Generating cash from your parking space isn’t a new concept. Yet, the idea is becoming increasingly popular each year due to the lack of parking spots. Depending on your location, you can easily make cash by renting a parking space that will earn you a decent side income.
If you search for ways to “rent my parking space,” many parking apps will show up on Google. These services can help you utilize your driveways in a more lucrative way. Your free spot can be a perfect offer for people trying to pop their vehicle safely for a few days. Below, we outline several platforms that can help you earn in the long run without much effort.
Table of Contents
- 1 Airbnb For Parking Spaces
- 2 How Much Money Can You Make Renting Your Parking Space?
- 3 Daily Or Monthly Space Rentals
- 4 Top Parking Apps To Rent Your Space
- 5 How To Protect Yourself When Renting Parking Spots
- 6 Bottom Line
- 7 FAQs
Airbnb For Parking Spaces
The world is rapidly changing with the use of technology, and so are parking models. By investigating possible solutions to address the urban parking challenge, companies like SPOT and JustPark started to use the Airbnb method. The idea behind these collaborative economy platforms is to provide the required services fast and efficiently.
The most significant upside is the convenience for users who order services through an app. By doing so, consumers search for a parking space and book the spot by using the app. For renters, the benefit lies in more affordable and convenient parking and the fact that a place is waiting upon arrival. Conversely, parking spot owners can earn passive income and help their communities by providing more parking places in the neighborhood.
Most owners rent out spaces they already own, so they generate money on the previously unused property. Owners are free to set their prices, which are typically lower than commercial parking lots or garages. On top of that, owners and renters help each other directly without the use of intermediaries.
The pros of using innovative parking models include:
- Reasonably-priced, convenient parking for commuters and travelers,
- Reduction of the need for additional parking facilities,
- Efficient use of resources may reduce traffic congestion,
- As more people use the app, conventional garages can become more accessible, with less crowded lots and lower commercial parking rates.
How Much Money Can You Make Renting Your Parking Space?
Recent figures show that you can make nearly $25 a day for spaces near stadiums and popular tourist spots. Even better, you can make up to $320 a month when renting out your driveway. That’s far from small income for something you’re not using anyway.
Most websites you’ll be using contain a handy tool that allows you to see how much your spot is worth. Pricing usually depends on what type of space you offer, nearby sights, as well as your zip code.
Spots you can consider renting out include:
- Your private or shared driveway,
- Your personal or shared renting garage,
- A private car park space,
- A public car park space.
When it comes to long-term rental options, the overall income might decrease a bit. Still, you’ll be getting at least $5 a day for extended arrangements.
However, if you live in a popular location, for instance, a university, you can rent your spot throughout the year. The same goes if you live near hospitals, famous landmarks, or commercial centers. You can earn from a regular commuter who wants to park near their workplace or from people visiting the area.
You can rent your private or shared driveway as well as your garage. If you live in an attractive location, you can make nice cash without any effort.
Daily Or Monthly Space Rentals
There are two alternatives to rent out your spot. The first option is to rent monthly. Monthly rentals are often more profitable because you ensure the parking space gets rented every day of the month. If ‘How can I rent my parking space every month’ is your concern, the good news is that anyone can do it.
Places that see regular customers, particularly during the summer months, include:
- Coastal towns and places,
- Historical towns and cities with pedestrian zones in the centers and only out-of-town parking options,
- Areas near popular tourist attractions,
- Parking spaces near train or bus stations,
- If your spot is bigger than usual, think about attracting campervans that park overnight.
The other way owners can make money is by listing their free parking spots daily. Consider short-term rentals if you live near:
- A shopping or commercial center,
- A train or bus station,
- Schools and universities,
- A stadium,
- A port or an airport.
Top Parking Apps To Rent Your Space
Are you eager to make a few bucks off your empty driveway? If such renting is legal in your area, we’ll equip you with a few apps you should try out. Presented apps differ, but they have a few things in common. You describe your offer, set the price and availability, and the parking app takes care of everything else, including cashless transactions. Later on, the funds will show up in your bank account.
When opting for an app, keep the area’s popularity and supply in mind. If a given app has many users in your area, don’t avoid it because this increases the number of potential renters. On the negative side, many users may push the average prices down.
