Rent Your Driveway: Turn Your Driveway in a Money Maker
Parking rentals are booming. Are you ready to give your driveway a part-time job? Read on to learn how easy and profitable it is to rent your driveway.
Every year in September, a small town in western Washington hosts the state fair. Around one million people visit the fairgrounds for three weeks of the month. The town’s infrastructure, which normally supports a modest 40,000 people, needs to be beefed up to meet the extra demand. This means extra police, more waste receptacles, and homeowners that are willing to let their driveways become temporary parking lots. Property owners who live in nearby can rent their driveways, front yards, garages, backyards, and anywhere else where they can safely fit a car to fairgoers without a place to park. Some simple math (approximately 14 cars a day at $20 a car for 20 days) says this little side gig becomes a lucrative business opportunity for these part-time parking lot entrepreneurs. Hello, Christmas spending money, or maybe even— Hello, island winter vacation!
You don’t have to live in a small town swamped by fair goers wielding corndogs and rollercoaster tickets to make a similar cash grab. If you have a driveway or parking area you can spare, even if for just part of the day, someone will want to rent it.
If you live in a medium to a large sized city where parking is a rare or expensive commodity, you could be providing a valuable service to commuters, the city, and yourself at the same time.
How Much Money Can You Make?
Most likely anywhere from around $100 to $250 a month. Sometimes more, sometimes less.
Why such a variation? It depends on things like supply, demand, and location.
How much money you can reasonably charge someone to rent your driveway depends on where your driveway is located, how many other parking spots are available (or lack thereof), and how many people want to rent it. Is your driveway or parking area located downtown or in the business district? Is it near a valuable commodity like an airport or train station, or is it by a recreational destination such as a lake, beachfront, resort, national forest, or theme park? Congratulations, you have prime parking real estate and you can try to get top dollar for it.
But suburbanites needn’t cry: you also have valuable land. People own a lot of vehicles. Especially big-space, hard to park vehicles in the form of RVs, boats, trailers, tractors, 4-wheelers, as well as extra cars and motorcycles. Ask anyone who owns one of these space hogs: there never seems to be a convenient spot to park them. If you can provide that spot, you’re in a very good position to be helpful to someone.
If you have the room for it, take a cue from real estate developers: Double the space means double the rent. But don’t get greedy and try to park six cars in a driveway that was only meant for two. Cars need to be able to easily drive into the space, and just as easily back out, and no one is going to appreciate the risks of steel and fiberglass cars being sardined in together so you can make a buck. Make the parking experience pleasant and safe for your renters and you will increase the likelihood of making it a long-term deal.
What About Amenities?
Is your driveway well-lit, gated, or in a free-standing structure such as a garage or carport? Is there security available, even if it’s just a padlock on a gate? Any extras will allow you to charge more for rent. In other words, what does your driveway offer that no one else can? And if all you have is a slab of concrete big enough for one car or a motorcycle and nothing else, that’s fine, too. Your bare minimal driveway may be just the thing that someone with a limited budget and no place to park needs.
Do some research. Log onto hopperstock.com and see what other people in your nearby area are renting their driveways for, and that will give you an idea of what you can bring in for rent.
After you’ve done your research and are ready to make your driveway available, here’s how you list it.
How To List Your Driveway
1. Spruce it Up
If it’s just a driveway, a slab of pavement, or field to park in, this shouldn’t take very long at all. Just give it a sweep or a quick hose treatment. Remove any debris, branches, tools or equipment that could be a tripping or parking hazard.
2. Take a Picture
A driveway isn’t very photogenic, but in this case, a picture is for more than just aesthetics; it lets the potential renter check out the space for themselves. If your renter is a commuter who is only looking for a convenient place to stash their car while they’re at work, they may not care so much what it looks like. But someone who wants to rent a place to winter their precious RV until next spring may have a more discerning eye. You don’t need to get too creative here, just a simple picture, or two, to show what your driveway or parking area looks like.
3. Take Notes
When you go to list your space in the next step, you’ll need to know the dimensions of your rental parking space, in feet, and if you’re subdividing it. Also, take notes on whatever extras (amenities) your driveway can offer. What date and time is your driveway available? Is it ready to be rented immediately or is next month the soonest? Is it available for 24 hours a day, 7 days a week, or just from 9-5 Monday through Friday?
4. List It
Go to Hopperstock.com and take a few minutes to list your driveway. You’ve already done all the hard work (that wasn’t that hard), now just plug in the numbers and let Hopperstock let everyone know you have an available driveway to rent. Once a potential renter finds your listing they will contact you. Answer their questions honestly and in a timely manner so you don’t lose the sale to someone else. Once all parties agree, they will pay through Hopperstock which will go directly into your account.
Have you listed your driveway? Let us know how it went!