- Apr 16, 2018
One of the things I appreciate about technology is that it has given non-business people the opportunity to monetize their property and belongings. Take Uber, for example. Car owners can provide transportation services using their vehicles. And then there’s Airbnb, which lets people rent out their property to travelers and tourists.
I make good money through Uber and Airbnb, but I’m always on the lookout for new ways to make a buck. That’s when I discovered I can rent out my driveway for use as a parking space. With more and more people crowding into cities, parking space is becoming harder to find. The result is clogged roads and terrible traffic.
By letting people park on your driveway, you’re providing both convenience and a valuable service to the car owner. Of course, it’s awesome to make people’s lives easier, but there has to be something in it for us, right? In return for renting your driveway, you can earn up to $300 a month!
Of course, your earning potential depends greatly on your location. Homes that are close to business centers or public transport hubs have the greatest chances of earning big. The people renting your driveway will most likely be professionals. Instead of driving all the way to the office (where parking is scarce), they park at your place, and either walk or commute the rest of the way.
But even if you don’t live in a high-traffic area, I still recommend you give this a try. I mean, driveways are usually idle space, right? As long as it’s not inconvenient for you and your family, why not try making some easy money? The worst that could happen is you’ll have to keep your driveway available during the hours that you specified.
Like Uber and Airbnb, there are apps that facilitate these transactions. As with any peer-to-peer apps, you’ll want to use one that is legit and dependable. To help you decide, I’ve made a list of three apps that can help you earn money by renting out your driveway. These apps ensure the safety of both parties and process payments. But before you open up your driveway, let’s check out some important considerations first.
Can I rent out my garage instead?
The reason why I mentioned driveways initially was because most people actually need their garages. Most people I know use their garages for storage… and some of them even park their cars there!
As long as you’re okay renting out your garage, go ahead and do it. Potential renters might even prefer the protection and privacy that a closed garage provides.
The great thing about renting out your driveway is that you call the shots as far as scheduling goes. Let’s say you leave for work at 8 am, and are usually back by 6 pm. You can make your driveway available during the times you (and the rest of your family) is out. That way nobody gets inconvenienced.
If you have a pretty set routine, you can even offer weekly or monthly rentals. This is particularly useful for most office goers, since most of them would prefer to have a semi-permanent parking spot reserved just for them.
Location is King
There are many factors that determine your earnings. But the biggest factor will always be location. If you live near a business area, you can expect more rental inquiries. You can also charge higher rates, because there will always be a high demand for parking spaces in these areas. And if you live near a sports arena, demand remains high even after office hours. Most sports events and concerts happen at night, so you can expect inquiries from people trying to avoid terrible arena parking.
Other locations that can earn big are ones that are close to train stations, malls, convention centers, fairgrounds, camping grounds, and airports. If you live near an airport, you’ve hit the jackpot. Finding airport parking is extremely difficult (some travelers would even say impossible) and risky. But a private parking spot, such as the driveway you’re renting out, will be very appealing to them.
Okay, with that out of the way, here are my recommended apps:
JustPark (formerly ParkatmyHouse)
JustPark was founded in 2006, and is one of the best parking apps available. Over 1.5 million drivers use JustPark. This, in turn, create a huge potential market for your space.
It’s also one of the easiest apps to use. But best of all, listing is free! So you can list your driveway, garage, condo, or parking space with no risk. They’re pretty open to all sorts of parking spaces, not just driveways and garages. If you own or manage a property like a church or small school, you can use JustPark to turn your parking spaces into paid parking spaces during off-hours!
At Just Park, you can set your prices as you see fit (but make sure you make your rates competitive!). As mentioned, listing is free, but when someone rents your space, JustPark will charge a 3% fee. For bookings over two months, the fee is 20% for the first month, and then back to 3% for each succeeding month.
Your earnings will be sent via PayPal or bank transfer.
It’s got a cute name, but Parking Panda is serious about providing parking solutions. Parking Panda is exclusive to the United States, and operates in over 40 cities.
The app provides real-time parking analytics, so you’ll always be on top of local parking demand. It also lets you set your own rates. Whenever someone rents your space, Parking Panda gets a 20% commission, which is a bit on the high side.
Park Let, like JustPark, is a UK-based company. But unlike JustPark, the Park Let app is exclusive to the United Kingdom. Since I’m based in the states, I’ve never had the chance to use Park Let. But based on feedback from the sharing community, the company is top-notch. If you’re based in the UK, you should give Park Let a try!
But take note, the minimum rental term on ParkLet is one month. So if you post your space here, make sure you can accommodate medium-term rentals. They charge 20% per month, and there’s an additional 25% admin fee on the first month of any agreement.
(No mobile app; listings and reservations are made on their website)
The Verdict: Legit or Scam?
All these sites are legit! Of course, your actual earning will depend on your location, and the actual demand for parking in it. High-traffic areas will make more money, naturally. But since posting is free, you might as well give this a try. It’s practically risk-free!
This review is based on my experiences renting out my driveway. Now it’s your turn to share. Have you rented out your driveway or garage? What platform did you use, and how much did you earn?
Let’s hear your stories!