Is your parking spot on your property sitting idly? Would you like to earn some extra money? Rent out your parking space. In this article, we will tell you about the sparking situation in the US, the advantages of renting out your parking space, how much you can earn with this, and how to do it.
Parking situation in the US
A study by INRIX found that US drivers spend 17 hours per year looking for parking on average. In some congested places a third of the traffic might be drivers cruising for parking, another study finds. And the costs can be immense, reaching $27 per hour in New York, while purchasing a parking spot can cost $600,000.
With such a situation, no wonder that rental spots are in demand or that many people rent out their parking space. Some people that rent a parking spot are traveling for vacations or business with their own or rental cars. Others might live in the city but not have a parking space. To be sure, few people want to lose time roaming around looking for a space to park. Having one reserved saves both time and peace of mind.
On the other hand, there are some people who have a parking space but do not have a car or hardly use it. So, even if it’s just a few days a week that your parking space is unoccupied, you can benefit from it!
How much can you earn with your parking space?
It depends. The most important factor, of course, is the city. Are you renting out a parking space in Brooklyn or Atlanta? You might earn $300 in one place and $50 in another. The closer the spot to the city center, the more valuable it usually is. Parking spaces near airports and stations are also not too bad.
On average, you can earn about $200 per month when you rent out a parking space. You can get even more if the parking spot is large, there are CCTV cameras and good lighting around. Spaces in indoor garages are also worth more, and you can expect even $300 per month.
Perhaps you also have a car that you are not using much? You can rent it out too! Learn how to rent out your car.
How to rent out your spot
First, you should make sure that renting out your parking space is legal. The parking spot has to be exclusively yours: it cannot be a common element of the building where you live. If the spot is yours, but you are just a tenant in your living space, check with the owner that they allow renting it. You should also check your city bylaws and make sure it’s legal. Then you can think about how to rent out your parking space.
You can post an ad yourself or trust an app. The apps can simplify the procedure, and you can save time. They can also help to handle payments. Of course, there are some disadvantages, like possible membership fees, commissions, or caps on your earnings. Some of the popular ones include ParkingForMe, ParkOnMyDrive, and SpotHero. Check out other ads in your location to decide on the price you will ask.
Other people do not use apps and post ads themselves. Some places you can do this are Craiglist, Facebook groups, or just your neighborhood bulletin. While you hardly have to pay any fees, there is less security. There is no verification and no help with handling payments. If trouble arises, you will have to deal with it all by yourself.
If you are renting the parking space for quite some time yourself, it’s recommended to draw up a contract with your renter. You should also agree on the time to pay the rent, such as the beginning of the month.
XRental is also planning to expand to renting parking spaces soon. You could join us and post an ad for your parking space! We will not rip you off: our motto is allow partners to make money. Posting an ad here is simple and easy. Contact us if you wish to rent out your parking space and earn money!