Top Tips For Renting Your Parking Spot To Earn Extra Money

If you live in the city then you could be missing out on significant earnings throughout the year.

It may not sound excessive but consider someone who works in the city having to pay that every day. That’s $35 a week and close to $2,000 per year; just on parking for one hour a day!

But, that’s just for on-street parking.

Take your car off the street into the car parks and you’re looking at closer to $30 an hour.

That’s roughly $10,000 a year, again on one hour of parking a day! You can instantly see why people try to get on-street parking, causing congestion as they circle for space.

This creates an opportunity for you if you live in the city and have a parking space or driveway that you’re not using.

See Also – How to earn money with your vehicle.

You won’t be able to charge as much as they can pay to park off-road. But, motorists only have to save a little of their on-street parking to grab your parking space.

After all, it’s not just cost-effective, the space is always there ready for them.  You can make a small fortune every year!

Tips When Considering Renting Your Parking Space

There are a few things you should consider before you commit to renting your parking space:

• You Won’t Need It

Right now you may not have a car or you have a car and a spare space.

But before you commit to renting your space, make sure that it won’t be inconvenient for you.

For example, is it still easy to park your car if one space is left available for your renter?

You need to be sure that it won’t be a hassle or that you will have to change your mind halfway through the contract, that could be a costly mistake. 

• Go Through A Company

It’s best to use a company, such as Parkhound mentioned above.

This will ensure there is a legally binding contract between you and the person using your parking space.

It will make things easier if something goes wrong, you need your space back, or there are any other complications. 

This approach will also make it much easier to collect the funds on a monthly basis and ensure you are being paid for the space you’re providing.

• Check Your Lease

If you’re living in an apartment, whether you own or rent, you need to verify that it’s permissible to sub-let your parking space.

It’s better to do this before you rent the space and find out you’re not allowed to. That could cost you a significant sum of money.

Once you’ve checked the above it’s time to rent your parking space and earn yourself some money.

It’s possibly the easiest cash you’ll have ever earned!