You might be surprised to know that parking spots in most parking lots are significantly under-utilized.
A sharp uptick in vacancies in North America has exacerbated our parking problem, forcing property owners to question what they can do to make up for losses.
Through the use of property technology (aka PropTech) property managers have the opportunity to monetize under-utilized parking spaces, attract and retain tenants, and increase property value all at once.
The Problem of Wasted Space
There will always be a demand for parking, and as Canadians look forward to post-pandemic normalcy, this demand will skyrocket, as will the need for more flexible parking options for commuters and residents.
Imagine this – you’re attending an event downtown and pay the hefty price for event parking in the parkade a few blocks away.
Meanwhile, a local apartment building and church across the street from your event has a parking lot that is sitting empty.
It would be the perfect parking spot if it weren’t for the 24/7 reserved sign.
This is the problem with parking systems in North America – there are 8 spots for every vehicle, yet it always feels like we can’t find parking.
Property managers and owners have buildings with vacant spaces that are in demand, and instead of making use of them, they remain private and unused.
Capture the Low Hanging Fruit
Private parking lots are not only under-utilized but also typically mismanaged.
It’s easy to understand why, as building managers often have more pressing ‘to-do’s’ than parking lot management and spot optimization.
However, parking lots are valuable pieces of real estate and are often overlooked.
This exposes a huge opportunity for property managers to take advantage of their parking resources and rent out spots when they aren’t in use.
Making use of existing parking inventory creates a new revenue opportunity and fills in a public need by providing convenient, affordable and reliable parking options
By connecting drivers on the road to these private spots, buildings can create an additional flow of revenue and optimize parking during off-hours.
Onboarding a spot to GrydPark is simple and costs nothing for property managers.
We handle account organization, physical signage set-up, and all customer service. The only thing required of the owner is to customize their spot availability.
Our proprietary GrydPark Portal allows you to manage your spot availability and will encourage you to list during peak demand times for increased revenue potential.