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Q&A: Renting Out our Extra Parking

Our condo association has a surplus of parking spaces. We used to rent the excess spots to people who do not reside in the building, but our management company advised us to discontinue this practice because it created a problem. They said that the city and county were entitled to taxes if we were operating a public parking garage. We miss the revenue and would like to start renting out those spaces again, paying our share of the city/county tax. Would you recommend that we do so? Any advice?

—Park and Ride in Park Ridge

The first step is to review the condominium declaration and bylaws, to determine whether there are any restrictions on renting the parking spaces to non-residents,” according to Barry Kreisler, an attorney and partner with the law firm of Kreisler Law in Chicago. “Provided that such rentals are not restricted or prohibited, then rental of the spaces to non-residents would be at the discretion of the board.

“If the board then decides to pursue such rentals, it should have the management company:

Check with the association's insurance agent as to whether any changes should be made to the association's insurance coverage;

Set up procedures to comply with the city and county tax payment and record keeping requirements; and,

Make recommendations to the board as to any special security procedures which should be instituted due to the presence of non-residents in the parking areas.”    

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