Written by:
Tom Pitfield is Head of Commercial at Spacer Technologies, where he leads commercial strategy across Australia, spanning growth, partnerships and new market opportunities. He works with hotel groups, parking operators and property owners to unlock revenue from underutilised parking and storage assets.
Edited by:
Louise is an SEO Writer for Spacer Technology, creating content for the Parkhound, WhereiPark, Spacer.com.au, and Spacer.com brands. Based in the Philippines, she transitioned from her government office job to copywriting in 2012 and has stayed in content production since.
Reviewed by:
Born with an innate entrepreneurial spirit and a thirst for all things tech, Mike founded his first business at the age of 14 by developing websites for SMEs in the mid-90’s. Now with decades of hands-on experience building startups, Mike is a seasoned tech entrepreneur with a proven track record of scaling high-growth tech companies.
Reading time: 11 mins
Key Takeaways:
As parking demand changes across Australia’s urban centres, vacant parking spaces are becoming harder to ignore. For property owners and managers, they can represent an underutilised asset with the potential to generate additional revenue.
That demand is not limited to tenants, residents or staff. Nearby workers, local businesses, event attendees, seasonal visitors and casual parkers may all need convenient parking at different times of the day, week or year.
By matching vacant parking spaces with the right type of demand, property owners can improve occupancy without adding new infrastructure. This guide looks at practical ways to monetise vacant parking spaces at your property.
For many properties, parking has traditionally been allocated to tenants or residents through long-term leases.
And while that approach still has its place, it doesn’t always make the most of available parking. Parking spaces can sit empty during the day, after hours or on weekends, creating missed opportunities to generate additional income.
From maintenance and cleaning to insurance and utilities, the cost of owning and managing a property continues to rise.
Apartment insurance premiums alone have increased by more than 53% since 2020, according to the National Insurance Brokers Association, placing additional pressure on strata and property operating budgets.
As a result, many property owners are looking for new ancillary revenue streams that can help improve net operating income without requiring significant capital investment. Underutilised parking is one asset that can often deliver additional value.
Every parking space is part of your property’s value, but not every space generates value all the time. Reserved parking for tenants or staff often sits empty during business hours, evenings or weekends, leaving a revenue opportunity untapped.
As more property owners focus on getting the most from their existing assets, parking is becoming more than just an amenity. By making underutilised parking spaces available when they’re not in use, you can increase occupancy, create a new ancillary revenue stream and improve the return on infrastructure that’s already in place.
The way people use parking has changed. Hybrid work has become a long-term reality, with the Australian HR Institute reporting that more than 80% of employers expect hybrid working to either remain the same or increase over the next two years. At the same time, the Australian Bureau of Statistics found that 36% of employed Australians usually work from home.
As commuting patterns become less predictable, many drivers no longer need a permanent parking space five days a week. Instead, they’re looking for flexible daily, weekly or monthly parking close to work, public transport, hospitals, universities, and other destinations.
For property owners, this creates an opportunity to match unused parking spaces with changing demand while generating additional ancillary revenue.
Vacant parking spaces can generate more than just occasional rental income. Depending on your property’s location and tenant mix, here are five ways to turn underutilised parking into a consistent revenue stream.
Properties located near offices, hospitals, schools or government precincts are often well placed to attract long-term parkers. Many workers prefer a reserved parking space close to work, especially if it is more convenient than public parking options. Monthly parking can provide a steady source of recurring income while helping keep vacant spaces occupied.
Potential long-term parkers include:
Monthly parking agreements are commonly used because they provide consistent occupancy and predictable revenue. Less time is also spent finding new parkers compared with short-term bookings, making them a practical option for many property owners.
Many businesses need additional parking but don’t have enough spaces on site. If your property has vacant parking spaces, partnering with nearby businesses can create a reliable source of recurring income while helping local employers meet their parking needs.
Common partnerships include:
For example, an apartment building in a CBD with unused parking spaces during the day could lease them to employees of a nearby accounting firm, law office or government agency.
Residents typically use their parking spaces overnight, while office workers need parking during business hours. This allows the same parking spaces to be used at different times of the day, improving occupancy and generating additional revenue.
Properties located near stadiums, entertainment precincts or event venues can benefit from spikes in parking demand. Concerts, sporting events and festivals often bring thousands of visitors looking for convenient parking within walking distance of the venue.
