Renting out your driveway or garage is a great way to earn extra income. If you live in an apartment building, condo or house with plenty of parking options, or you don’t own a car yourself, renting out your driveway can be a convenient option for people who need to park their vehicles.
You’d be surprised how many people are looking for a garage for rent in San Diego, Chicago and Boston just to name a few I know of from personal experience. Read along to find out why you should rent yours out and how easy it is to do so where you live!
01. Convenience is Key
Convenience is the key to a successful driveway-sharing business. If people can’t find parking near their workplace and they’re always running late after driving around trying to find a spot, your empty parking space is going to look very attractive to them.
Many people who use these services feel the same way; if they were to drive around looking for parking every day, they would waste hours of their lives every week.
Having the same spot reserved every day is also a great way to save on ever-increasing gas prices. Your customers won’t waste gas as they drive round and round the block hoping that a space has become available.
Saving time and saving gas is a win-win for your customers, and making a tidy profit with minimal effort is a sure-fire win for you as well!
02. Provide Safe Parking Space
The second reason to rent out your driveway is for safety. Parking spaces are generally safer than parking on the street for your customers. Also, you can control who parks there and what they do, so it’s safe for you as well.
You can rent out your driveway to people you trust, or you can set up specific rules about how long a car stay parked in the driveway and what needs to happen before it’s parked there again (like paying another fee).
As far as frequency goes: there are some apps where it takes less than five minutes after someone requests access before they get approved onto the platform itself; other apps require longer due diligence processes when reviewing applicants’ applications before approval occurs.
03. Affordable and Cost-Effective
In today’s economy, many people are looking for ways to make ends meet. Renting out a parking space is a cost-effective way to do just that.
It might not seem like it at first, but driveway parking can be affordable than other passive income ideas. Many of these other options require some form of skills or knowledge, or an initial investment (like buying items to sell for a higher price on sites like eBay).
04. No Extra Maintenance Required
One of the best reasons to rent out your driveway is that you don’t have to worry about maintenance. If you’re renting your driveway, it’s likely that you’ve already got a garage or carport at home with plenty of space for your vehicle or vehicles.
It’s also likely that you already take time to look after your driveway; shovelling snow in the winter, sweeping up leaves in the fall, and so on. Your customers will expect a clean and tidy driveway to park on, but ensuring they do will involve no/very little additional effort on your part.
The only thing you might like to consider doing is installing a security system. An alarm and a camera, as well as a motion-activated light for when it’s dark will make your driveway more secure. It might be an additional cost in the beginning, but it will attract more customers who will be willing to pay more for a safe and secure place to leave their cars all day.
05. Earn Money
There are several ways to make money passively; one of these is renting out your driveway. Some platforms only allow you to rent out your driveway for a certain number of days, while others provide more flexibility. It all depends on what you’re looking for in terms of how much money you want to make and when you’re available to greet new customers.
First, let’s talk about how much money can be made from this form of rental property. The going rate can vary from around $200-$600 a month, depending on your location and the type of space you have available. This means if you have a parking space in front of your house, then each year you could be looking at an extra income of over $7000, depending on the app used—that’s pretty good compared with most other forms of passive income!
If you live in an area where street parking is scarce, or if you’re just looking for extra income on top of what you already make from your job, then renting your driveway, garage, or parking spot could work out well for both parties.
Renting Your Driveway: Your Options
There are many different ways to rent out your driveway and make a profit:
- You can rent out your driveway for a few hours or for an entire month.
- If you want to add more value, offer services like car washing and detailing if you have the experience.
- Provide free valet service on special occasions such as proms, weddings and other events where guests may need transportation services, especially late at night.
- These extras will attract more customers who may be willing to pay more for these valuable services that most people do not offer.
- Make your Garage Disability Friendly.
Renting out your driveway or garage is a great way to make extra money and have a convenient parking space for yourself. You can earn thousands of dollars each year by renting out your driveway or garage, and the best part about this is that it does not require much effort on your part.
As long as you have some free time and are willing to put up a listing online, anyone who needs a parking space will be able to find one right away without having to look around themselves at gas stations or other similar places where there’s always limited availability.
The benefits of renting out parking space are numerous. Once you list your driveway or garage, you can start making money within minutes.
Check out the below article to find out the benefits of having a driveway.