Rent out parking space to make money

by Sarah
May 29, 2023
Car Storage Near Me, Cheap storage near me, Make Money
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You got an empty parking space that you do not use? As you rent it out, you can start making a decent amount of passive income every month.

Do you reside in the city center, close to commuter links, the local sports center, or near local mom-and-pop businesses? Chances are, someone might be willing to pay you money for parking their vehicles in your driveway. Renting out an investment property like your parking space or driveway is a great way to make money or earn a trustworthy source of passive income every month.

In urban cities, a vacant parking space is regarded as a precious resource. As such, city drivers are willing to pay top-end dollars to rent parking spots by the week, month, or even year.

What Parking Space Can I Rent Out?

Generating cash out of your parking space is a concept that has been introduced previously. The idea is becoming increasingly popular due to the absence of parking spots. Depending on the location, you can easily make ample cash by renting a driveway or parking space that will help you earn a lucrative side income.

If you search for ways to ‘rent my parking space,’ you will come across leading options like PeerStorage -a peer-to-peer storage space marketplace that will help you utilize your vacant driveway in a highly lucrative way. The free parking spot can be a great offer for individuals trying to park their vehicles safely for some days or even months.

If you are confused about the exact type of property you can rent out to earn extra money, here are some options to consider:

Driveway: Do you have a driveway that is going unused? Then, you are currently sitting on an easy way to earn some lucrative amounts of cash every month. Peer-to-peer marketplaces like PeerStorage make is incredibly easy and quick to help you earn extra income on your vacant driveway by renting it out to people who need a dedicated vehicle parking space.

With such services, you can effectively control when and for how long you wish to rent out your driveway -by setting a maximum and minimum rental period. You can even specify particular times or days when you want to keep the driveway free for your personal use.

Parking Pad: Parking spots can be a major problem in high-end urban areas experiencing ample traffic all the year round. If you have a vacant parking pad in a city dwelling, you can effectively leverage it to double your income.

A vacant parking pad is a highly sought-after property area that most urban commuters search for to park their vehicles on a daily basis. Therefore, you can rent out unused parking pad and earn lucratively through leading marketplaces like PeerStorage.

Land: Do you have a vacant piece of land that is unused for a longer period of time? Why not convert it into a dedicated parking space? With a vacant piece of land, there are endless opportunities to earn extra income -especially by renting it out as a parking space. When you do so, you generate a steady source of passive income every month rather than keeping it unused.

Garage: Renting out your unused garage can also serve to be a great way to turn your space into an ultimate source of cash. As you rent out your garage, make sure that you get all the important documents in place before you rush in. As the garage owner, you have the right to rent the unused garage space to allow others to park their vehicles.

Leading peer-to-peer marketplaces like PeerStorage allow you to reach out to potential seekers of vacant parking spaces in your neighborhood. As you list your unused garage area on such platforms, you can easily get potential renters looking for a vacant parking space and willing to pay you in cash.

Backyard: Wouldn’t it be great to earn extra money from an unused part of your house without involving your entire home? If you have a vacant or unused backyard, you can convert it into a reliable source of passive income every month. If you live in a busy neighborhood or a place featuring lots of businesses, people will be constantly searching for vacant parking spots in the area.

By enlisting your vacant backyard on PeerStorage -a peer-to-peer marketplace, you can make potential renters seek your backyard and rent the same to park their vehicles.

How Much Money Can I Make from My Parking Space?

Depending on where you reside, the amount you should charge out of your vacant parking space will vary. Still, you can think of earning anywhere between $100 to $2000 per month -depending on the location and type of property you are renting out.

Garage: $300 to $500 per month
Driveway: $60 to $100 per month
Parking Pad: $75 to $150 per month
Parking Lot: $1000 to $2000 per month

The amount you earn from the vacant parking space will also depend on the size of the property and the level of security offered to those who park their vehicles.

How do I Rent Out My Parking Space?

If you are ready to rent out your parking space, ensure you are completely responsible. If you are a renter and have a dedicated parking unit that came along with your property, it is recommended to check with the landlord to ensure that renting out the spot is not a violation of the lease.

On the other hand, if you wish to list the parking space with the help of a third-party provider, it is advised to carefully go through the terms & conditions such that you are aware of what you are signing up for. Be precise on how much of the total rent you will pay in commissions and what services and perks are offered in your favor.

Here are some easy ways to rent out your parking space and start earning a lucrative source of income:

Head to PeerStorage, a pioneering peer-to-peer marketplace that allows you to enlist your property (a vacant parking space) in a matter of two minutes.
As you enlist your property for rent or storage, you are expected to fill up some vital information about your parking space, garage, or backyard.
Add photos along with the proper location and price.
Submit the listing on the platform.

PeerStorage will do relevant marketing of your property in the particular neighborhood and connect you with potential renters.

With PeerStorage, you have complete control of your property as the owner. The platform also verifies all potential renters on the platform such that you are at peace of mind. Through the platform, you can reach out to the prospective renters through messages. You can also consider meeting them in person before finalizing the booking.

Is Renting Out My Parking Space Safe?

Yes. With a reliable platform like PeerStorage, you can be assured of the overall reliability and safety of renting out your vacant parking space. It is because PeerStorage does all major work for you by conducting in-depth ID verifications on your part. As such, you are only expected to contact the potential renter and meet in person to be assured of the overall safety.

Another great aspect of enlisting your property on PeerStorage is that paperwork is not required. The Terms & Conditions of the platform serve as the agreement with the renter. Therefore, you can feel protected throughout the renting process.

Conclusion

There are several ways to earn extra income without taking in additional efforts. One option is growing in popularity at a rapid rate -renting the car parking space or unused piece of land for parking. It is an amazingly lucrative prospect you can consider when you have an unused piece of land or parking spot in a busy neighborhood.

All you need is a dedicated parking space or lot, and you can rent it out to help you earn some extra cash every month. In this case, you will not only be earning extra money, but you will also end up helping others save significant amounts of money on expensive parking charges. It is a win-win situation for all.

With reliable platforms like PeerStorage -a peer-to-peer marketplace, it is a seamless task to rent out your parking space. The entire process is completely reliable and safe as the platform does ID verifications of potential renters. As the property owner, you get to choose your property’s listing price. Moreover, you also get to select the right renters upon the availability of your listing.