Want to make money from your parking space? Believe it or not, in some areas, your parking spot is so valuable you can rent it to others.
For many of us, space is a rather precious commodity. Space in our cupboards, in our rooms, and in our garages is all pretty limited. Many of us wind up upscaling the kind of house that we live in simply to get access to more space.
In fact, it’s not that uncommon to be going into huge sums of debt buying a house just to try and make a bit of extra space at home. If you have space at home, you are one of the lucky ones!
However, did you know that you could monetize that extra space at home? That’s right. With the help of a certain tool, you can easily get yourself as much as $600/month just from renting out that space you don’t use.
All you need to do is work out how often your own parking space – whether it’s outside your home or in the garage – stays free. Then, you can rent it out using a pretty nifty tool to make a nice sum of money for yourself every month.
If you want to make money from your parking space, renting this spot to others makes sense.
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How does renting parking space work?
Basically, people are so sick of spending their time looking for a place to park their car safely.
The convenience cost of knowing you can park it somewhere convenient and safe is more than worth the fee to some people.
The better your natural location and the more space you have, the more money you can make.
With some people making as much as $7,000/year from doing this, you are likely interested in working out how you can get in on the ground floor of a rather wonderful opportunity.
A popular way to make a living doing this is to be near major events. From sports stadia to concert halls, people will pay you to park safely here instead of leaving their car to chance in a random neighborhood.
People who work nearby where you live will be happy to use the system, too.
Basically, there is a rather easy solution ahead for those who have space and want to help that space make them comfortable and happy living.
How does this all come together, though? How do you actually make a living from renting out car space?
Rent parking space as a side hustle
Depending on where you live, you could easily pull in anything from $200-600 a month. In places like Portland, Houston, and Los Angeles, you could be pulling in anything from $5-25 per day. In major cities with lots of transit and traffic plus poor parking – Boston and New York – you could be aiming for $30+.
The easiest way to make a living with renting space is to try and follow on from these simple but very effective tips:
Register on more than one site
Make sure that you use as many of the sites we list below as possible. Don’t limit yourself to just one venue; make sure you spread it out and look around accordingly.
Sell sell sell
The more work you do to make the spot appealing, the better. Try and make it clear that your spot is in a good location with minimal other options nearby. For example, use whatever selling points that you have to come out on top.
Share your ad
At the same time, make sure that you promote it without any fear of sounding egotistical. Share it on social media, with friends and family, and even put ads up about it in local stores and directories. Ensure that the spot is well-described.
Give a lot of information
The more information that you can give to people looking to learn about your spot, the better. This should make it much easier for you to make the sale that you intended and ensure that people keep on coming back.
Basically, if you want to make money with this side hustle, you have to be ready to push and promote yourself accordingly. It can be very rewarding, but you need a good place to start to make this work.
Below are some of the best apps that you can sign up to and start promoting your space.
Parqex
A very popular option, Parqex is a fine starting point for most people.
You can even rent out your garage if you would rather. The options are all on the table for you to pick from. This can be pretty damn useful when looking to make more from the space you have. Very easy to use with a high-profit margin.
CurbFlip
Another excellent choice is that of CurbFlip; it’s the best place for a lot of people to start, with around 84% of your full fee coming to you once you pay your way on the site.
It’s a very easy-to-use site, and it should make it easy for you to start utilizing your space and earning from it.
SpotHero
SpotHero is also a good starting point if you’re looking to make money from your parking space. And, it should be the kind of solution you look to for some easy income.
With over 10m parked cars in its history, it’s probably the largest app of its kind around and, as such, should be high up on the list of apps that you try out.
It’s very recommended for most reasons, not least the added visibility.
Spacer
Lastly, the very useful and effective Spacer is well worth your time and your effort.
With a fee of 15% of the full cost charged, they are quite fair in the posting.
You usually get a response within 24-hours. But it does make sure that both parties are happy with the process before anything moves forward.
I hope this article has helped you find the best places to make money from your parking space. Sign up with one or sign up with them all; the choice is all yours.
