You’ve got an empty driveway or garage. You need extra cash. Put the two together and: voila! Rent a parking space. It’s a really easy way to make money – and now’s the time to cash in as the summer looms.
- Why Renting Out Parking is Ideal
- Who Can Do It
- Finding Trusted Customers
- Using easyParking
- More Ways to Make Money from Your Home
Making money from your parking space isn’t a new concept. It is, however, going to be far more in demand this year than ever before. So, that’s why it’s a good time to jump on and start earning cash!
More people than ever plan to spend their summer in the UK this year. Booking international travel has become a no-go for the near future – while it looks like the national lockdown will be lifted in time for summer holidays at home. On top of that, many will want to drive to their UK holiday destination – so they don’t need to use public transport and risk being in close quarters with lots of people for extended periods of time.
That means you can make the most of these driving holidays! Your parking space is the perfect offering for those looking for somewhere to pop their vehicle safely for a few days (or longer) while they holiday in your area.
Longer term rental options
Of course, if you live in a prime location, such as near a hospital, you can make the most of renting your parking space the whole year round, too. You can either make money from a regular commuter who wants to park near to their workplace – or from those regularly visiting the area (have you SEEN hospital car park prices?!).
As long as you have a parking space that’s not in use, you can rent it out. If you have a designated parking space in a residential car park, or a driveway, you can make cash from that space.
The more space you have, the more cash you can make! For example, if your drive fits two cars comfortably (without blocking one in), that’s double potential income.
You don’t even need to be a people-person or present at the time of parking! It just takes a little bit of communication to set up the parking agreement, then it’s money in your pocket. No business experience required!
If you want to rent a parking space on your property, it’s worth checking your home insurance policy first to make sure doing so won’t invalidate your insurance.
What type of parking space rents out well?
Anyone with a parking space can offer it for rent. The places that will see regular customers – especially during the summer holidays this year, are likely to be:
- Coastal towns
- Historical towns and cities (particularly those with pedestrianised city centres and only out-of-town parking options!)
- Areas near popular holiday sites or tourist attractions
- Parking spaces near train stations (you could score a regular customer with this one!).
If you’ve got more space than most, you could even attract overnight parking for motorhomes and campervans!
Some people rely on putting a notice in their local newsagent, on a Facebook group or the NextDoor app. This is fine, but you could find you’re out of pocket. For example, someone might refuse to pay up after using your space. You’re also unlikely to guarantee a regular income going this route.
With so many out-of-towners expected in busy tourist areas like the coast and historical cities in the UK this summer, posting local notices won’t attract a regular customer base, either!
The best way to make sure you’re advertising your space, getting reliable customers, and (most importantly) getting paid, is to go through a hosting service.
Then, your space is listed on the app. When someone wants to park in your area, they can select your space – and they pay upfront. That means you get guaranteed payment for every parking booking. It also helps you manage parking bookings – avoiding calamities like double-booking.
Using a hosting service like this connects you to the customers you’re looking for – without requiring lots of legwork on your side. Once your space is on the app, it’s there for anyone looking for parking in your area to see! The booking process is easy for parking customers, and hosts (that’s you!) get paid straight away, so there’s no quibble over money.
What does it cost? A tiny 10% of your booking. When you consider how much it costs (let alone the time and effort, too!) to regularly find customers on your own, it’s well worth the fee!
The benefit of the easyParking app for renters (and therefore for you as a host) is they can search for your space whilst they’re on the move – perhaps even on the journey to the area they want to park in itself!
All they have to do is search for parking, book with a few easy clicks, and then park up. Couldn’t be easier.
Want more ideas for making money from home (or with it)? Try these next!