We suggest being wary if you use more than one app simultaneously since you don’t want double bookings. Conversely, being active on a few apps increases your chances of having your spot fully occupied and money-making at all times. Before renting, check out the following apps:
JustPark is an excellent option to earn money by renting out your garage or private site with minimum hassle. The website sorts out all the contracts, and their payment scheme frees you from any worries. JustPark handles payments for owners, so you don’t need to bill the tenant.
The site doesn’t charge for signing up or listing a space. However, JustPark will take 3% off any booking made and 20% of the first month’s payment. Once you have funds earned, withdraw them manually or set an automatic collection weekly, monthly or quarterly. The business ensures you get paid via PayPal or bank transfer even if the renter doesn’t turn up.
JustPark has free iOS and Android apps to enable drivers to find parking on the go. Also, you can rent out spaces by the day, week or month, and add restrictions when the spot is unavailable. All users can leave feedback, too.
Signing up with ParkWhiz is free and accessible for all of you wondering how to rent my place. The platform helps owners rent spaces at popular destinations in numerous cities across North America. So if you’re planning to rent out a garage in Boston, Chicago, New York, San Francisco, or Washington DC, go for it. With ParkWhiz, you can compare and set prices the way it suits you.
The app is open for both individual owners and companies who manage multiple parking spaces. ParkWhiz allows owners to optimize their income while providing a superior parking experience for drivers.
Before listing, ensure you are aware of all the costs associated with space management. Expenses can add up and reduce your return on your investment, so study these closer. ParkWhiz offers a free downloadable mobile app for both iOS and Android devices. Last, note that ParkWhiz lacks uniformity in its rates, expenses, and terms and conditions.
You can use lots of popular and safe apps to rent out your parking space, driveway, or garage for quick cash.
Do you have some extra parking or storage spaces? Rent it out with Neighbor to earn a higher monthly income. You can earn between $50 and $300 per month by renting out your empty parking space to a neighbor. It’s straightforward, reliable, and free to join. Signing up will take you about five minutes.
Neighbor allows you to rent out your driveway, garage, self-storage unit, basement, bedroom, warehouse, or any other rental property type. By doing so, your rental property can generate hundreds or thousands of dollars in passive income a month.
When customers see your listing, they may contact you and ask you questions about a particular listing. To be proactive, consider adding a more detailed listing description. We suggest you include possible tight turns, access limitations, and facilities.
Moreover, Neighbor helps its users with parking rental payments by automatically charging renters. Plus, the Payout Protection option guarantees you’ll get paid on time, even if renters are late paying. Later on, the site will make monthly deposits directly to your bank.
If you happen to possess an unused parking spot, think about registering with ParkingForMe. With them, you can set any price you want to charge drivers, and listing is always free. The amount you charge for your parking spot is the amount you will receive when someone books.
ParkingForMe operates in Los Angeles, San Francisco, New York, Chicago, Washington D.C, and Canada. The platform accepts all major credit cards, banks, and PayPal. Indeed, the app reassures users that there’s no fee for providers.
If you refer a friend, the provider will deduct $10 off their first booking and deposit that money into your account. When referred friends list their first parking spot, you’ll receive an additional 3% of their revenues for six months. A truly fantastic app worth trying out!
SPOT by ParkEasier
The app is entirely free with no advance costs for renters and owners. Yet, SPOT will keep a 20% commission for each transaction, so if you make money, they make, too. SPOT doesn’t manage public parking spaces or individuals who wish to profit from properties they don’t own. The site even offers a SPOT owner guide for more straightforward navigation when listing and setting prices.
Owners get paid on a monthly or bi-weekly basis via several payment methods. Feel free to select among direct deposit, PayPal, and Venmo. You may also change payment methods at any given point. SPOT operates in Boston, Chicago, Philadelphia, San Francisco, Los Angeles, Seattle, Washington DC, and Miami.
SpotHero is another excellent starting point to rent out your parking place. It is particularly worthwhile if you’re looking for a solution to earn some easy income.
With over ten million parked cars since its establishment, it’s probably the largest parking app around. Hence, ensure SpotHero is high up on your list of apps you try out. We recommend it for various reasons, including seamless experience, fast payouts, and a vast user pool.
Once you list, their team will contact you within 1-2 weeks to evaluate and confirm if your location is a good fit. SpotHero considers spots available for monthly parking in Chicago, Boston, San Francisco, Washington DC, Toronto, Miami, Seattle, and Atlanta.
