Welcome to the topic “Rent My Parking Space.”
Do you have a driveway, garage, or a parking spot? Is it empty most of the time?
If yes, then you’re very lucky. Just rent your parking space. It’s a great way to make easy money. What’s more? You can actually earn over a thousand dollars a year without even doing anything. Just think about it for a second. Amazing, right?
Now, you’ll be wondering how can I rent my parking space? How will I find someone who is reliable enough? What do I need to do to rent my parking space? What if something goes wrong?
Hold your horses! You can rent your parking space quite easily. It’s not as difficult as it may seem at first. What you need is a good, complete guide that will tell you everything you need to know about renting your parking space. And this article is exactly what you need right now.
I will provide a complete guide that will definitely answer your main question. How can I rent my parking space? But that’s not all. I also give you some great tips and tell you about the things you need to consider before renting your parking space. Plus! I’ll provide a list of apps and websites that will help you to rent your parking space.
But first, let’s find out the benefits of renting your parking space.
Why should I Go for Renting Parking Space?
Parking spots are very expensive in big, crowded cities. People are paying hundreds of dollars every month for their parking spots. So, having a parking space near an airport, or an area that frequently hosts popular events, or in any metropolitan area, will be very beneficial for you.
Here are some benefits of renting your parking space:
- You’ll have a side income
Nobody would turn down free cash. Let’s be real. Who doesn’t want some extra cash? If your parking space is near a shopping mall, stadium, train station, or a business district, you’ll earn more. The first and the obvious benefit of renting your parking space is the money.
How much will I earn if I rent my parking space?
You can earn around $70 to $300 every month. It mainly depends on the area you live in. The location is of prime importance. If you live in New York, you can earn up to $400 every month. In San Francisco and Jersey City, you can also earn up to $300 per month.
- You’ll get an added security bonus
Will my house be safer, if I rent my parking space? The answer is yes.
When you rent your parking space, there is going to be a car in your driveway all the time. Hence, your house will be safer and more secure. As it will look like somebody is home. The chances of any crime happening on your property will decrease greatly. In this way, you’ll get a security bonus.
Also Read: Airport Locations
- You’ll have the upper hand
A good thing about renting your parking space is that you’ll be in control. It will be your property. So, you’ll decide to whom you’re going to rent it out to. You can end the agreement anytime you want. It depends on you if you want to rent your parking space on either a daily or monthly basis.
You can find many websites online where you can list your parking space. Also, you can choose anyone you like and start making money.
- You won’t have to do anything
What do I have to do to rent my parking space? You just have to list your parking space online. The only thing you need to do is to let people know that your parking space is available. People will come to you a lot quicker than you expect. You just need to make your parking spot visible and within reach.
- You’ll be a lifesaver
When you rent your parking space, you can help others too. You’ll not just earn money. You’ll also help someone else to save money. The airport parking and parking for special events can be really expensive sometimes.
Can I help others, if I rent my parking space at a low price? Yes, by offering them a lower price, you’ll be a lifesaver for them. So, this is a win-win situation. You and the person who will park at your spot can both benefit from this.
- You’ll have endless opportunities
Your parking space could be anywhere. Your driveway and your garage. Right outside your home. Even your own lock-up that is secure enough. And you can rent it out. One thing is for sure. You’ll have lots of opportunities. You can decide whether you want different people daily or just one long-term agreement with someone. It depends on you.
Do I have to rent my parking space for a specific time period? Not exactly. You can decide how long you want to rent your parking space. It can be months or even years. It all depends on you.
What do I need to do before I rent my parking space?
Before renting your parking space, there are a few things you need to consider. They’ll be important for both the customers’ and your own safety. You need to be aware of a few essential things to save yourself from any kind of problem or issue.
Here is what you need to do before renting your parking space:
- Get a contract
The first and most important thing is a written contract. You have to clearly state all the main points. Don’t forget to include that you’ll not be held responsible for the vehicle and its contents. You can also include points like keeping the place clean. Don’t allow the renter to block access or store his belongings.
Also Read: How True Parkings Works
A written contract will help you in the long run. If anything goes wrong, you’ll not be responsible. You’ll have the proof in the form of a written agreement signed by the renter. If you can’t make the contract yourself. Or don’t have time to make one. I have a great solution for you.
You’ll need a bit of research for that. Just search for some basic contracts online. ‘Park On My Drive’ will provide you with a PDF of the contract. You can review it and make changes as well. Then download it and get it signed.
You should understand all the terms of the contract. Take the time to read it completely. Make sure you’re satisfied with the terms and conditions of the contract.
- Get permission from the landlord first
Before renting the parking space, make sure you get permission from your landlord. Ask your landlord, is it okay if I rent my parking space? When you get permission then you can rent the parking space.
