America sure loves its cars. Even with services such as Uber and Lyft becoming major players in transportation, I still see a lot of people using their own cars (including yours truly). And lots of cars means lots of garage and driveway space - space that becomes empty when car owners head to work or school.
If you drive your own car, here’s an interesting way to make some money: rent out your driveway! The idea of renting out driveway and garage space seemed odd at first, but it actually makes sense. Think about it: a driveway or garage is only useful when your car is actually parked there. But when you’re out at work, that space is left unutilized. When you rent it out, you can earn during those times that the space is vacant.
I think this is a great way to maximize your property. I’ll be giving you a list of sites that let you connect with potential car owners looking to rent your space. But first, I’ll answer a few questions.
Why Would People Want to Rent Your Garage or Driveway?
There are a few reasons. If you live near a business area or office building, a car owner could park their car on your driveway and either walk or commute the rest of the way to work. Parking on your driveway would be a cheaper, more convenient option than roadside pay parking or trying to compete for a slot at the office building.
If your home is near the airport, a car owner can park their car in your garage for the duration of their trip. Again, this would most likely be cheaper than airport parking.
Of course, the above scenarios need a bit of pre-arrangement and scheduling, because you wouldn’t want a car in your space when you need it! That’s the benefit if the websites I’ll be listing. You can set your own schedules on them, ensuring that your space is available when you’re out.
Earning Potential
It depends on location. (Doesn’t everything depend on location?) If you live near the airport or an office building, you can earn greater, because those are high-demand areas. But even if you live in a residential area or the suburbs, you could still find people willing to rent. You’ll just have to manage your financial expectations Accordingly.
Apps for Renting Out Your Driveway or Garage
Here’s the list I was telling you about. Give them a try!
Parqex
Website: https://www.parqex.com/
iOS: https://itunes.apple.com/us/app/parqex-app/id981004900?mt=8
Android: https://play.google.com/store/apps/details?id=com.parqex.mobile&hl=en
Parqex is one of my favorite parking apps. For starters, they only charge a 15% commission. (They pay by check, though) You can set hourly, daily, or monthly terms for your parking space.
Using the Internet of Things, renters could even use the app to gain access to your garage (provided you have the appropriate type of locks). This is super convenient, because you won’t have to wait for them before rushing out to work.
CurbFlip
Website: https://curbflip.com
CurbFlip is a pretty good option if you live in any of these major cities:
- New York
- San Francisco
- Los Angeles
- Philadelphia
- Miami
- Boston
- Toronto
- London
- Paris
- Berlin
- Sao Paulo
- Tokyo
- Hong Kong
The site considers itself the Airbnb of space rentals. Can’t argue with that! What I like about the CurbFlip is that it offers the perfect balance between simplicity, ease of use, and flexibility. Sign-up is super easy, but you can still add terms for your own protection and privacy. And when you’re renting your space out to strangers, privacy becomes a big concern.
CurbFlip gets a 16% commission, and sends payment via PayPal or direct deposit.
Spacer
Website: https://www.spacer.com
Spacer operates in the following cities:
- San Francisco
- Los Angeles
- Boston
- New York
- Chicago
- Washington
They also facilitate different kinds of storage rental, including storage for RVs, boats, cars, furniture, office documents, and clothes.
Spacer charges 15% commission every time someone rents your space. One of the great things about Spacer is that they provide insurance everytime someone rents your space! Luckily, I’ve never had to use it, but it gives me some extra peace of mind knowing it’s there.
SpotHero
Website: https://spothero.com
iOS: https://itunes.apple.com/us/app/spothero-find-parking-deals/id499097243?mt=8
Android: https://play.google.com/store/apps/details?id=com.spothero.spothero&hl=en
SpotHero is one of the biggest parking apps in the United States. They’ve facilitated over transactions for over 10 million cars.
Being one of the leading companies of its kind, you can expect great service. They’ve always been professional each time I’ve had to request assistance (which is rarely).
Parking Cupid
Website: https://www.parkingcupid.com
Parking Cupid offers a service you’ll, ahem, surely fall in love with. Parking Cupid is different from other apps and sites because it doesn’t function as a middleman (or middlecherub?). You pay a set monthly, quarterly, or annual fee to have access to their user base. Fees are as follows:
- $15 for monthly
- $30 for quarterly
- $90 for annually
They’re deliberately hands-off, so you need to have a bit of experience when setting the terms and conditions with potential renters.
The Verdict: Legit or Scam?
All these sites are legit ways to rent out your driveway or garage! Renting out your space is a great way to earn money during the hours when that space would otherwise be left idle. Give it a try!
Your Turn
This review is based on my own experiences renting out my driveway. Now it’s your turn to share! Have you tried renting out your parking space?
Let’s hear your stories!