How To Earn Extra Cash By Renting Out Your Car Parking Space

If you live in a city and own a car, there’s a good chance you’ve got some spare parking space. And if you’re like most of us, that spot probably goes unused for much of the time. Why not get paid to use it?

These days, renting out your unused parking space has become a lot easier. Whether you’re looking for cheap Adelaide parking or parking elsewhere around the country, there are services that connect drivers to people who have space to rent. These services help facilitate the exchange of money and often also offer insurance against damage and theft.

Here’s everything you need to know about renting out your parking space at home, and how this could be the profitable passive income stream you were looking for in 2022!

Urban parking is expensive, especially in major cities

Parking can be expensive. In fact, it can be a headache and a hassle to find parking in major cities. And if you’re not lucky enough to live near your work or school, then finding a place to park can be especially difficult.

So, there are loads of people looking to rent a convenient spot on a monthly basis – a spot just like the one you have sitting outside your home.

You can set the price based on what others in your area are charging, but make it more affordable than hourly parking in the city to ensure your space is always booked, you make a nice income, and the people renting your space have somewhere convenient and affordable to leave their cars.

How much can you make from renting your parking space?

So, if you are stuck with a parking spot you don’t use, consider renting it out to make some extra cash. You may be surprised by how much money can be made by renting out your parking space.

Renting out your parking space has become increasingly popular in cities where there are limited spaces available and people often need to park on the street instead of in their own driveways or garages. If you own a home with a driveway or garage but rarely park there yourself, this could be an easy way for you to earn extra income from something that would otherwise just sit there empty most of the time!

The average amount earned per month from renting out one’s driveway or parking spot in Adelaide is $150 up to $500 depending on how secure it is and how close it is to the CBD. The average amount earned per year from renting one’s garage? That would be around $250 to $350, again depending on location. Not bad for simply allowing someone else access to something that already exists at no cost nor effort to you, right?

How to rent out your parking space?

There are several car parking space-sharing services on the market. Some of them are free, while others have a fee. Some offer insurance, while others don’t. And some services have many thousands of parking spaces available, while others have only a few hundred.

If you want to try out this kind of service for yourself, you should consider:

  • How much money you can earn from renting your space
  • The safety and reliability of the company (e.g., how long has it been around?)
  • Whether there’s a waiting period before being allowed to list your space on the platform (this could be good or bad depending on where you live)

Parkhound offers everything you need to put your spot up for rent. The platform has customers in all major cities across Australia, and it takes less than 10 minutes to register and start finding customers for your space. You’ll be paid your earnings monthly into your bank account, so you just have to sit back and relax and wait for the dollars to start rolling in!

Is it safe to park in a rented spot?

These services help facilitate the exchange of money and often also offer insurance against damages and theft. They also help with tracking payments and receipts, so there’s very little for you to manage as a parking space landlord.

For your customers, you might wish to install a security camera to give them peace of mind that their vehicle is safe when it’s parked on your property all day. This could also help your space fetch a higher monthly price.

Can I rent out any parking spot?

There are a few minimum requirements your space has to meet in order for you to list it for rental. With Parkhound, you can rent out any of the following:

  • Driveways
  • Indoor parking
  • Outdoor parking
  • Covered parking
  • Lockup garages

Each category has a minimum size requirement, which varies depending on which type of space it is. You can choose when you want your space to be available, but you’ll see better chances of success if you allow access 24/7.

Most spaces will need CCTV and adequate lighting, but indoor parking lots have the additional requirement of security gates or security patrols, unless they are underground.

So, you can rent just about any type of secure parking spot on services like this.

If you have a spare parking space, why not rent it out?

If you have a spare parking space, why not rent it out? It’s a great way to earn some cash and help someone else out at the same time.

You can also earn money while sleeping (or even when dreaming). That’s right! While asleep in bed with a stranger parked legally in your space, you could be earning a couple of hundred dollars every single month, just like that.

If you’re interested in this opportunity, just visit Parkhound, a service that rents out parking spaces in your area or near where you work. This way, you don’t have to worry about finding a parking spot or even moving your car every few days; instead, simply let them know when your vehicle will be parked so they can find suitable renters who need short term car storage solutions.

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