Is your car parked in your garage or driveway all day, every day?
Of course not!
How many hours a day do you think your parking spot stays empty?
Wouldn’t it be nice if you could get paid to rent out that spot just for those hours?
Well, you can!
There are actually easy ways to rent your spaces and make some cash.
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Here’s the deal…
Americans alone spend an average of 17 hours per year looking for places to park their cars.
Many of those hours could be spent more productively, making/saving those people more money.
That’s why drivers are willing to pay for better, safer and closer (to their destination) parking places especially in big cities and busy places (think downtown, near airports, close to stadiums and arenas, etc) and they are willing to pay for better and closer parking spots.
But you don’t have to go looking for them.
Thanks to parking spot apps, drivers come to you!
But before we get to how it all works and how you can cash in by renting out your driveway, garage, or even curbside, let’s see how much you can actually make.
What will I learn?
How much can I make renting my parking spot?
How much you can make largely depends on your spot’s location and availability, and how often it is being rented out.
The more hours of the day and more days of the month your spot is available means you can make more money.
Location, Location, Location.
The closer your spot is to events or locations, whether or not your spot is covered, and what type of spot it is (driveway, garage, lot) greatly influence how much you can charge for your spot and how often it will be rented out.
What does this information mean?
Depending on where you live, you can make up to $7000 a year!
Here are some example numbers according to the studies on the national average price of parking spot rentals:
$5 – $25 a day
- Los Angeles
In these and other cities like them, you can earn an average of around $200 a month.
In the cities listed below, most owners make between $2,000 and $3,500 a year.
$15 – $35 a day
- New York
- San Francisco
In cities like these where the parking situation is dire, the rates range from $300-$600 for monthly parking.
That’s up to $7,000 a year of easy money for you.
Of course, this all depends on how good you are at getting your space rented out.
If you can only find renters a few days a month, you’re not going to make a lot of money.
However, there are ways to assure your spot is always being rented out.
Here are a few tips:
- List your parking spot on more than one site.
- It’s a good idea to find sites that allow you to update your availability rather quickly so you don’t lose any potential future renters.
- The more aware you are of your spot the better. There are instances when people go to a rented spot only to find them already occupied. They will usually try to find another spot in the area but it has to be done immediately in most cases.
- Don’t be afraid to promote your own spot. Share it on social media, tell your friends and family, and let these sites help you list an ad that is appealing to its users.
- Also, these sites generally give you guidelines on how much to charge for your spot. Trust them! They are in the business and have studied your area and generally know how to rent the most spaces.
- The description of your spot may be crucial to finding renters. Always list as many specifics as you can to make sure people know what they are renting.
Apps for renting out your parking space
So, how do you find renters who’ll pay you to park their cars in your driveway, garage or any other parking space you have?
By using these apps and websites!
- Official site: https://www.parqex.com/
This app which currently manages 20,000 spots in the U.S. gives its users 85% of the profits earned meaning big bucks in your pocket.
You will receive a check at the end of every week if you are renting by the hour, day, week or month.
In four easy step you can list your spot for rent:
- Step 1: Create an account
- Step 2: Give the address and a description of the spot
- Step 3: Select its availability
- Step 4: Publish your spot and wait for someone to take it
Also, if you join the Access+ program you can rent out your garage.
Renters can use the app to open your door so you don’t even have to be home!
- Official site: https://curbflip.com
Thinking outside the box, CurbFlip helps owners rent out spots for not just cars but bicycles, campers, and boats.
You can also list specifics to your spot(s) allowing you to add to the terms of the basic rental agreement.
You will be able to contact your renter as well as rate them once the rent time has ended.
Every listing has to pass CurbFlip’s expectations and if it doesn’t they will help you get it to where it needs to be.
You can list for daily, weekly, monthly, or all three for one spot.
CurbFlip charges 16% of fees from owners to help cover their costs.
You get paid per transaction via Paypal or direct deposit.
3. Parking Cupid
- Official site: https://www.parkingcupid.com/
Putting a free ad for your spot on Cupid can make you $400 a month.
Once you have signed up you may choose to become a member:
- $15 monthly
- $30 quarterly
- $90 annually
Membership allows you to begin receiving and responding to potential renters.
No middleman- agreements are reached directly between you and the renters.
Even though you pay a membership fee, Cupid does not charge for any contracts signed.
Membership also gives you:
- sample parking contracts,
- priority customer support,
- and a money back guarantee.
- Official site: https://spothero.com/
Having parked over 10 million cars, this company is the nation’s largest parking site.
An application is all that is needed to begin earning cash.
The application to join will ask about location, availability, and price of your spot.
Once you have been approved, your listing will become available to users.
Renters will see your spot within seconds.
You can either receive a check or a deposit monthly.
This site comes highly recommended by its users because of its excellent customer service skills.
One Reddit user described Spothero as “they’d go above and beyond to make sure you’ll be taken care of.”
Furthermore, Spothero actively promotes themselves, and you!
- Official site: http://www.parkingspotter.com/
This site is free to list your ad.
Your ad will show up on the website immediately.
Deal directly with the renter, not ParkingSpotter.
On average, owners hear from potential renters in about five days.
You will also be assigned to a representative in your area upon joining who will help get your spot rented.
Daily, monthly, weekly, weekend, per event, and for sale are all options n which to rent your spot.
