Parkade unlocks missed revenue during a condo deconversion

The Challenge

The Archer’s lot has 24 parking spots to accommodate 80 units, and yet at the time they started looking for parking solutions, only 8 spots were filled, all on a long-term basis. 

Parking utilization was at 33%

This low parking utilization directly impacted their ability to leverage parking as a revenue generator. If their lot was fully booked with long-term residents, they could pull in over $5,000 per month. But with just 8 spots filled, they were stuck at $1685 in revenue per month.

Low parking utilization led to a $3,000+ missed revenue opportunity every month

The process to rent out long-term parking was also difficult and highly manual. If someone wanted a spot, they had to reach out to one person directly to coordinate payment and receive their assignment. 

This process also didn’t allow for any short-term or guest parking. With very little street parking around, this left residents frustrated — they had no option for their guests to park. And for Peak Properties, management missed out on a potential revenue stream by not being able to put any of the vacant long-term spots to short-term use.

And finally, because their parking management relied on a single team member, enforcement was a major problem. They didn’t have the records or the process to prevent and penalize people for unauthorized parking. 

The Solution

To make sure they were tackling the deconversion process in the best way possible, the team at Peak Properties knew that they needed to enlist the help of technology that could streamline these parking processes and maximize revenue. 

So it was perfect timing when the owners came across Parkade. It immediately seemed like the right answer to solve one of the biggest problems facing The Archer. 

Parkade unlocked the opportunity to rent out short-term parking

One of the most attractive solutions that Parkade’s parking management software offered was the ability to offer short-term parking. Instead of restricting parking reservations to long-term leases only, this opened up the ability for residents, guests, or even the public to rent out spots for a few hours, days, or weeks. 

This flexibility introduced a major opportunity to both fill a need for residents and unlock a lot of previously untapped parking revenue. 

This also gave management a solution to make their parking operations more efficient. Instead of relying on team members to manage parking, they essentially put it on autopilot. Residents and guests can now reserve, modify, and pay for parking right from their phones. Residents can also report someone in their spot directly in the app – and with Parkade’s always-accurate records, enforcement is now a breeze. 

Any heavy grunt work is either automated away by the app or handled by the Parkade team

The Results

Within just a few months after implementing Parkade, the 33% parking utilization shot up to 80% for long-term parking alone, going from 8 spots rented to 19. Because it became so much easier for residents to grab a spot in the app, any of the previous barriers were eliminated with Parkade. 

Parkade boosted long-term parking utilization by 142% 

Short-term reservations were also an immediate hit with residents, guests, and the public who needed a spot in the area. Now, there’s an average of 25+ short-term renters every month, and that number continues to rise. 

And of course, this boost in parking utilization has had a direct impact on the parking revenue. From short-term parking alone, The Archer brings in an average of $760 per month. But long-term parking is really where you see the impact. Long-term parking revenue now brings in about $4500 per month, thanks to Parkade. 

When added together, after Parkade fees, The Archer’s total new parking revenue per month is about $5,000. 

Parkade boosted The Archer’s parking revenue by 197%

It’s safe to say that Parkade helped The Archer do a complete 180 with their parking operations. Now everyone wins: Residents get a better, more user-friendly experience to reserve parking, and Peak Properties gets to rake in the extra revenue without taking on extra operational burden.