Remember to take written consent from your landlord. Verbal consent won’t do you any good. No matter how honest a person is, written consent is important. It is not right to rent the parking space if your landlord doesn’t allow it.
- Check and ensure that it’s legal
It is allowed to rent your parking space in most countries. Still, to be on the safe side, make sure that it is legal to rent the parking space in the area you live in.
How can I ensure that it’s legal to rent my parking space? You can consult your lawyer about that. Some cities have laws against renting parking spaces.
Please ensure that before starting anything. It is really important. You don’t need to get in some serious trouble. Keep in mind, ignorance of the laws won’t give you any sort of defense. You should be aware of the laws of your state.
- Look out for taxes
Do I need to pay tax for my parking space? Income tax might be applied. When you rent your parking space, you’ll get income. You may need to pay the tax on this side income as well. But don’t worry about it. In most cases, there won’t be any tax if this income is less than $1000. Even if there is, the tax won’t be too high.
You can consult a tax lawyer. He will tell you about how much tax you need to pay. The money you’ll get from renting your parking space is considered as the income from land and property. There can be different percentages of income tax in different countries.
- Make sure you have insurance
Homeowners insurance provides coverage to repair your damaged house and personal belongings. Make sure you have insurance. Some insurers say that renting your parking space won’t affect your home insurance. Others say that it does. So, don’t forget to ask your insurer about it.
Also, clearly state that you don’t be responsible for damage to your renter’s vehicle or belongings. Don’t forget to add this point. Insurers also say that renting of parking space is a form of the commercial agreement. So, you won’t be held responsible for the renter or his vehicle even if it is on your property.
- Be cautious
Above all, be cautious. After all, you’ll be giving a stranger access to your space. If possible do a background check on the person to whom you’re renting your parking space. If you live alone, you should call a friend or family member when you meet the customer.
You’re responsible for your own safety. Make sure that you’re renting your parking space to a reliable person. But don’t be too hard on your customers. You might scare them off.
So, these were the things you should consider before renting your parking space.
Some Great Tips
Here are some great tips that will help you to rent your parking space easily.
- How do I maximize the visibility, if I want to rent my parking space? List your parking space on rental websites. In order to maximize the visibility, you’ll have to list your parking space on more than one website.
- Do I need to give details, if I rent my parking space? Absolutely. Give as many details as you can. If you include pictures it will be even better. When people will find all the details, they’ll be more likely to opt for your parking space.
- How much should I charge, if I decide to rent my parking space? You should not charge too much. Your customers will come to you because you’ll be offering a lower price than parking lots. Always charge a few dollars lower than the average parking prices in your area.
- Will social media be helpful, if I want to rent my parking space? Definitely. Use social media to advertise your parking space. In this way, more people will come to know about your parking space.
- Do I need to update my schedule, after I rent my parking space? Yes, it’ll help a lot. When you frequently update your schedule, you’ll get more renters.
Considering all the benefits, you have most probably decided to rent your parking space. What can I do to let people know it’s available if I decide to rent my parking space?
How do I get my parking space noticed?
Once you decide to rent your parking space, your next goal is to get it noticed. There are several ways to advertise your parking space. Advertising your parking space is very important. Or else you won’t get any customers.
If I rent my parking space, what is the best way to advertise it? The easiest and the most convenient way is to advertise your parking space using apps and websites. You can list your parking space online. These apps and websites will advertise your parking space and your payments as well.
Here are the 11 best apps and websites to advertise your parking space:
When you list your parking space, many websites charge a listing fee. You’ll also have to pay the commission. ParkingForMe is available in both Canada and the US. What are the benefits if I rent my parking space with ParkingForMe?
The best thing about ParkingForMe is that there are no listing charges. This rental service is completely free. Plus! There’s no limit to parking spots either. You’ll get $10 credit at your first booking. What’s more? You can get an additional $10 when you refer it to your friend.
All major credit cards and even PayPal are accepted by ParkingForMe. It is a truly reliable service. If you have any queries, you can contact them easily. Just go to their website and call or email them.
TrueParkings is another great online platform where you can rent your parking space. Their team strives to provide the best possible customer experience. What are the benefits of renting my parking space on TrueParkings?
The best thing about TrueParkings is that your parking space will be live on their website within 15 minutes of signing up. There will be no listing fee as well. You’ll get to decide the rent of your parking space.
With TrueParkings you can close your parking space on a specific time or even days. It depends on you as you’ll have all the power.
If you want to list multiple parking spaces, TrueParkings is the perfect platform for you. Renting your parking space on TrueParkings is very easy. First, you’ll have to go to their official website. On their homepage, you’ll find a Vendor request form. Fill it out and provide all the requested information.
