How to Make More Money Off a Parking Lot - Money Soldiers

How to Make More Money Off a Parking Lot

Both bigger cities and smaller towns have a high need for parking lots. These lots provide visitors and locals with a safe place to park when visiting doctors, shopping, eating in restaurants and doing other things around town. As the owner of a parking garage, you usually make a certain amount from each driver based on how long he or she stays parked, but you’ll likely find yourself wishing that you could make more money. Even if you live in a small town, you can make more money off your parking lot.

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Skip the Attendant

A parking lot attendant is someone who sits at the entrance and exit to the lot. He or she gives drivers a pass, tells them how much they owe, accepts payments and issues change. Even if you only offer minimum wage, paying for an attendant is like taking money out of your own pocket. Pay and display machines offer an alternative and can help you make more money. Visitors can use the machines to get tickets or passes, see how much they owe and pay for their parking needs. Maintaining one of these machines is less expensive than paying for an attendant.

Run Monthly and Weekly Specials

Most parking lots charge an hourly fee that changes based on how long a customer remains parked in that lot. Some offer a maximum amount, which lets drivers leave their vehicles parked there all day without paying any extra fees. To make more money from your lot, you should consider offering daily or weekly specials that let customers park there for a full week or month for a rate lower than the daily price. As most drivers will not use that lot every day, you’ll make money when they’re not there.

Offer Event Parking

Depending on where you live and the location of your parking lot, you might find it helpful to offer parking during special events like amateur or professional games, food truck rallies and festivals or fairs. You can significantly increase the cost for parking there during those events and make money off visitors coming for those events. With flat-rate parking, visitors can pay one rate to park there all day or night. As the owner of a parking lot or garage in a city or town, you can make more money with special pricing and new machines that take the place of an attendant.

Jesse Fin

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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