Not Sure What To Charge For Your Parking Space?

Last updated Monday, November 14th, 2016

Edward Downey

If you are not sure what to charge for your parking space, here is some information that may be helpful. Halifax has one of the most expensive parking rates in Canada. The parking situation isn’t getting any better. As development occurring outside of the downtown core increases, more people that work in Halifax need to commute. Sometimes transit is not convenient or reliable, which is why more innovative options for parking are necessary. The winter parking ban occasionally renders street parking unavailable. Haligonians deserve an alternative to the high rates and parking tickets that make parking in Halifax a nightmare.

Park180 proposes a solution: people, businesses, or community groups can connect with those that need parking through our platform. Those with vacant or underused parking in Halifax can become a member, post their parking spots for rent, set their own rate, manage bookings, and get paid through our Halifax Parking Service. Those requiring parking can search spaces near their destination, book a space, pay securely online, and park.

How to Price your Parking Space

Once you decide to post your parking space for rent, you might wonder what to charge. Pricing is one of the most important factors to ensure people rent your space. We compiled Recommended Parking Rates, listed as ranges below. We analyzed both day and overnight rates for hourly, daily, and monthly parking based on existing pricing in HRM. The parking rates listed are suggestions.

Type of Rate Typical Hours Amount
Hourly daytime 8am-6pm $1.00 -$4.00 per hour
Daily 8am-6pm $6.00-$20.00 per day
Hourly overnight 6pm-6am $.25-$1.75 per hour
Nightly 6pm-6am or Winter Parking Ban $2.00- $18.00 per night

Additionally, you can use the following tips to price your space:

  • Compare rates charged by nearby lots or storage spaces to understand what others will pay and to ensure you’re not overpriced
  • Determine whether your space has any extra features you might include in your pricing (eg. indoor, heated, secure, charging station, etc.)
  • Are you in a high traffic area near schools, universities, office buildings, restaurants, or shopping? Your space might be in demand
  • Encourage rentals by setting your rates lower than those charged by your nearby competitors
  • Consider setting a lower rate to encourage consistent rentals of your spot
  • Park180 collects a 20% commission from the rental of each space. You should consider this when pricing your space

At Park180, your Halifax parking service, we are passionate about helping people. We understand that the economy has been difficult. We want to help by allowing our members to make extra income listing your parking space or find affordable parking in Halifax through our platform, www.park180.com

It will take time to gain consistent rentals and find optimal pricing. Follow our tips above as a first step in choosing the price for your space.