Developed by the traffic giant Inrix, ParkMe takes pride in many outstanding options. Owners of a parking spot should sign up first and then list for free. Users can set their prices depending on the averages in the vicinity. It’s also advisable to give additional details relating to the spot.
Some users claim that the app lags behind rivals when it comes to usability. Still, ParkMe is very handy when it comes to earning additional cash. Plus, it has a live availability feature for users and information such as restrictions.
The most considerable criticism for ParkMe is that drivers cannot pay owners for parking through the app. So, you must hunt down other payment methods that work out for you. As of location, the provider is present in over 500 cities worldwide.
Managing and renting a parking space has never been easier than with the MonkeyParking App. Navigate to their website and sign up for free as an owner. Listings should be available for booking quite soon after registration.
With MonkeyParking, it doesn’t matter whether you have only one or 50,000 parking locations. They can host any network size, manage all the bookings and collect payments for owners. Without worrying about how to execute payments, you’ll get paid monthly and be always in control.
Owners can enjoy the enhanced technology and select the features that most fit their situation. The app is modular and can assemble any parking platform with the features you need. MonkeyParking offers both a mobile and a web-based version, SMS notifications, and many other benefits for users.
We can freely say that CurbFlip is the Airbnb of parking space rentals. The provider is an outstanding choice since it’s the best place for many people to start. Consider that about 84% of your total fee coming to you will be your revenue to take. The site is straightforward to use, and start using your space to make decent cash from it.
With CurbFlip, you can rent out your extra parking space or driveway. Plus, any listing you make is free. Don’t forget to add your PayPal information once you sign up. CurbFlip suggests you own a business PayPal account so they can manage your income monthly.
This provider is well-known for offering extra help to users. They ensure your listing looks pretty and add additional pictures and information. CurbFlip also provides the flexibility to book daily, weekly, or monthly. Meaning, you can have up to 3 free listings for one parking spot!
ParqEx Private Parking Marketplace
What drives ParqEx forward is the struggle to solve the urban parking problem. So, why don’t you check out their awesome ParqEx family? Sign up for free listing and join them in the far-fetching journey to change the future of parking. ParqEx offers parking in Chicago, Milwaukee, Boston, San Francisco, Madison, Washington DC, Los Angeles, and Miami.
To create a rental, tap the ‘List a parking spot’ button. Insert the address of the spot you like to rent out and the property type. Next, on the spot page, you can include all of the spot’s details to increase your rental chances. Here, you can enter the periods and rates you would like to charge for your location.
After you publish your spot, the app will alert you when a renter requests your site. The platform has an excellent dashboard to see and manage all the bookings, payment methods, and transactions. Plus, you can see what your listing looks like and share it through Facebook or email.
Spacer is a handy and practical parking platform well worth your time and effort. The operator connects people who have a spare parking spot with commuters looking for convenient monthly parking. Expect to start earning a couple of weeks after listing.
Note that Spacer takes care of processing payments on behalf of owners. In case your payment gets delayed, the site guarantees your monthly income. Plus, you decide when to rent out the spot, whether to interact with renters and how much payment you’ll seek.
All you should do is establish your price, list your place, and wait for a booking. When you have an interested driver, you will need to provide access to the site. With a fee of 15% of the total cost charged by the app, the site is pretty fair in the posting.
Use Local Ads To Rent Your Garage Or Driveway
Whether you intend to rent a garage or your driveway, it’s always helpful to consider local ads. You can also place a “rent my space” advert in the local paper or supermarket for a week. Alternatively, try out distributing flyers to neighbors with cars. It’s best to target vehicles parked slightly awkwardly and without a proper driveway.
If you reside in a building with many neighbors, place a notice on the front door or the communal area. Once again, you will have to sort out all your contracts and payments. Last, if you need urgent cash, these are some ideas for saving money while unemployed.
If you want to rent the parking space yourself, why don’t you place a free local classified ad with a site like Craigslist? Navigate to your local city section and enlist your spot for free with as many details as possible. If you live near a university or college, renting a parking space or garage on Craigslist will attract students looking for lower parking fees than on-campus parking.
Timing is crucial when you’re selling online, so after a few days, you might consider reposting. Posting again is to ensure you bring the ad back to the top of the list. The only downside with such sites is that you must handle contracts and payments by yourself.
