Did you know you can earn up to an astounding $1,000 a month by renting out a vacant parking space?
You can rent your parking spaces out to people if you don’t currently need it; a simple way to earn an extra income on the side. This can be a valid form of passive income before or during retirement.
In this post, I’ll breakdown Park Space Renting and how you can start today.
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
- Parklee – 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!
If you take a look at one of the listings, you will see information describing:
- The address of the space with a map
- The price and guarantee
- What space is available for – parking, storage
- The type of space – e.g. undercover
- The max height of the space
- The max vehicle eligible – Van, Truck, etc.
- Whether there is entry security
- A description of the space, including features, rules, and what is nearby
You can take a look at some more examples and ads on their website around your particular area. Take note of their descriptions, prices, and area to form your own perfect listing.
Case Study – SpotHero (USA)
SpotHero is a website for the United States and is purely for parking spaces. If you would like to join SpotHero, you will have to scroll down to the footer of the website and click on “Spot Owners” under “Sell Parking”, and then click on “Start Earning” on the directed page.
The process is similar to Spacer where you have to set up your account with an email and password and create your listings. You will again need photos, prices, and an excellent description.
How Much Can You Make With SpotHero?
On the homepage, users can select hourly, monthly, or airport and search your location to yield results relevant to this search criteria.
With this website, they do not give any recommendations for setting a price, unfortunately, so you will have to do another “test search”. Type in your location in the United States to see what others are offering. For example, Los Angeles, California has quite a few available in terms of hourly prices.
At the time I searched, these ranged from between $9 to $33 USD hourly. Monthly ranged from between $75 to $385 USD.
Viewing on one of these listings, you will see:
- Two different prices for Monday-Friday hours and 24/7 parking
- The total price
- Beginning month
- The space details, such as amenities and things you should know
- How to get there and a provided address
- Instructions on how to redeem the space
- Access hours
If you decide to join a parking space website to rent out your parking space, I hope you are very successful as it seems as though there is a high demand for it.
Is There Anything Else You Should Know?
There is not much else to know about renting out your parking space – it’s a very straight-forward process.
One possible issue would be that there is no guarantee that your space will be rented out. It is highly dependent on various factors. If you live in a high demand area and have a competitive price, you will likely have a higher chance of someone wanting to rent your space.
Another potential predicament would be running into some problems with customers – but don’t get too concerned. The websites have a customer service in place that may help you resolve any conflicts.
I would love to know what you think about renting out your parking or storage space. Have you tried it yet? What else would you like to know? Let me know in the comments!
You can also find more ideas to generate extra income in retirement from the free-learning section of our website, which may be of interest to you.