When you’re car-less, there’s often not much to do with those unused parking spaces. But there might be a way for you to turn them into something useful: cash. Here’s how you can turn your wasted space into a steady stream of passive income.
How long can you rent your space for?
When you’re car-less, your parking space becomes a valuable asset. This is because many people commute to the city for work and they don’t always have somewhere nearby to park – and spaces that are close are often incredibly expensive when paid for hourly.
That’s why monthly parking Washington can be such a great idea; you’ll have someone using your space every day, meaning a nice source of income, and your customer can save money compared to paying for every hour they park in a public space.
There are two main ways in which you can make money from renting out your parking space:
- Short-term rentals – if you live near any popular events, festivals, or stadiums, then this option would be great as there will likely be lots of traffic around these times.
- Long-term rentals – ideal for targeting those who work near your home. You could give them access between certain hours (e.g.: 8am-5pm), when you’re also away at work, then have your parking spot free for your own use overnight.
Establish parking policies and rules around the use of your car space
When you share your empty parking space, you need to establish a policy around how it will be used. These policies and rules are things that you will have to think about and discuss with your family or roommates so that everyone is on the same page.
You can decide what kinds of vehicles are allowed in those spots: perhaps no trucks, vans, or no oversized trucks allowed (i.e., larger than 7 feet wide).
There might also be times when you don’t want the space to be used; for example, vehicles should not be left overnight, or you might need to block off your rental calendar if you have friends or family over to visit, who will also be bringing their own cars.
You’ll also want to be clear on how much notice the renter should give before using the space, as well as what happens if someone parks in the spot without permission. Most importantly: Make sure that both parties understand each other’s expectations regarding security deposits and fees.
Is renting a parking spot a good way to make money?
If you’re car-less, or if you have a bigger driveway than you need and would like to make a little extra money, consider renting out your parking space. When you rent out your parking space, you can choose who gets access to it and when they have access—for example, you could rent it out for a specific time period (like two hours) or ask customers to sign up for monthly use of the space.
By now, you’re probably wondering how much you can make by renting out your free space. The answer? It depends.
The main deciding factor in how much people will be willing to spend on renting your parking spot is its location. Spots near the city center where parking is at a premium will naturally attract higher prices. You might also be able to charge a little more if your property has enhanced security features like a fence or CCTV cameras.
While it’s up to you how much to charge for your space, it’s a good idea to look at how much others in your area are charging. Make sure you charge enough so it’s worth your while, but avoid overcharging as this will deter potential customers.
How to rent out your parking space
You can advertise on local advertising sites like Gumtree or Craigslist, or just post on social media—the easiest way to get the word out there is just to tell people you know.
There are lots of websites that can help you list your space and attract potential customers. Some of them are free, but others charge a fee.
You just enter the address where their car would be parked, and then set the price per hour or day. If someone wants to rent your spot, they’ll contact you directly through the site so that everything goes smoothly.
If you have a parking space that you don’t use, it may be worth renting out. There are many apps available that make this easy, and they give you access to potential renters very quickly. This can be a good way to earn some extra cash while having to do very little. If the space is going unused anyway, it would be a shame not to make some money from it!