After circling around the West Loop in your car for 20 minutes trying to find somewhere to park, you finally find a vacant lot you think you can park in. You pull into the half-empty lot, find a nice, big spot close to your destination, then pull into the spot only to read the sign that says “PRIVATE PARKING ONLY (AKA NOT YOU!) VIOLATORS WILL BE TOWED!”  Well, crap. Now you’re left with a decision that you wish you didn’t have to make. We’ve all been in this situation before; a game time decision needs to be made and you’re on the clock.

It’s a lose-lose situation. Staying in the spot leads to worrying whether your car will be there when you return while leaving the spot leads to circling the West Loop for 20 more minutes with no end in sight. Bleh, I’ll pass on both options. This is where ParqEx comes to the rescue (kind of like when Buzz Lightyear saves Woody from an unscrupulous toy collector – a friend helping a friend out of a bad situation).

ParqEx connects owners of private parking spots to people looking for parking which will solve the urban parking problem. The Center for Neighborhood Technology (CNT) further validates ParqEx’s mission. Parking is a problem that can be solved. According to CNT’s journal titled Stalled Out: How Empty Parking Spaces Diminish Neighborhood Affordability, there are more parking spaces available than parking spaces demanded. So if this is the case, why is it so dang hard to find parking? Because many of the spaces available are not accessible to the general public – spaces in private lots that are sitting vacant. According to the journal, parking spaces in Chicago can cost upwards of $37,300 to build, while about 1/3 of these spots are sitting vacant in an indoor residential private parking garage. Someone has to cover the cost of these spots and it’s usually people like me and you — people who rent apartments/condos.

While these spots remain unused, you just spent money on them. Your rent is $1300/month instead of $1150/month because your money is being used to cover the costs of unused spaces. Yeah, I’m not happy about it either. Good news: we can change this, and the folks at ParqEx are doing just that by making these unused parking spaces available to more and more people. By doing so, drivers can more easily find available parking without wasting their time, and building owners generate revenue by listing unused spots on the ParqEx platform. This cycle leads to more affordable neighborhoods and more available parking, turning a lose-lose situation into a win-win.

Now that we have your attention, we’d love for you to read more about the parking problem and how it can be solved. The Center for Neighborhood Technology has written an amazing journal that you can read by clicking HERE!

About ParqEx:

ParqEx is a technology company that connects owners of private parking spots to people looking for parking. In urban areas where parking demand is high but available options are scarce or expensive, ParqEx makes additional supply available to the driving public by listing exclusive inventory owned by local residents and businesses.

Using ParqEx, parking owners are able to make some supplemental income from an underutilized asset while renters get access to exclusive inventory in more convenient and hard-to-park locations. The ParqEx support team ensures that the entire process of listing, reserving, parking, and paying is as smooth as possible for all involved.

ParqEx has also developed the revolutionary Access+ Technology. With Access+, residents and approved visitors can open the garage door from their smartphones. Property managers and condo boards can simplify management and improve control of the garage.

Don’t have our parking app yet? Get it now @ParqEx on the App Store and Google Play!

Watch our short video to see the beauty of the ParqEx app!