We’ve all been there: you’re on the way to work, and you realize that your car is parked in exactly the wrong place. You’re going to be late for that meeting or presentation, and there’s nothing you can do about it because your car is already parked.
What if you had another option? What if instead of fighting for space in the city center streets, you could rent one from someone who isn’t using theirs?
If you want to make a nice extra income every month and have car spaces for rent Sydney, you can rent it out to people like these – it couldn’t be easier.
It’s the small things that make a difference in your weekly budget
While the average home price in the city has skyrocketed over the past decade, your parking space is likely to be one of the most underutilized features of your home.
Renting out an unused space relieves pressure from an otherwise stressful budget. Renting out a parking space can help ease financial strains for homeowners who don’t have their own car, or have more space than they need to park their own vehicles.
Renting your parking space is hassle-free and could see you earning hundreds of dollars every month by doing very little.
Renting out your parking space can really help you make ends meet with the current cost of living crisis. And if you live in a city where the price of real estate is skyrocketing (and there are plenty of them), renting out your parking space could be one way for you to get some extra cash on the side and facilitate your dreams of moving into a bigger place!
There are more renters than ever before
Paying hourly for parking in the city is incredibly expensive – especially for those who work, and park, for 40 hours a week in the city.
Parking spaces are a hot commodity, and for good reason. Many people prefer to drive, and there are plenty of reasons why public transportation isn’t always the best option.
Renting a space on a private property also gives drivers peace of mind that their vehicle is safe and sound while they’re away; leaving it parked on busy city streets can be risky.
More people want to live outside of cities
Picture this: You live in a small town, and you love it. You get to walk to the grocery store and take your kids to the park every day. You don’t have to deal with traffic or crowded sidewalks.
But you also work in a big city, so you have to commute into that hub of activity every day. And all those people who live there—they’re taking up all the parking spaces!
More people are moving out of big cities to live in the suburbs. But they still have to commute for work, and it’s no secret that parking is a pain.
So what does this mean for you? It means you’re almost guaranteed to have customers lining up to rent out your parking space all the time!
Of course, how in-demand your parking space is depends on location. But if you’re in a central spot with easy access to many workplaces, you can be sure there are hundreds of professionals out there waiting for a space like yours.
People are prepared to pay extra for parking spaces
The average person spends about 15 minutes looking for parking in their city, which means that a considerable percentage of the time spent traveling is spent trying to find somewhere to park.
What’s more, public transport may be relatively inexpensive in some cities, but it just doesn’t offer the same level of convenience as driving does.
There’s also the risk of getting ticketed if you get held up at work and have to leave your car parked for longer than anticipated.
These reasons are exactly why people are willing to pay a substantial sum to rent parking spots just like yours.
If you can offer a safe and convenient place for commuters to leave the car all day, you’ll be raking in a tidy profit in no time!
How much can I make from renting out my parking space?
It depends on the location of your parking space. If it’s near a busy store or restaurant, or close to an office building, the potential renter will expect the rent for that space to be higher than if it’s in an industrial area or residential area.
There are some factors that affect the cost of renting out a parking space. The most important factors are:
1) Location: where is your parking space located? Is it closer to an office building, shopping center or school?
2) Size: how many people can park there? Does it fit more than one car? Does it have room for a motorcycle as well?
3) Security: how secure is your parking lot? Are there gates around it so no one can drive into it on accident? Are there security cameras monitoring who comes and goes from their cars at all times? If not, then this will greatly reduce the number of potential renters who would.
The takeaway from this article is that there are plenty of people out there who will pay you to use your parking space. If you have a driveway and don’t need it all the time, renting it out for a day or even a month can be an easy way to make some extra cash without any work.
If you live in a busy city that has limited parking spaces and an increasing population, renting out your space can be a wise decision. The rental market is thriving and growing, with more people than ever before renting out their parking spaces.