Opportunities include:
Let’s see another example. A property located near Melbourne Cricket Ground or Accor Stadium could make vacant parking spaces available on event days. AFL matches, concerts and major sporting events regularly attract tens of thousands of attendees, creating strong demand for nearby parking.
Property owners can adjust pricing during these periods to reflect higher demand while generating additional short-term revenue.
Parking demand doesn’t stay the same all year. For properties that experience seasonal fluctuations, such as hotels, beach resorts or holiday accommodation, vacant parking spaces can become an additional source of income during quieter periods.
Opportunities may include:
Rather than leaving parking spaces unused during the off-season, property owners can make them available to local drivers who need convenient daily or monthly parking. This helps improve occupancy and generates revenue from an asset that might otherwise sit vacant until peak travel returns.
For hotels looking to make better use of underutilised parking, our guide on How to Monetise Extra Hotel Parking Spaces explores practical strategies for increasing parking revenue while reducing operational overhead.
Not every parker needs a long-term lease. Offering a mix of daily, weekly and monthly parking makes it easier to attract different types of drivers while improving occupancy throughout the week. This approach can help reduce vacant periods and create more consistent revenue from existing parking spaces.
Flexible parking can appeal to:
Platforms like Parkhound for Business make it possible to manage different booking durations through a single platform. Property owners can offer parking that matches local demand while maintaining control over pricing, availability and access.
To know if your building should allow short-term parking rentals, check out our guide here.
The best approach depends on your property’s location, the type of tenants you have and who needs parking nearby. Many properties can benefit from more than one strategy, especially if parking demand changes throughout the day or year.
| Property type | Best parking opportunity |
| Apartment buildings | Lease parking to nearby workers, partner with local businesses |
| Commercial office buildings | Employee parking, flexible daily or monthly parking |
| Retail centres | Customer overflow parking, event parking |
| Hotels and resorts | Monetise parking during off-peak seasons, event parking & local office workers |
| Mixed-use developments | Combine worker parking, business partnerships and flexible parking |
| Properties near stadiums or entertainment precincts | Event parking during concerts, festivals and sporting events |
| Properties near hospitals or universities | Parking for healthcare workers, students and visitors |
If you’re looking to streamline bookings, payments and day-to-day administration, our guide to modern parking management explains how property teams are simplifying operations while making better use of underutilised parking spaces.
Can vacant parking spaces generate passive income?
Yes. Vacant parking spaces can provide an additional source of recurring income when they are leased to commuters, local businesses or event attendees. The amount earned will depend on factors such as location, demand, pricing and occupancy.
What types of properties can monetise unused parking spaces?
Apartment buildings, commercial offices, mixed-use developments, retail centres, hotels, schools, hospitals and other properties with unused parking can all generate revenue. The best strategy depends on how parking is used and who needs parking nearby.
How much can a vacant parking space earn?
Income varies depending on the property’s location, local demand and whether parking is offered daily, weekly or monthly. Parking in busy CBDs, near hospitals, universities or major event venues generally attracts higher demand than locations with fewer nearby destinations.
Should I offer daily or monthly parking?
It depends on your property’s location and the type of demand nearby. Monthly parking provides predictable recurring revenue and consistent occupancy, while daily parking offers greater flexibility and can perform well in areas with commuters, visitors or event traffic. Many property owners choose to offer both.
How do I manage bookings and payments?
Parking management platforms can automate bookings, payments and availability, reducing the amount of manual administration required. This makes it easier to manage multiple parking spaces while improving occupancy and the overall customer experience.
Can I rent out parking spaces if they are only available at certain times?
Yes. Many properties have parking spaces that are only used during certain hours or seasons. For example, residential parking may be available during business hours, while commercial parking may be available overnight or on weekends. Making these spaces available when they would otherwise sit vacant can help generate additional revenue.
How can Parkhound help property owners monetise parking?
Parkhound for Business helps property owners list and manage available parking spaces through a single platform. Property owners can accept bookings, manage payments and offer daily, weekly or monthly parking, making it easier to generate revenue from underutilised parking assets.
Tom Pitfield is Head of Commercial at Spacer Technologies, where he leads commercial strategy across Australia, spanning growth, partnerships and new market opportunities. He works with hotel groups, parking operators and property owners to unlock revenue from underutilised parking and storage assets.
Tom Pitfield is Head of Commercial at Spacer Technologies, where he leads commercial strategy across Australia, spanning growth, partnerships and new market opportunities. He works with hotel groups, parking operators and property owners to unlock revenue from underutilised parking and storage assets.
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