The Ins and Outs of Renting Condo Parking Spaces | Why You Need a Property Management Company to Take Care of the Details

One of the more important amenities of condo residents is the availability of parking spaces for their vehicles. In certain cases, this can create conflict between property managers and tenants, with finding the right space for their car an already difficult task in a crowded condo area. At Mareka Property Management, we provide condo management in North York and are a reputable property management company in the GTA that will always help you find the right solutions to your residential condominium parking. 

The ins and outs of condo parking management can be a complex transition for tenants moving in, but we have insightful information on some of the Ontario by-laws and condo regulations you should be aware of. We also break down the efficient ways for property managers to organize parking spaces and the value of parking spaces for your property. 

 

What Are Some Ontario By-Laws You Should Be Aware Of Regarding Residential Parking Spots?

Navigating the by-laws of parking spaces in Ontario can be tricky because each property has its own set of rules for tenants to follow when they sign the lease. There will always be restrictions on how parking spaces are managed in a condo space. In some cases, rules and regulations may limit parking to only tenants of the building, preventing managers from renting out parking spots to people who live outside the property. 

Again, this largely depends on the rules set by the property manager. When parking spaces are rented out, the property management board is usually notified of this for record-keeping purposes. By-laws and rules can also terminate the lease of a parking space if the condo unit is transferred to another owner. 

Sometimes, these by-laws can be just as restrictive (or even more) as the rules and regulations set by condo property managers. Some of the rules include setting the boundaries on where vehicles can be parked, clarifying guest parking, and limiting spaces to ONE vehicle among other rules. Management can also prevent cleaning, washing, or repairing one’s car within the parking space of a residential area to limit disturbance. 

Ultimately, it’s the job of both you and the tenants to examine and understand what’s allowed and restricted. This leads to the discussion of properly managing these parking spaces. 

 

What Are Some Ways Of Efficiently Managing Parking Spaces?

We’ve talked about some of the rules set by property managers to organize parking spaces in their buildings. However, there are different ways of managing condo parking spaces that may work in favour of your residential complex such as:

 

Common Element Parking Spaces

These parking spaces belong to the condo board as opposed to the unit owner. Typically, they are available on a first-come, first-serve basis for tenants and can’t be rented out to other people.

 

Exclusive Use Parking Spaces

In some cases, property managers may allow for hybrid nature parking spaces. While they’re not owned by the tenant because they do not have separate legal titles to them, they can allocate it to another unit or unit owner. As long as they have legal title, they can rent these spaces out to other people. 

 

Resident Owned Parking Spaces 

These types of parking spaces are owned by residents and have their own legal obligations attached to them. Like any condo unit, they may be bought, sold, and/or rented. Transactions involving these spaces are subject to both city and property board by-laws and regulations. 

 

How Much Value Does A Parking Space Add To A Property?

When parking is added as part of your condo’s amenities, it greatly enhances the building’s worth and your reputation with tenants. This is because they won’t have to deal with exorbitant parking fines or a lack of free Sunday parking for visitors. Potential tenants with families will also greatly benefit from securing a property with a permanent parking fixture for their vehicle.  

Parking spaces are increasingly seen as valuable amenities leading into 2022. Many property managers are converting extra space or old garages into large parking spaces for both tenants and guests. Having a space to park your vehicle will be helpful for your tenants and, at Mareka PM, we can help you successfully find suitable parking spots for all your current and future residents.

Get your parking spaces sorted and managed with Mareka Property Management by calling us now at (416)-255-7300 or contacting us HERE

About author:
Mary is the CEO of Mareka Properties (2000) Ltd. She holds a CPM, RCM, and CRP designation, and brings over thirty years of experience to the helm of the company. Additionally, Mary has a thorough knowledge of the legislation governing the industry, an in-depth comprehension of building components, and a proven track record of guiding condominium corporations and boards of directors to success. She's the full package!

Comments are closed here.