Renting out your driveway can be a lucrative way to earn extra income, especially if you live in an area with limited parking options. However, determining the right price can be challenging. Here’s a guide to help you decide how much should I charge to rent my driveway. But guess what? There’s a golden opportunity hidden here. If you have a spare parking space, whether it’s a private driveway or a deeded spot, you might be sitting on a small goldmine. You could rent that empty space and earn some extra cash!
How much you can make renting your driveway or parking space
Generally speaking, you can legally rent out any part of your property that you own, or even property you’re legally renting, as long as your homeowners association (HOA), lease, or rental agreement doesn’t forbid it. There may be local zoning regulations or other laws that preclude renting out parking spaces, so you’ll need to check with your local government, but if you have the right to park a vehicle somewhere, you can most likely rent that space.
And how much can you make? That hinges on classic market conditions—supply and demand—as well as your location. In the heart of a dense, parking-starved, high-cost area, parking spots can be incredibly valuable.
Conversely, in areas with plenty of parking options, you’ll obviously make less. The Parking Mate App lets you list and rent parking spaces, Parking Mate estimates that most people make about $200 a month renting their driveways, though the range goes from $50 to $1,000 per month. For instance, in Somerville, Massachusetts (just outside Boston), a parking spot fetched $220 per month, and the tenant didn’t even own it!
Even if you only get $50 a month for a spot you’re not using, that’s essentially found money. And $200 a month is $2,400 a year—not exactly chump change.
Prepare your empty Driveway
Getting your driveway ready for potential renters will help you secure a reservation quickly, putting more money in your pocket. Renters want to see that your driveway is clean and ready for their vehicles. Before snapping pictures, tidy it up if it’s not already clear. Sweep the area and remove any debris on the sides to make it look as inviting as possible. You’ll want to make a stellar first impression on potential renters.
How much can I charge to rent out my Driveway?
Driveway owners can browse for other driveways and parking spaces to gauge the going rate for their unused space.
Like every rental opportunity, your location is the most important factor. Large driveways or outdoor parking can rent for $50-$150 per month depending on location. Decide on a fair asking price and consider offering a first-month discount.
Responding to messages & requests
As your listing gets more views, you’ll start receiving messages from potential renters with questions. To proactively address these, include as much detail as possible in your driveway description. Mention any tight turns, access limitations, and available amenities.
Renters may also want to see the listing in person before reserving, especially if they’re storing a classic car or other expensive vehicle long-term. While showing them the space is encouraged, you can also add more photos and a video to your Parking Mate listing to provide a comprehensive view.
List more unused space
Have other parking or storage space? Rent out additional spaces to earn more monthly income! Parking Mate allows you to rent out your parking space, garage, self-storage unit, basement, bedroom, shed, attic, office, warehouse, or any other type of rental property. Additional rental property can generate hundreds or even thousands of dollars in passive income each month.
What to consider before renting out your Driveway or Parking space
Here’s what you need to know to get started:
- Rates. Different apps promise varying average rates and earnings, but nothing’s guaranteed. You can usually set your own rate within broad limits, so research what the market will bear. Remember, a garage spot with 24-hour access will always fetch a higher rate than a curbside spot with limited availability.
- Liability. You’re generally responsible for what happens on your property. If your renter’s vehicle is damaged or stolen, you might be held liable. Understand the protections offered by the service you’re using.
- Payments. The Parking Mate App uses the Stripe Payment gateway. You sign up for a separate service and link a bank account. Be prepared for any tax implications due to the extra income, which might mean additional paperwork at tax time.
- Scheduling. You don’t have to rent out your parking 24/7. You can offer it during specific times. For example, if you commute to work, list your driveway as available from 9 AM to 6 PM every weekday. While this reduces the pool of potential renters, it might be the perfect solution for someone, giving you extra income without sacrificing your parking spot.
If you’ve got an unused parking space and could use some extra cash, renting it out is pretty easy. Depending on where you live, you could make a few hundred or even a few thousand bucks a year. If you’re looking for extra income, it’s definitely worth exploring.
