Dear PoP – How Much is Parking Worth and do I need a Lease for a spot?

New style of Emergency No Parking sign in DC
Photo by PoPville flickr user jsmjr

“Dear PoP,

What is the value of a covered parking space between Logan and Dupont Circle? I’ve heard anywhere from 25-50k. Also, when determining price per sq ft for condos, is parking factored in (i.e. 650 sq. ft. condo at 400k = 615/sq ft, but 650 sq ft condo at 400k – 40k for parking = $550/ sq ft.)?

Hope you (or the loyal readers) can help!”


“Now that we’ve dealt with basement rental apts. can we find out about renting a parking space? I’m about to rent out a space behind my house – should I have some kind of lease or other agreement? Can we both just sign a general “Nothing that may ever happen to your car for any reason will ever be my fault or liability” kind of thing?”

7 Comment

  • Great question, and one that I’ve been doing a lot of research into because I’m selling my 2BR/2BA w/parking in Dupont (see attached ad). I’ve found the consensus to be that a covered space is worth about $60k and uncovered is worth about $50k.

    Unfortunately a lot of times this doesn’t get factored into the $/sqft in a way that’s transparent on the listing services. What I did in my own research was simply subtract the value of the parking spot from those units that were sold with parking to get a gauge of what the unit is worth by itself.

    fwiw, I found 2BR/2BA condos in Dupont between 750-1250 sqft to run about $536/sqft with few outliers.

  • 30 grand for anything south of Rhode Island Avenue and west of 5th. 20 Grand for anything south of Park Road. 15 Grand elsewhere

  • i’d venture to say that if your spot is separately deeded then it doesn’t count in your overall square footage. also, if that’s the case, your dcra tax assessment should give you an indication of its worth.

    if this helps at all…my spot is located 1 block s. of the petworth metro, which is technically columbia heights. it’s off-street, but uncovered. it’s separately deeded and the assessment was in the $20K range.

  • Your best source for the value of a parking space is a real estate agent that knows the particular area. I am not quite sure what you are asking on the price per square foot question but assuming that the parking space is severable from the unit (meaning you can buy or sell it separately), its costs should not be included in your cost per square foot number for the unit. Think about it – when an apartment is advertised as X sqaure feet, does it include the parking pad?

    The lease for a parking space question is a bit tricky. If I was renting the space from you, I would want a lease or agreement that stated in writing the amount I was paying and the duration for which I would be paying it. As the person renting the space, I would want as many of my rights in writing as possible. Your perspective as the person renting out the space is probably going to be much different. You may be fine committing to a dollar figure for as long as you agree to rent the space but you may not want to commit to renting the space for any set period of time. If you end up with a new member in your household who has a car, you’ll probably want the space back and that is easier to do if you have not committed in writing to allow someone else to have it for a year. As far as damage is concerned, a waiver of liability is never a bad idea even if it is ultimately not enforceable.

  • the formula from a finance perspective is (space rental fee per monthx12)/((mortgage rate – annual rate of increase for space rental)). obviously this formula is sensitive to how much you think space rentals will increase but i find it a helpful, rational place to start.

  • Rental costs in Dupont for parking space: $200/month on average for outdoor spot, $250 for indoor spot if you can rent to people outside the building

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