Let’s get this straight:
Living in a city could be making you miss out on a good chunk of income every year. Imagine a city worker shelling out on parking every single day – almost $35 a week and nearly $2,000 annually just to park for an hour a day! However, that’s only for street parking.
If you ponder about off-street car parks, the cost climbs to nearly $30 an hour. This totals to a whopping $10,000 a year for just one hour of parking per day! It’s easy to see the draw of street parking in spite of the inevitable traffic it causes.
Here’s where you, as a city dweller with a spare parking space or unused driveway, come in. Although you can’t charge as much as off-street parks, drivers only need to shave a bit off their street parking to make your spot appealing. Not only is it cost-effecting, it’s also a guaranteed availability – a definite win for them and a potential gold mine for you.
Before You Lease Out Your Parking Slot:
Be Certain You Don’t Need It
At present, you may not have a car or you have an extra spot besides your car. Before announcing it for rent, ensure that it won’t disrupt your routine. Ask yourself if it’s still breezy for you to park your vehicle if one lot is reserved for a tenant. It’s essential that you won’t be inconvenienced or have to break the lease midway – both scenarios could be financially damaging.
Consider a Professional Service
For a smoother transaction, consider using a professional service like Parkhound. You’ll have a legal contract between you and the tenant. If any complications arise or you suddenly need your space back, the company can facilitate the process. Plus, collecting payments on a monthly basis is easier.
Read Your Lease Agreement
If you live in a condo, regardless of whether you’re the owner or just renting, double-check if it’s allowed to sublet your parking slot. It’s safer to know in advance to avoid any potentially costly consequences.
After you’ve checked all these, it’s time to lease your spot and earn some easy cash!