exactly what I pay weekly. So far, it has paid for itself. There will be a week or so no one wants the space, in which case I have to pay it, but my space is shared between 2 apartments. 

You might want to charge a bit more to offset the times when it won't be rented. I'd say you could easily charge $25 per day for downtown Toronto and that would be reasonable. 

The parking is not so much for people to drive while they're in town, but rather for people who drive to Toronto and need the space for their car until they leave. 

If i could actually rent another space I would, that's how many inquiries and requests I get about parking and lose bookings because the parking space is reserved by the other unit.

[Sahil43]

Great thank you for the response!

[Melody242]

Hey Sahil, just wondering what you decided on, as I currently have the same dilemma. Thanks! 🙂