Can Your Parking Spot Make You Money?

There are many incredibly passive income streams out there, but renting a parking spot is probably more passive than most. You don’t have to create or build something to make passive income from this stream. You simply start with the spot you already have, and as long as you own it, it can continue to provide you a fairly steady passive income. So let’s talk about how you can make money from your parking spot and how sustainable this act is.

Why Renting Your Parking Spot is a Great Idea?

You live in a city strapped for parking but do you have a spot you own? Are you at work all day with your car, leaving that spot empty (and not making you a profit) all day long? You could be missing out on serious cash from people who want to rent a parking space for short term or long term durations. This can not only benefit you to earn a side income but it also helps the community of people that struggle to find proper parking spaces within a budget. 

Often, parking spaces near venues or events are already reserved and have steep prices. Renting your parking spot will other people save money. On the other hand, you will be earning a side income by almost doing nothing. 

 

Is this even legal?

Yes, that’s definitely one of the questions you would need to answer before thinking about putting your spots up using any hosting service. If you’re the owner of the parking space, you can legally host the parking spot in most places. In Boston, for a long time even before Parkaze came along, people have been hosting their parking spots by putting up fliers on trees, using social media, sign boards etc.

This idea of renting out the parking on your driveway might not be a good fit for some areas. For example, it is not legal in Portland Oregon even if you own your driveway fair and clear. The city officials see it as commercial activity on residential property which does not fall into listed commercial zoning. Also, if you are renting an apartment that includes a parking spot within the lease agreement, go through it and see if you can sublet your spot to someone else.

Also take note that you cannot rent public parking spaces and it may be illegal in some cities  If you have any doubts, consult with your Town Hall and local legislators to ensure you can rent your parking space. Make sure to comply with local or national rules and regulations that may apply.

 

Okay, sounds great so far but is it safe?

It is quite legit to have questions around safety while thinking of renting out your home/room/car or anything else that might bring activity close to your private space which harbors your feeling of privacy and safety.

To help ensure your safety, Parkaze dedicates a knowledgeable and experienced team to monitor any suspicious activity in our marketplace. Each guest profile is verified and requires the vehicle to be registered in the system. Lease agreement documents can be uploaded for longer-term rentals.

 

What’s the process to host like?

You could put out a Craigslist ad – but that really isn’t the best solution. It could work, but a better idea is to use apps and sites that have already specialized in helping people like you make money off your parking spot. Parkaze makes the process to host a spot very seamless. You’d start with registering an account for yourself on the platform and move on to providing some details about the spot like location of the spot, features of the spot like whether it’s a residential or business type property, and select some of the physical properties of the spot which apply to your spot like whether the spot is gated, covered, has a surveillance camera, etc. You can decide if you’d like to rent out your space for an hour or two,  monthly or if you’d like to rent it for a whole year. You also have the freedom to quote your own price for the spot and have cashless transactions. Parkaze can help drivers gauge and choose specific amenities in which they can feel they chose the safest, most reliable space for their car to be parked.

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