The idea of renting out your car park space might seem crazy, but it’s not.
In fact, there are a lot of ways you can make money with your empty car park space. Here are some tips for making money from your unused space outside your home, or a parking spot you own elsewhere in the city:
Consider putting it up for sale
If you’re not convinced that renting out your space would be profitable or you’re looking for a quick and easy way to make a decent profit, consider putting it up for sale.
Monthly parking in Los Angeles can be extremely expensive, so there is bound to be someone out there who would buy up your spot.
There are a few things to consider when making this decision:
- Location. If your car park is in the middle of the city, it’s likely that people will pay more to rent or buy it. However, if it’s a long way from town, they may not want to pay as much because getting there and back could be difficult and expensive.
- Size. The larger the car park space is (in terms of cars it can fit), the higher its value will be as well – some people are looking for space to store a few vehicles or a pickup truck, whereas others might just need a little place to keep a small city car.
Think about renting it out
Imagine it: you’re sitting in the comfort of your own home and someone has just pulled up to park their car in your empty car park space. You can watch from the comfort of your sofa, knowing that you do not have to leave the house in order to make a few bucks.
One of the easiest ways to make money from your empty car park space is by putting yourself on the market as a space host.
Of course, renting the space is only one of many ways that you could make money.
For example, if renting out spaces isn’t something that interests you at all, then maybe another option would be some sort of vending machine or food truck business.
Selling hot dogs or burgers outside your house could be lucrative indeed, but it will take a little more effort on your part!
Is renting out your parking space legal?
It’s important to keep in mind that there are legal requirements when it comes to renting out your parking spot without a permit.
For example, some local councils require that you have written permission from them before advertising or using your car park for paid parking purposes.
However, the short answer is yes, it’s legal. In most states, you’re allowed to rent out your car park space as long as the property or car park is privately owned and not public land (like a city street).
That said, there may be some restrictions on how much you can charge. It’s worth comparing how much others are charging for a similar space in your area. This will help you set realistic expectations as to how much you can expect to earn from your space.
By setting your price in line with, or slightly below, your neighbors, you’re more likely to have customers, too.
Pitch up a trailer and list it on Airbnb
If you have an empty car park space, the best way to make money from it is to pitch up a trailer and list it on Airbnb. You can use this space to host travelers who are looking for accommodation in your area.
You’ll want to be sure that your caravan is fully equipped with everything your guests need for a comfortable stay: bedding, towels, kitchen utensils, etc.
You’ll also want to make sure that you have enough lighting outside to make it safe for guests coming home late at night.
Setting up a trailer on your driveway will be a win-win situation for both parties. The travelers will get a comfortable place to stay for a reasonable price, and you will earn some money from their stay!
Start a business
You can use the space outside your home as a base for your business if you own one. It will be more cost-effective than renting an office space or renting a property for your business operations.
Again, you could use a trailer or build a shed on the space – and you won’t have far to commute in the morning, either!
Wrapping up
Property owners will often have unused space outside their homes, and there are people out there willing to pay good money for a chance to use it.
Take a look at your own empty spot and see if there are any opportunities that you may be able to take advantage of. It’s worth a try, and it could be the answer you’ve been looking for to make some extra money each month.