How To Protect Yourself When Renting Parking Spots
Earnings from renting out a car parking space can be significant. Income may further increase if you live in an inner-city or popular destination. Yet, before you rush to generate extra cash, consider protecting yourself against the inherent risks.
- Get contact information. It’s just a driveway, but you’re a landlord with tenants and responsibilities in legal terms. In short, it’s advisable to gather essential contact information from renters. Staying away from scams will protect your property and finances. Also, ensure you clearly state that you’re not responsible for the vehicle or its contents.
- Check local and state laws. Renting out a private driveway and letting people park on the road outside your house is entirely different. Renting out is legal, while the second option isn’t. Hence, consider all rental and parking laws before you engage in finding tenants for your spot.
- Verify the matter with your insurance company. Most insurers claim that renting your driveway would not affect home insurance. Still, it would be best if you always double-checked this with your insurer. Others say that such renting out is a commercial agreement, so it may exclude any liability cover if something happened to the car. In case your property collapses and causes damage, you may need a separate liability policy.
- Consult your mortgage company. If you have a mortgage, it’s uncertain whether you need permission from the mortgage company to rent out your drive. So, it’s worth checking the rules first, so you’d better give your lender a quick call.
How To Accept Payment
The demand for parking spaces increases as traffic becomes more congested, which gives you an excellent opportunity to earn. Besides helping your pockets, you can help the environment, too. Overall, you have several payment options to choose from, as follows:
- Venmo or PayPal. Most parking rental payments can go through Paypal, Venmo, or Zelle. To select your preferred payment method, log in to your account and choose your payment preferences. If a payment preference is lacking, your funds will remain secure until the site adds another payment option.
- Bank transfer or Zelle. You can’t go wrong with bank transfers, as this is one of the oldest and most secure payment methods. So, even if there are other alternatives, you can safely opt for a bank transfer. For instant payment, consider using Zelle, which all major banks in the USA support.
- Refrain from cash payments. Avoid using cash or checks since they can get forged. We strongly discourage you from receiving your rent in money. Meaning, you will probably remain unprotected if a dispute arises.
- Use a parking rental app. Generally, parking apps deposit the earnings directly into your bank account once a month. The good news is that such platforms handle all money issues, and you get paid without any hassle. For instance, rent for completed bookings in January will reach your account on the first business day in February.
Is The Income Taxable?
Like any other income that comes your way, the revenue from renting out a parking space is taxable. Bearing taxation in mind is particularly imperative if extra revenue exceeds the set yearly tax-free limit.
Although it’s’ only rental income, laws stipulate that any amount over $400 in the ‘other income’ section must get reported. If you don’t act accordingly, the IRS could question such extra income and impose a fine.
However, taxes shouldn’t be your primary worry. Reporting income isn’t hard to work out if it applies to you, and the process is relatively straightforward. Take some time to find the relevant info in most tax guides available online.
Were you aware that 1 out of 10 cars that pass nearby are looking for a parking space? Depending on your location, you can choose to generate cash by renting out your parking spot or garage. Start earning by checking out the relevant laws and using the apps suggested above.
Have you ever tried renting out your driveway? What apps have proven most successful in your attempts to earn money on your parking spot? Share your past experiences in the comments below. Register for our newsletter to read more ideas on making the most of the items you already have.
How much can I rent my parking space for?
Depending on where you reside, you could quickly generate extra funds from $100 to $500 a month. In places like Portland and Los Angeles, you could pull in anything between $5 and 25 per day. In major cities with lots of transit and congestion plus insufficient parking, you can aim for $30+. Such cosmopolitan cities include Boston and New York.
Are parking spaces a good investment?
When it comes to return on investment, owners must be patient and flexible. If you purchase a spot for $25,000 and lease it for $200 a month, you will make $2,400 in annual rental income. A significant benefit of investing in parking spots is that it doesn’t take much maintenance. Sometimes, the pavement can deteriorate and need repairs, but that’s it. A deterring downside of investing in parking real estate is the upfront cost.
How much to rent out a garage?
Garage owners should browse several parking apps for nearby spaces to gauge the current rate for their empty spot. Pricing algorithms will then provide the best rate to rent a garage based on the size, location, and other facilities. Large city garage spaces may rent for $150 per month and up, whereas suburban spots may rent for only $50 per month. Like every property rental decision, it all comes down to location. Last, we suggest you set a fair asking price and offer a first-month discount.