Renting out your parking space in Dublin 2 can be very lucrative. Maybe you have a spare parking space with your apartment, a driveway or you’re a business with space which nobody is currently using. At Parkpnp we often have people looking to rent out private parking in Dublin 2 but they’re unsure of the best price.
The long and short of it is that price really depends on location but we’ve broken down the key areas to see what you can expect:
MERRION SQUARE & FITZWILLIAM SQUARE
This is the most expensive area in the country for motorists and means that property owners can expect to make strong returns. However, you need to be careful not to overvalue your space. It is the only place in the city where you run the risk of outpricing yourself against on-street parking. You will often see people look for €300 – €400 a month for parking spaces behind some of the big Georgian homes on the square and closeby Mount Street. However, the reality is these super high prices massively deter prospective bookers meaning the spaces lie their gathering dust for months before eventually being rented to someone for a fraction of the price.
Recommendation: If you’re looking to get your space out quickly with a long-term booking in this area you’d be doing well to get €200 a month.
PEARSE STREET
A firm favorite for city professionals due to its relative ease of access for those who are travelling in on the Quays. Space owners can expect high demand here at both ends of the street with the Silicon Docks workers snapping up spaces down near Grand Canal Dock in places like Macken St, Lazer Lane and Forbes St. While city centre businesses snap up spaces closer to Townsend St and Shaw St.
Recommendation: Your starting price should be close to €150 a month.
STEPHEN’S GREEN
Probably the hardest place in the country to find monthly parking space rentals due to a real lack of space. If you have a space in this area you’re a lucky lucky person. Similar to Merrion Square & Fitzwilliam Square you need to make sure your appetite doesn’t get too big here. A number of nearby car parks have very good rates but you some people just love certainty so you can still expect strong demand at the right price.
Recommendation: €180 to €200 a month should see plenty of takers.
DAME STREET
This really depends on what end of Dame St you’re at. Spaces up close to Trinity will bring in close to €200 a month but bizarrely a mere 5 minutes walk up towards Christchurch and you’ll be closer to €120 which is still a serious chunk of change. The difference is mainly due to a number of lots of well-priced multi-story car parks on the fringes of Dublin 8.
Recommendation: Location is key here, start at Trinity College and take €10 away from €200 for every 100m you go towards Christchurch.
THE QUAYS
When you’re looking at the Quays you really need to look to think about how traffic works in Dublin. The one way nature of the Quays means that many spaces closer to Temple Bar require a driver to sit in traffic both ways on the Quays every morning just to get to their space. This means pricing needs to be a little lower to make it attractive for motorists. Especially those who will actually be sitting in traffic that evening anyway on the return journey. They might as well swallow the pain in one go. Down closer to the Grand Canal is prime real estate with very strong demand.
Recommendation: Close to O’Connell Bridge you’re looking at around €120 a month while down by Sir John Rogerson’s Quay, Lime St, Hanover St you will get closer to €150 a month.
TEMPLE BAR
It’s not easy to find parking on the fringes of Temple Bar. Local car parks dominant here charging rates starting as low as €12 a day. Traffic restrictions can make spaces harder to access but you can still expect a strong additional source of income.
Recommendation: The closer to €100 a month the better.
GRAND CANAL
If you have a parking space to rent in Grand Canal you should get it snapped up super fast. With a whole host of massive companies working in the area demand is really high with local professionals tending to favour long-term deals so they can avoid the daily space race.
Recommendation: €130 – €150 should see you get a booking relatively quickly.
CAMDEN ST
An area dominated by permit parking, Camden St has a real demand due to the lack of parking facilities in the area. Spaces close to canal benefit from being beside Harcourt St & Hatch St area with a massive amount of professional workers who are looking for better ways to get around.
Recommendation: You’ll get away with charging a little more here because of lack of alternatives, aim for between €140 – €160.
It is worth noting that for all areas there can be massive variances. Even when the spaces are in the same complex. Many drivers will pay a little extra for things such as underground car parking and other security features. If you have any specific questions about how to price your space please contact [email protected].
Remember to start making money from your spare parking space today with Parkpnp.com.
Alan O'Donovan
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