Passive Income : Rent Your Garage or Parking Spot

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There is a shortage of parking spaces and garages in many cities around the world, if you have an unused parking space or garage then you have an opportunity to make money and generate passive income.

@weirdsaudi via Twenty20

These services are growing steadily as the problems get worse and worse in most major cities and there is no obvious solution.

You have 2 options

1. You do all the work and list your space or garage on a site like gumtree, craigslist or similar classified ad site. You could also use facebook and similar sites.
2. You use a company that connects you with people looking for garages and parking spots to rent – they do the work, list it on their website or in their app

There are a few factors that can determine how popular your listing maybe will be

Is there a lack of affordable parking in your area?
Are there not enough car parks for motorists to find parking in your area?
Do you live in a town or city which is near a train station, close to a sports stadium, near an airport, or even a concert venue? You should be thing demand right now.

Tips

  • List any selling points carefully – if you are only 5 minutes walk from a sport stadium, mention that.
  • You will need a paypal account or bank account to take payments
  • Have several clear photographs of your parking space or garage
  • Have the exact dimensions of your parking space or garage – this is very important
  • List your garage or parking spot on multiple sites – you have nothing to lose, the more eyes on your listing the better.
  • Promote your spot on social media sites like Facebook – spread the word.
  • CCTV or some sort of security may help sell your listing to a potential customer – this is always an important factor.

Sites

There are many sites, this is just a selection that I managed to locate

https://www.yourparkingspace.co.uk – rent out your driveway, parking space or lock-up garage and earn anything from £40 to £400 per month. UK company.

https://www.mobypark.com – You set the price, a European site with a presence in various countries

https://www.justpark.com/about/rent-your-space/ – You set the price, so you will probably have to signup and compare some prices.

https://listings.curbflip.com/en/infos/how_to_use

https://stashbee.com – Another UK company, London has a higher payout – for example A Parking Space in Inner London could earn £175+ per month

https://curbflip.com/ – List your parking space in various big cities around the world

https://elparking.com/en/parking-sharing – Earn up to 400 euros a month, with no effort, by renting out your parking space

https://www.parkingcupid.com/ – Its free to list unused apartment parking spaces, garages and driveways on ParkingCupid and you could make up to $400 per month or around $4,000 per year. This is a US based site.

https://www.parkonmydrive.com/faq.php – Driveway and garage owners pay a one-off yearly registration fee to Park On My Drive for advertising their space on the site and car owners pay whatever the driveway owner feels is appropriate for using their space.

https://parclick.com/partnership/parking – Operates in Europe in various countries

https://spothero.com/sell-parking/operators/ – They also have an app, you can signup an put in your listing. US focussed.

https://www.pavemint.com/products/parking-marketplace – You control your prices; offer flexible and dynamic pricing with hourly, daily, weekly, or monthly rates. Anyone can book parking online with their phone or computer using Pavemint’s iOS app or any web browser

https://www.spotonparking.com/listspot – San Francisco based with an app. The price range varies widely from $50 to over $300 per month for a favorable spot

http://www.parkeasier.com/ – This is an app but you can signup online and fill in your details

https://www.spacer.com/ – Earn up to $400/month from your unused parking space. This is for the US.

Apps

Yes there are apps as well, here are a selection. Some of the companies above have an app as well. This is a couple that I found.

sharemypark app – Own a parking space? List your spare parking space for free and earn up to 50€ per day.

parqex parking app – Parking owners are paid out 80% of the rent received for their parking spot each week

Summary

This is a great opportunity to make money and is extremely passive, now the amount will depend on what you are listing and where. A garage in Inner London will make more than a parking space in Outer London or the rest of the U.K for example.

If you wanted to scale up this business you would obviously need more parking spaces or garages which might be difficult but it would definetly be profitable.

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