Rent Out Your Parking Space for Passive Income

You know that parking spot in front of your house? Maybe it's your driveway. Or just a part of a driveway. It just sits there, unwanted and unused. But what if you could make some money off that parking space? Now you can. Curbflip, Spothero, and Spacer are just a few of the parking apps that are changing the way that people park. This is a space where you can easily make money by renting out your parking spaces to commuters. The app will send an email with the potential customer contact information so you can negotiate price. The app also takes care of paying you, as well as any issues that may arise.

Why Rent Out Your Parking Space?

Do you have an empty space in front of your house that you can’t use? With the apps mentioned below, you can easily rent out that space to people who need to park their car. It doesn’t cost you anything and you get some cash in your pocket, up to $400 per month. If you have multiple parking spaces, you can make even more.

How Does It Work

The going rate for a parking space is set by the demand of the marketplace in which it's located. For instance, if you search for parking in the Spothero app within a certain location, the app will show you prices for a 3 hour reservation, beginning with the current time you conducted the search. To find the total price depending on the duration of your stay, just adjust the reservation times. On Spacer, the app leaves it up to you to set the price, by checking the current prices of other spaces in your area, to ensure a quick rental.

It's free to list on these applications. They only collect a small fee for every transaction to support the service and advertise your space using paid search, internet ads, emails, social media, PR and other forms of marketing. This fee appears as a markup on the price you set for your parking space. Spacer advertises your space both online and offline.

Review of the Two Best Platforms

These platforms are making it easy for people to make extra cash. You just have to tell the app a few details, like the parking space size and the price.

1) Spacer is an online marketplace for monthly parking, connecting people with extra parking spaces (Hosts) with those looking for somewhere to park their car (Renters). It's not unlike an Airbnb for monthly parking.

As it says on their website: "At Spacer, we are about utilizing and sharing local resources to meet a need in the community. Our website makes it quick, easy and most importantly safe to park your vehicle and make money."

Partnered with Stripe, Spacer makes payments into the host's selected bank account within 5 business days of the booking start date.

2. Spothero is another popular parking reservation service. Their forte is partnering with garages throughout the busiest cities of the country, guaranteeing parking spots at discounted rates.

Your available spot could mean extra money. To rent it out on SpotHero and earn added income, fill out the form here to begin the process of selling your parking space to commuters looking for parking near you. In addition, SpotHero is currently in need of spots within these cities: San Francisco, Boston, Washington D.C., Toronto, Chicago, Seattle, Miami and Atlanta.

3. CurbFlip claims to be the easiest way to rent out your extra parking space or driveway. They help commuters everywhere find great parking spots close to concert venues, places of work, sports venues, airports and more.

As it says on their website, "Traditional parking can be expensive even if you find a parking deck with unused space. Parking for employment can be super expensive. While you read this, 50 million drivers are looking for better parking deals."

Like the other applications mentioned in this blog, CurbFlip handles the billing, scheduling, collections, and of course payments. All you need to do is take good looking pictures of your space, set a competitive price based on market conditions, and then sit back and collect payments.

You're On Your Way

Covid cases are still prominent, so allow these platforms extra time to evaluate your submission. There is now a lag of 1-2 weeks before you're notified whether your requested location is a good fit. However, with vaccines already being administered around the world, it won't be long before cars are back on the road and parking spaces become a valuable commodity again.

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