- Official site: https://www.spacer.com
You may offer parking in your driveway, on your street, or in your garage on this site.
Spacer charges a fee (15%) once the space is rented but not for listing the ad.
Most ads are for monthly availability.
Once you have listed your spot be sure to answer responses within 24 hours.
Also, Spacer assures that owners must be able to show their space before any agreements are reached so be ready to show off your spot!
One of the few marketplace parking sites to offer insurance on your spot.
Get paid once a month for all contracts.
7. SpotOn (San Francisco, CA)
- Official site: https://www.spotonparking.com/
Monthly and hourly ads are available.
Once you have joined and listed your space SpotOn markets your spot to assure it is being rented.
Get paid at the end of every month.
SpotOn collects the money so you don’t have to worry about chasing down renters.
Only a small fee will be applied to those funds.
Spot also gives you the option to help your community by donating your earned cash to local charities or organizations.
8. Pavemint (Los Angeles)
Official site: https://www.pavemint.com/
This is an app that is currently only available in Los Angeles.
What I like about this one is their price suggestion.
If you’re not sure how much you should charge for your unused parking spot, Pavemint’s Smart Pricing Algorithm will suggest appropriate prices based on meter and lot rates in your area, parking supply, and walkability.
As far as how much you can make, it, of course, depends on your location.
According to the company, if you live near sports stadiums with high parking demand you can earn hundreds of dollars in a single day.
9. Spot (Park Easier)
- Official site: http://www.parkeasier.com/
Spot is an awesome app that lets you make money from your parking space by listing it for the times you will not be using it – like when you’re away or on vacation.
You can list your spot in less than 2 minutes.
With spot you can rent out any kind of parking space:
- Gated Parking Lot
Spot is currently available in Boston, Chicago, Washington D.C., San Francisco, Los Angeles, Miami, and Philadelphia.
10. Yourparkingspace (United Kingdom)
- Official site: https://www.yourparkingspace.co.uk/
Listing your ad for a driveway, off-street space, or even a parking garage is free.
Hourly, daily, or monthly rentals can be charged.
You get the money you earn from this site the first of every month via PayPal or direct deposit.
The commission they charge is 20% which is taken off of your monthly payment.
11. JustPark (United Kingdom)
- Official site: https://www.justpark.com/
We actually wrote about JustPark in our post on how to make an extra $300 a month.
This is a huge company with over 20,000 parking spot owners and over a million drivers.
All of those drivers have been verified and JustPark assures that every one of them can be trusted in your spot.
All you have to do after listing your spot is accept bookings and receive payments, all of which are done on the site or app.
12. Garage (Canada)
- Official site: http://www.garageapp.co
List your spot by entering an address or allowing GPS to find your spot.
Then post a picture(s) of the spot so people can find it.
Add the availability and price of your spot so potential renters can find it.
Get paid per transaction. Payments come within seven days of the transaction date.
A Stripe account is used for payment so be sure you are registered.
A 20% fee is charged by Garage, however, this can be lowered by 1% each time someone you invited joins Garage.
13. Rover (Canada)
- Official site: https://roverparking.com
Listing anywhere from hourly to monthly makes it easy on you.
You can also rent your house, apartment, condo, drive-way, or lot.
Allows you to set prices based on time of day and usage, thus widening your base.
Get paid every Wednesday with Stripe and get money deposited into your account.
Rover lets you know each and every time someone parks in your spot.
14. Parking Australia Directory (Australia)
- Official site: https://www.parkingaustralia.com.au/signup/
You must join this Directory by paying either $5 a year or $50 per year.
The $5 option allows you to join and list a spot for the year.
The $50 option (less than $1 per week) lets your listing be part of their homepage or in priority sections on searches.
Also, you receive detailed account information like who is looking at your spot as well as what they ultimately chose in your area.
Owners are contacted directly by the renters so you have more control over who or what rents your spot.
Since you are in charge of collecting fees there is no set time that you get paid. Find a renter and get paid immediately.
15. Parkhound (Australia)
- Official site: https://www.parkhound.com.au/
Free to join and you can list your spot daily, weekly, or monthly.
You have full control over price and availability of your spot.
Get paid for every transaction at the end of the month.
Your first booking comes through immediately though.
Parkhound takes care of payments so there is no need to contact the renter in regards to money.
There is no fee for owners. The renters pay the fee which is included in the price they see for your spot.
If your spot is in good physical condition and in a good area, Parkhound may ask you to lease it directly to them.
After you have leased directly to Parkhound, they will take care of everything so all you have to do is collect cash every month.
Are there any catches?
For the most part, renting out spaces is fairly easy and very profitable.
There are some things to consider before listing your spot.
You must be sure you own the rights to rent your parking spot.
Your community has decided to participate in this type of sharing economy.
A quick call to a landlord, tenant board, or your local government can get you the answers you are looking for.
If you are renting your driveway or garage and you own the property which they sit own there should be no problems.
Although most of these sites offer their own insurance AND confirm that their users are insured, you may want to recheck your own policy to make you won’t get in a tough situation.
Using these apps and sites to rent out your parking spot is a great way to make some extra cash with a space that otherwise would go unused.
Sure, not everybody is going to make thousands of dollars a month renting out their driveway or garage, but you can easily make an extra $100 or two especially if you live in a big city.
So, download some of these apps and start renting out your parking spot for cash.