Raising cash in a hurry #21: Rent out your parking space
Filed under: Transportation
Update May 2009: As cities suffer declining revenue thanks to the recession, expect more parking meters. This is all good news for anyone looking to rent out an off-street parking spot in a popular location.
I had two parking spaces and one car. My upstairs neighbors had two parking spaces and three cars. So when Joe asked me if he could park his truck in my "guest parking" space, good-neighbor math indicated this was the best course of action.
A couple months later, I found myself on the other side of the equation, in desperate need of a small loan to see me through until payday. I knocked on Joe's door, put on my best "cuppa sugar" smile and made my request. Joe handed me a couple sawbucks, saying, "Don't worry about paying me back. Consider it rent for the parking space."
With those words, a beautiful, mutually beneficial relationship was born. Joe and Rebecca continue to use my extra parking space and so no longer have to park their third vehicle on the street, where it was broken into several times even before the current rash of catalytic converter thefts and gas siphoning. I, in turn, get occasional bump-up to my wallet for doing something I would have done for free anyway.
I'm not sure if our handshake deal would work for others, especially among neighbors who don't already know each other. If trust has yet to be established between the two parties, a more formal contract might be necessary. In my case, though, it's been a nice benefit to getting to know the folks upstairs.
If you own some prime parking real estate, you could put some cash in your pocket and get some exercise by renting out your spot and parking further away. If you car is less convenient, perhaps you'll drive less, saving money on gas, too.
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Reader Comments (Page 1 of 1)
6-17-2008 @ 11:21AM
Norma said...
I live in a condo for people over 55, most of them are retired and some don't drive anymore, I need an extra parking spot, how much should I offer to pay for it, I currently pay $850 for my apt. Money is very tight, since I am paying or my daughters university by myself.
If you think of any service I could offer these old folks please send me you suggestions, thank you
a mom in need
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6-17-2008 @ 3:49PM
Rick said...
I've been doing this for a couple of years. I live in a condo and want an extra space so I don't have to leave our second car outdoors. I pay one of the owners who is almost never here $100 a month to use his indoor space 24/7. Now, this is higher than the $85 I could pay at a professional storage place in town, but I wanted it high enough to keep him happy parking outside on the rare occasions he visits. Bonus is he doesn't have to deal with requests from other owners to use his space for free.
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7-14-2008 @ 12:13PM
Matthew said...
I've recently rented out two of my parking space with ParkatmyHouse.com (http://www.parkatmyhouse.com) - currently have a BMW and a mini parked in my drive!
Not bad to look at and my wallet has an extra $400 a month!
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