Rent Out Your Empty/Unused Parking Space And Make Money
Rent out your parking space on the let's park driver app. List it & Rent it for FREE. Earn extra income monthly.
Do you live in the city, near many businesses, commuters, or even the local football ground? Someone is willing to pay you cash to park their car in your drive.
It might sound crazy, but depending on where you live, you could get as much as $300 a month for renting out your parking space, or even more, if you live in New York.
Yep, you heard right – $300 a month for doing absolutely nothing. And because it's passive income, you can earn money while you're away for a holiday.
Here's our guide to everything you need to know when renting your parking space for the money.
For a few more ways to rake it in by doing nothing, check out our guide to making cash in your sleep.
Can you rent out your parking space?
Credit: Warner Bros
If you have an empty car parking space, you'll likely be able to rent and earn money from it. But, there are a few things to consider first:
- Can the space legally be used without a permit (such as on a driveway or in a garage)?
- Do you legally own the property or have permission from your landlord to rent out the space?
- Can the space be accessed without a key, code, or fob?
If the answer to the above questions is 'yes', then the chances are you can rent out your parking space without an issue.
However, if you have answered 'no' to a couple of the questions, don't lose hope.
Spaces requiring council parking permits are an absolute no-no for renting, but you can rent non-council permit spaces. You might find these spaces at churches and schools, and although it's unlikely that a student house would come with one, we wouldn't like to say for sure that they won't!
Of course, even if the council doesn't control your permit space, you must check with whoever owns it before renting it out. So, if you're renting a property as a tenant, get permission from your landlord first.
Similarly, having some barrier to accessing the space (like a key or a fob) isn't the end of the world.
All it means is that you'll need to be there at parking when the driver arrives to hand over the key and collect it when they leave, or in the case of a code lock, they will contact you to know the combination.
How much to charge for a parking space
Depending on where you live, the amount you can charge for your parking space will vary widely – you could get anywhere between $50 – $500 per month.
But of course, when you're a landlord, even the lower end of the scale represents welcome cash.
To get a rough idea of how much you could earn, decide which company to rent your parking space through, and see how much other people on the site are charging.
Don't take it as gospel, though – waving around an expected fee like an excited chicken doesn't mean people will pay it. Instead, consider the value as a guide to see if it's worth your time.
Is it worth buying a parking permit if you have a driveway?
If you live on a road where parking permits are mandatory but have a car and a driveway, see if it's worth buying a permit and renting out the driveway.
Permit parking is typically found in areas where spaces are in very high demand, such as high streets and commuter links. It means that you'll likely be able to charge more for your driveway space than it'll cost you (as a resident) to buy a permit for the road. Profits!
How to rent out a parking space
Here are a few things to know about renting out your car parking space:
You need a valid contract
- Yes, we know, it's just a driveway – but, legally, you'll be seen as a landlord with tenants.
- The main thing is to ensure you clearly state that you're not responsible for the vehicle or its contents. No one wants to fork out for a new Jag they don't own.
- Some sites will help you with this, but you can also find templates online.
You must consult your landlord
- If renting the property, you must ensure you're allowed to rent out the parking space.
- It is technically subletting (which could be a breach of your tenancy agreement), so get some written consent from your landlord or agent.
You can't rent out a space on the road
- There's a massive difference between renting out a garage or private driveway and letting someone park on the road outside your house – even if you've got a spot on it.
- As we mentioned earlier: the first one's legal, and the second isn't.
You may have to pay tax on the income
- Like any other source of income that comes your way, the income from parking space will be taxable if it takes you over your yearly tax-free limit.
- It isn't hard to work out if this applies to you, and paying for it is pretty easy. You can find all the information regarding the tax in our tax guide.
Let's Park best car parking NYC app, enter your current location, and choose your check-in and check-out time to view all the New York parking spots near you. Then, choose the New York city parking spot you like best and reserve in minutes. It's as easy as that!
To learn more about Let's Park best parking app, Download Now: https://www.letspark.online/download.html