For those who live in densely populated urban areas and have designated off-street parking, such people can earn substantial income by renting out unused parking spaces or driveways. There are many different ways to structure the rental, but for those in urban areas, the best method is to rent it out hourly or daily. Especially when there are large festivals, concerts, sporting events, etc., owners can charge upwards of $50 per day or $10 per hour.
For lower rates, you can even rent your space out for bicycles, motorcycles, etc., and potentially share the space with a renter so you earn some income without forfeiting your space. Otherwise, find street parking for your car and rent out your space, or make arrangements to be out of town or leave your car with friends or family when major events are taking place so you can monetize your parking space. For those who are able, you could even sell your car and get around via walking, biking and public transportation – this is a viable option for those who live in urban areas. Alternatively, use a motorcycle or scooter that you can store in a closet or wherever it will fit.
Those who live in rural or suburban areas may also be able to do this, but the business model and target customer will be different. People who own RVs or large trucks oftentimes lack the space or the legal right to park their vehicles at their own residence (as these large vehicles are considered eyesores and typically owners pay hundreds of dollars per month to park them in designated areas like RV parks).
Depending on the size and weight of the vehicle, you can typically charge them $50 or up to hundreds of dollars per month and still undercut the standard parking alternative. Check websites like RVParking.com and offer your parking space or driveway for rent for at least 20% below the cheapest alternative (keep in mind some of these places can charge more than you because they provide services like video monitoring, 24×7 security, etc.). Be sure to have your customers sign a lease that clearly spells out the terms; both what they are permitted to do and what services you will provide.
Even if you don’t have a designated parking spot available, you could use any unused outdoor space — including parts of your lawn — as parking for yourself or your customers. Features like covered parking, security systems, 24×7 access, etc., will all increase the rent you can command. The best place to advertise your parking space is JustPark.com, but they do tack on an additional charge to the renter. Also try listing your spot on Craigslist and Nextdoor, where your likelihood of a sale will be lower, but no fee will be charged when it does sell. So get out there and start monetizing that parking spot gold mine you’ve been letting sit idle!
Logan Hertz works as a business strategy consultant in Atlanta and freelances as a personal finance expert. If you are interested in clever, easy ways to increase your income and reduce your costs, email him.
© Logan Hertz – permission to reprint is gladly given, provided the author is given credit