Updated April 20, 2024
A parking space lease agreement is a legal document between a landlord who agrees to rent a parking space to a tenant for payment. It is primarily used in urban areas for residential or commercial purposes.
The tenant commonly pays rent on a monthly basis and has the right to terminate, at any time, by providing written notice.
Commonly Used For
- Business – To rent multiple spaces for employees, clients, and guests.
- Medical – To provide parking for patients.
- Parking Garages – For personal or commercial use.
- Recurring Events – Such as sporting events or conventions.
- Residential – For residents in larger complexes with assigned spaces.
Market Rent ($)
To find local market rents, use the following websites:
Sample
PARKING SPACE LEASE AGREEMENT
This Parking Space Lease Agreement (“Agreement”) made this [DATE], is by and between:
Landlord: [LANDLORD’S NAME] with a mailing address of [LANDLORD’S ADDRESS] (“Landlord”), and
Tenant: [TENANT’S NAME] with a mailing address of [TENANT’S ADDRESS] (“Tenant”).
Both the Landlord and Tenant agree to the following terms and conditions:
1. Parking Space(s). [#] parking space(s) shall be leased from the Landlord to the Tenant located at the address of: [PROPERTY ADDRESS].
2. Lease Terms. The rental period shall begin on [START DATE], and terminates on: (check one)
☐ 30-day notice. Such notice shall be in writing by either party.
☐ End date. It shall terminate on [END DATE].
3. Rent. $[RENT AMOUNT] shall be paid by the Tenant to the Landlord during the lease term on the [#] of every month. The rent must be paid in the following manner: [RENT PAYMENT INSTRUCTIONS]
4. Insurance. The vehicles that will occupy the parking space(s) must have insurance that is adequate under State law. At any time, the Landlord can request proof of insurance from the Tenant.
5. Upkeep. The Landlord is responsible for managing the parking space(s) to ensure it is accessible to the Tenant at all times. This means removing water, garbage, snow, and other debris that may obstruct the parking space(s).
6. Damage and Theft. The Landlord shall not be responsible for damage to vehicles, possessions stolen, or any other loss incurred by the Tenant.
7. Injury. The Tenant shall hold the Landlord harmless for any injury claimed to have occurred while on the property where the parking space(s) is located.
EXECUTED AND AGREED by the parties below:
Landlord’s Signature: ______________________ Date: _________
Print Name: ______________________
Tenant’s Signature: ______________________ Date: _________
Print Name: ______________________