2 MIN READ
How to Make Money Renting Out Your Driveway
They say there is no such thing as a free lunch and when it comes to parking in the city that is certainly the case. Cities across the country, short on space and high on the need to raise revenue, have been raising the cost to park your car on public streets. Private parking is even worse. A few years ago the New York Times ran a story a few about 8 individuals that were competing to buy a parking space in a Manhattan condo development for $225,000!
That number makes me shudder, especially considering that kind of money could buy a whole subdivision of homes here in central Florida. 🙂
There is an upside to these outrageous parking fees and that upside is for you homeowners with extra space in your driveway. That's right, your extra parking space can help make you some extra cash. ParkAtMyHouse.com is the largest online parking community and it allows users a marketplace to rent out their available spaces. Started in the United Kingdom, it has branched out to include the United States and is especially popular in the city as you can imagine.
Getting started is easy. In fact, it doesn't take long at all to register on the site. Within minutes, you could have your first booking, although don't expect the $225,000 price tag those Manhattanites were paying.
Daily or Monthly Rentals, It's Your Choice
There are two ways in which you can rent out your spots. The first is on a month-to-month basis. This is often the most profitable way to use the website because it ensures that the parking space is rented every day of the month. The other way that members make money is by listing their unused parking spots on a daily basis. This is especially helpful if you live near:
- A school
- A shopping center
- A stadium
- A port
- A train station
- An airport
How Much Can I Make?
According to the website, you can make nearly $25 per day for spaces near stadiums and up to $320 a month to rent out your driveway. That's not too shabby for something you're not using anyway. A handy tool on the website allows you to see how much your spot is worth according to what type of space you have to offer as well as your zip code.
For example, you can rent out:
- A private driveway
- A shared driveway
- A private garage
- A shared garage
- A private car park space
- A public car park space
Whatever you have to offer is game assuming that someone needs that particular parking spot in your location. Give it a try…
Good luck Penny Hoarders!