SpotHero will make the renting process a lot easier for you. You can also become a seller. Just fill out their form, rent your parking space, and there you go. Millions of people are using SpotHero to park their cars. SpotHero is available in the major cities of the US. How will I benefit, if I rent my parking space with SpotHero?
The best thing about SpotHero is their team. It is very supportive. SpotHero has quick service. When you list your parking space there, they’ll confirm your location within 2 to 3 days. There will be a 15% commission on the money you earn via SpotHero.
JustPark has both a mobile application and website. It is a platform where drivers can find the best parking spaces. With JustPark you find and rent parking spaces all across the UK. What are the benefits, if I rent my parking space with JustPark?
First of all, the listings are absolutely free. Also, there is only a 3% monthly commission. But you have to pay a 20% commission for the first two months only. JustPark pays you even if the customer doesn’t show up. That is truly amazing. You can rent your parking space for a day, month, or even a year. You can also restrict renting when your parking space is not available.
You can find parking spaces across Australia with a Spacer. It also allows the renting of parking spaces in Australia. What are the benefits, if I rent my parking space with Spacer?
The spacer is a trusted renting website in Australia. Their exceptional service and excellent communication is a plus for sure. Spacer takes 15% commission on the money you earn every month through it. Renting your parking space on Spacer is very easy. They also have insurance.
If you have a parking spot, rent it on ParqEx. It is available in all major cities of the US. What are the benefits, if I rent my parking space with ParqEx?
The amazing thing about ParqEx is that you’ll be connected with the customer directly. You’ll be able to communicate with your customers effectively. They don’t take much commission. As they are a means of connecting renters with you.
YoourParkingSpace is available in the UK. You can rent your parking space here on YourParkingSpace. How will I benefit, if I rent my parking space with YourParkingSpace?
You’ll be glad to know that there is no listing fee or commission with YourParkingSpace. They just charge a 20% extra on the price you charge. You can add the details and pictures of your parking space. Within a few days of listing, your parking space will be seeing a lot of customers. Plus! They’ll send payments automatically as soon as they receive me from the customers.
ParkingCupid is another rental website. It allows you to rent your parking space if you live in the US. What are the benefits, if I rent my parking space with ParkingCupid?
ParkingCupid makes it easier for you to advertise your parking space. It is available in almost all cities in the US. Customer satisfaction is the top priority of ParkingCupid. You can rent your parking space for either a short period or an extended period.
So, turn your unused parking space into something beneficial with ParkingCupid.
You can find anything you want on Gumtree. A lot of things can be listed on this British website. You can use Gumtree to advertise your parking space. You can post your ad on Gumtree. What are the benefits, if I advertise my parking space on Gumtree?
There will be no listing fee or commission charges. You’ll receive all the money you charge. But you’ll have to manage the contracts and payments yourself. Gumtree app is available on both Android and iOS for free.
Another thing you need to do is to make your ad stand out. Gumtree is full of thousands of ads of almost everything you can imagine. You should add all the details. Don’t forget to add the pictures of your parking space as well.
Last but not the least, Parklet. It is trusted by millions of people living in the UK. You can rent your parking space on Parklet. What are the benefits, if I rent my parking space with Parklet?
Parklet is the best choice if you want to rent your parking space for an extended period. At least for a month or more. You don’t have to worry about the agreements. Parklet will manage it. However, you have to read the terms and conditions of the agreement and make appropriate changes.
There will be no listing fee. The commission depends on the time period for which you’re renting your parking spot. If you’re renting your parking space for one day, Parklet will take a 30% commission. 25% commission will be deducted from weekly earnings. Whereas, there will be only 20% commission if you rent your parking space for a whole month.
Within few minutes their sales associate will contact you. And your parking space will be on their website. You can rent out your parking space for any time period. TrueParkings is completely safe website. They’ll share your contact number, location and other listing details with the customer.
11. Curb Flip
CurbFlip is also an amazing place to rent your parking space. You’ll need to sign up before renting your parking space. CurbFlip is available in almost all cities of the US and in Canada as well. What are the benefits, if I rent my parking space with CurbFlip?
The first thing is that listing is completely free on CurbFlip. They’ll provide a basic rental agreement but you can add or remove terms. With CurbFlip, you can link your Facebook account to rent your parking space more easily. There will be a 16% commission on monthly rentals. For more information, you can visit their website.
There are a lot of websites and apps where you can rent your parking space. The above-mentioned websites are the best rental websites when it comes to renting your parking space. Remember to list your parking space on three or more websites.
Have any questions regarding the topic? Feel free to comment down below.