Rent Out Your Parking Space To Generate Passive Income

How Does It Work?

Do you live in a big city, close to the city centre, a big shopping centre, or perhaps even an airport? Do you also have a carport, parking space, or a garage that belongs to you? If you answered yes to both of these, perfect!

I think it makes complete sense to rent out a parking space if you aren’t using it. This could be the parking space right at the front of your house during the day while your car is not there, the car space outside your business workplace that is usually empty at night, or even the empty space in your yard that someone could use to park their Caravan.

Your garage can be used as a parking space or even as a storage room for someone who needs to store their boxes of furniture. The options are very versatile – the parking space can be used for anything!

The initial problem you may have is finding someone to rent it to, right?

The traditional way would be to post an advertisement in the local newspaper or on Facebook. However, during my research for this post, I have come to the conclusion that this can be quite risky; because not everyone is reliable when it comes to payments.

How To Get Started

The straightforward and safest way to start is to go through a website that is designed to rent out your parking or storage space.

This can furthermore allow you to rent out your space short-term such as a few hours each day, or even long-term up to several months.

The most important aspect is it gives you complete peace of mind when it comes to payments because once a booking is made, that person has to pay the full amount into an escrow account. You will then get paid weekly, fortnightly, or monthly depending on the website that you go through.

Another advantage is that some of these websites come with insurance. If you have to remove the car or the items stored in your space for any reason, such as someone overstaying, you can claim this on the insurance.

It’s safe, secure, and completely stress-free when you go through a website. There are plenty of websites out there that you can choose from worldwide.

• Kerb – International
• Spacer – Australia
• Space Out – Australia
• Park Hound – Australia
• Parkey – Australia
• Spot Hero – United States
• Just Park – United Kingdom

The specific websites that interested me the most were Spacer for Australia and Spot Hero for the United States. Signing up and getting started on these websites is simple. Read on for a full overview of the two websites, Spacer and Spot Hero.

Case Study – Spacer (Australia)

On this Australian website, you can list or look for storage space or parking space. If you want to go through this website, you just need to click “Lease My Space”, the big yellow button at the top of the page. You will then be asked to create your account with an email and password, and you will then be able to list your vacant space.

To make a listing, all you need is a description for the space and the price you want to set; which leads me to the next big question – how much can I earn?

How Much Can You Make With Spacer?

Spacer recommends about $200 to $300 a month for a lock-up garage. However, it is always a good idea to do a bit of research and see what other people are offering in your area.

To do this, you can do a test search on the homepage. Type in Sydney, NSW for an example, and click search. The search results will yield all the available spaces in the Sydney area. You can filter these results to show “monthly” or “short-term” parking.

When you set up your profile, you will have to specify prices for monthly parking and short-term parking. If you look at the monthly parking spaces, the prices vary from about $300 a month up to over $1,000 a month!