How to make money from your spare parking spaces
Ever wondered how to make money from your spare parking spaces? It might not be the first thing that comes to mind when trying to increase your income, but if you have one or more spare parking spaces at home, it’s one of the best ways to make extra cash with very little effort. Don’t think leasing out parking spaces only works for residents living in city centres either; if you live near a train station, university, shopping precinct, office buildings or entertainment venue, this money making idea could be for you.
So if you do have the space, how do you get started? There is a fantastic website, Parkhound, that acts a bit like a classifieds site for parking spaces. It connects those who have parking spaces on offer, such as a garage or driveway, with drivers in search of parking spaces. The website couldn’t be any easier to use, drivers just search the location they need to park in, plus the dates they require, and your listing will show if it suits their criteria. Parkhound even have an phone app for booking parking spaces on the go. Best of all, it’s free to list your parking space. It’s making money for nothing, who would say no to that?
How much can you make?
You can actually make a decent amount of money renting out your parking spaces. Obviously the amount you make is going to depend on where you live and the demand for parking in your area, but the average is $3000 per year. While it’s not going to turn you into an overnight millionaire, it’s a good amount of money to supplement your existing income. The average booking length on Parkhound is 10 weeks, so there is a good chance you can score a regular income too. It’s a completely stress free, no ongoing cost way to make extra money. With no maintenance costs and no outgoings, every dollar you make ends up in your pocket
Who is going to rent my parking space?
Chances are you have struggled to find parking at some point in the past, and when you have found parking, you were less than impressed with the price. I live in Adelaide and I avoid going into the city purely because I find the cost of parking so ridiculous, not to mention the hassle of trying to find an empty spot. There is a parking shortage in many areas of Australia, and as a result the cost of parking is skyrocketing. Where there is high demand, there is money to be made.
There are many benefits in people renting your parking space off you, the biggest obviously being the cost saving. Parking spaces on Parkhound can be booked ahead online, which saves time searching for a park. Plus, most car spaces on Parkhound are available 24/7, so if you are in the position to offer your parking space 24 hours a day 7 days a week, you are giving people the ultimate flexibility when leasing your space, with no parking restrictions, no parking fines and access to a parking space when other car parks might be closed.
Have you used Parkhound to lease out your parking spaces? Let us know how much you have made in the comments below.
Want to stay updated on all the latest sales and money saving ideas? Sign up to the Bargain Mums Mid-Week Catch Up email here.
Stock image credit – Dollar Photo Club