Rent - Covered Gated Parking Space

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bigbird

Gold
May 1, 2005
7,375
163
0
At my current apartment I have a spare covered, gated, secured parking space which i rarely if ever use. I was approached by one of the tenants they would like to rent the space on a monthly basis. I asked what he was willing to pay and i got the shoulder hug. I would be willing to rent the space but certainly not for 2,000 pesos a month.

I am thiking more of asking 5 - 6,000 pesos a month. This is only 200 pesos a night. I would be willing to do it as it would offset my monthly rent. I have some second thoughts as the very few times i use the spare space would it be worth it. I would be nice to see monthly rent drop by $100 a month cuz that is a free night dining out.

Am i asking too much? I am in a very nice, secure area, 10 minute walk to Agora, all nice buildings in the area. would easily say middle to upper class Dominicans.

So what is your thought on a reasonable rental price for covered, gated, secuiity wathcie man parking spot.?

Mainly for those in the know of prices in the Naco, Piantini, Parisio areas of SD.
 
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sealuva

Member
Jun 12, 2018
59
5
8
bigbird said:
At my current apartment I have a spare covered, gated, secured parking space which i rarely if ever use. I was approached by one of the tenants they would like to rent the space on a monthly basis. I asked what he was willing to pay and i got the shoulder hug. I would be willing to rent the space but certainly not for 2,000 pesos a month.

I am thiking more of asking 5 - 6,000 pesos a month. This is only 200 pesos a night. I would be willing to do it as it would offset my monthly rent. I have some second thoughts as the very few times i use the spare space would it be worth it. I would be nice to see monthly rent drop by $100 a month cuz that is a free night dining out.

Am i asking too much? I am in a very nice, secure area, 10 minute walk to Agora, all nice buildings in the area. would easily say middle to upper class Dominicans.

So what is your thought on a reasonable rental price for covered, gated, secuiity wathcie man parking spot.?

Mainly for those in the know of prices in the Naco, Piantini, Parisio areas of SD.
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It's up to you if you want to charge more. Before the offer you were not making any money off of it. When that person asked you how much you said to make an offer. Which he did. It is a good price in my opinion. You can use that money for whatever you like. Trying to price him at 5000 to 6000 pesos is in my opinion a rip off. Unless you are starving be a good neighbor and either give him the space at his asking price or just raise him a hair. You will have earned a good neighbor.
 
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ctrob

Silver
Nov 9, 2006
5,591
781
113
sealuva said:
It's up to you if you want to charge more. Before the offer you were not making any money off of it. When that person asked you how much you said to make an offer. Which he did. It is a good price in my opinion. You can use that money for whatever you like. Trying to price him at 5000 to 6000 pesos is in my opinion a rip off. Unless you are starving be a good neighbor and either give him the space at his asking price or just raise him a hair. You will have earned a good neighbor.
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Nope. Bigbird asked the right question. What is the market value?
 
Cdn_Gringo

Cdn_Gringo

Gold
Apr 29, 2014
8,672
1,133
113
Just me thinking out loud:

I'd ask for $RD 4000/month. I'd draw up a contract (you will use one of those right?) for six months. Renewable every six months if the two of you agree.

Payment in full for each term upfront (because I don't wish to be debt collector) and I don't wish to go to war with a neighbor.

I would clearly spell out that the renter is responsible for dealing with anyone who decides to park in the sport from time to time (I'm not a parking attendant).

They will either agree or won't. Either way, no hassles with money or administration. If they don't have $RD 24000, chances are you'd have payment problems sooner or later and then you'd have to figure out how to stop the renter from using the spot.
 
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cavok

Silver
Jun 16, 2014
9,612
4,108
113
Cabarete
What is the tenant doing now for parking and what are his options? This might give you an idea of what he might be willing to pay.

What have other owners rented their parking spaces for and what is the demand and supply of those spaces? That might give you an idea of what "fair market value" is.

It sounds like he never gave you an offer(?). I'd ask for the 5K-6K pesos/mo, see what his counter is, and decide what the minimum is that you're willing to accept.
 
melphis

melphis

Living my Dream
Apr 18, 2013
3,496
1,681
113
For the $100 a month you might get I don't think its worth the hassle. As Cdn Gringo mentioned you would have to really define who parks there and also what time of day and night will they be accessing this spot. Not to mention playing debit collector is never fun.
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
parking spaces at my PHL storage unit are $110/mo...outside
1st month free

The shrug you got is the Dominican way...
they rarely have a $$ figure in mind on completion of anything --
they rely on your good graces --- until you don't offer enough.... then they talk

at least that's my experience
 
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cavok

Silver
Jun 16, 2014
9,612
4,108
113
Cabarete
The "shrug" is also typical of the way Dominicans negotiate. They want you to be the first to give a "number".
 
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