It's the first question every property owner asks: how much money could I actually make from my parking spaces? It's a fair question, and the honest answer is that it varies more than you might expect.
Some parking lots generate a few hundred dollars a month. Others bring in tens of thousands. The difference comes down to a handful of factors that are specific to your property and location.
The single biggest factor in parking revenue is demand. A 20-space lot in a busy downtown area will generate far more than a 100-space lot in a location where street parking is plentiful and free. Proximity to restaurants, entertainment venues, office buildings, and tourist attractions all drive demand and pricing power.
Properties near event venues or in seasonal destinations often see dramatic swings in what the market will bear. A space worth $5 on a Tuesday might command $25 or more during a concert or festival.
This one's obvious, but worth stating: more spaces means more potential revenue. That said, it's not just about total count. What matters is how many spaces you can actually monetize after accounting for tenant allocations, ADA requirements, and any spaces blocked by layout or access issues.
A lot that charges for parking 24/7 will generate more than one that only enforces during business hours. But that doesn't mean round-the-clock enforcement is right for every property. Your hours should match your demand patterns and your operational capacity.
Many property owners find creative ways to capture revenue during off-peak hours by opening their lots to nearby businesses or residents who need overnight or weekend parking.
How you price parking has a direct impact on revenue. Charge too little and you leave money on the table. Charge too much and you drive customers away or create compliance problems.
The right pricing depends on what competitors are charging, what your customers are willing to pay, and whether you're optimizing for maximum revenue or maximum occupancy. Dynamic pricing that adjusts based on demand can significantly increase revenue compared to flat-rate pricing.
The system you use to collect payments and enforce compliance affects your bottom line. High-friction payment systems lead to lower compliance. Inconsistent enforcement means lost revenue. Technology that makes it easy to pay and expensive not to will outperform a system that relies on honor or manual monitoring.
Revenue is only half the equation. What you keep depends on your costs. Some parking systems require significant upfront investment plus ongoing maintenance. Others operate on a revenue-share model where the technology partner handles most of the operational burden.
Understanding the net revenue after costs is more important than the gross number.
There's no universal answer because every property is different. A rough estimate without knowing your specifics would be misleading. What we can tell you is that most property owners are surprised by the revenue potential once they see the real numbers for their situation.
Use our free parking revenue calculator to get a ballpark estimate based on your property details. It takes about two minutes and gives you a starting point for the conversation.