This article explains how lease rates for films and businesses are determined, how and when they change, and what to do if you disagree with an adjustment.
How are lease rates for films and businesses determined?
Lease rates for parking lot real estate are set and adjusted to reflect the property's current market value. Some spots may be considered prime business locations — street-facing, for example — and a business's location within the lot can affect the rate. For filming or hosting events, the amount of time you need the space also affects the rate.
Who sets the lease rate — Precise ParkLink or the property owner?
Rate structures aren't defined by any single party to the contract. They're set according to best practices, using a formula that considers factors including (but not limited to) location context, economic conditions, cost of operation, hours of operation, and staffing resources, to arrive at a rate that's fair for all parties involved.
How often are lease rates adjusted?
Lease rate adjustments, including increase increments and timelines, are stated in your initial lease agreement. This varies from one lease to another.
If my lease rate is adjusted, will I be informed?
Yes.
The communication terms for lease adjustments are stated in the initial lease agreement you signed.
What if I can't afford an increased rate or believe an adjustment is unfair?
If you find your lease adjustment unfair or in violation of your lease terms, please submit Support Request to file a dispute. If Precise ParkLink manages the lot in question, we'll escalate your dispute to the property owner.