I previously came up with the idea of a parking space management company, for people who own parking spaces for their condos but don't actually use them.
This morning the shower gave me a much simpler solution: the condo corporation should fulfill this function as a service to residents.
If you own a parking space that you don't need, you sell it to the condo corporation, which buys it at assessed value.
If you want a parking space, you can buy one from the condo corporation at assessed value (if there are any available).
If you're selling a condo and your buyer doesn't want to buy the parking space, you can sell it to the condo corporation at assessed value.
If you're buying a condo and it doesn't come with a parking space, you can buy one from the condo corporation at assessed value (if there are any available).
The condo corporation can rent out any unused parking spaces at a profit, with the revenues going into general coffers. When I ran the numbers on my own condo, I determined that renting out a parking space at the going rate in my neighbourhood would pay for itself in 20 years, which would provide an influx of revenue just as the building comes up for major repairs. Until then, it should be revenue-neutral.
Residents would, of course, be free to sell or rent out their own parking spaces, but if they don't want to do the work themselves, the condo corporation would provide the service.
At this point, you may be thinking "Wouldn't it be simpler for the condo to just own all the parking spaces and rent them out to residents?" I agree, but, based on the complaints I've read when googling about condos that do this, many car + condo people don't like this approach. Having the condo corporation manage parking spaces if there is demand for such a service would maximize options for everyone.
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