Have you ever thought about making some extra cash by renting out your unused driveway or parking spot? With the rise of peer-to-peer parking apps like SpotHero, it's now easier than ever to monetize your available space.
In this blog post, we'll break down exactly how SpotHero works, the income potential, tips for maximizing your earnings, and everything else you need to know to get started renting out your driveway.
How SpotHero Works
SpotHero is a website and app that connects people looking for parking with homeowners, businesses, and others that have spots available. As a homeowner, you simply list your driveway, garage, or parking spot on the platform for free.
You get to set your own availability, prices, and rules. SpotHero takes a small commission from each booking - usually around 20-30%. The rest of the money goes directly to you!
It's an extremely easy, flexible way to earn thousands per year without much effort on your part. You don't have to meet the renters in person or do anything other than make your space available.
Income Potential of Renting Your Driveway
Just how much can you realistically make? Here are some numbers:
Average hourly earnings range from $3-$8/hour on SpotHero
For a typical sized driveway or one-car garage, owners earn around $150-$200 per month
Top rated owners can earn $500+ per month or $6,000+ per year
The earning potential varies widely depending on your location, availability, pricing, and parking demand. But thousands per year in passive income is very achievable.
And remember, this is for a parking spot that likely sits unused most of the time anyway! It's a great way to get paid for an unused asset.
Getting Started with SpotHero
If you want to start renting out your driveway, here are the basic steps:
1. Sign up for free as a parking host on SpotHero.com
2. List your available parking spots with details like size, features, availability and pricing.
3. Set your custom calendar and rates. Many hosts charge higher rates for popular events or peak times.
4. Sit back and wait for renters to book and pay for your spot online.
5. Track your earnings and manage your space right from your SpotHero dashboard.
It's that easy to get started. You control everything through their website or mobile app.
Tips to Maximize Your Earnings
Here are some pro tips to help you earn more as a SpotHero host:
Description: Provide an accurate, detailed description of your parking space so renters know what to expect. Include photos.
Availability: The more available you can make your space, the more bookings you are likely to get. Enable instant booking.
Pricing: Check rates of other spaces in your area. Price competitively but not too low. Raise prices for peak times.
Amenities: Offer any useful amenities like electric vehicle charging, garage access, security features, etc.
Location: Spots downtown or near big venues, stadiums, event centers will have the highest demand.
Ratings: Provide excellent service and communication. Get positive reviews to increase your search ranking.
Promotions: Consider offering discounts or deals to attract early bookings when listing a new space.
By optimizing in these areas, you can maximize revenue from your unused parking asset.
Answering Key Questions About Renting Your Driveway
We know you probably still have some questions about how the process works. Here we answer some of the key questions we get:
How safe and secure is it renting my driveway to strangers?
SpotHero has features to help maintain security. You can enable PIN code entry to your garage or gate. You also rate renters, and risky users can be banned from the platform. Many homeowners also install security cameras covering their driveway and parking area. As long as you take basic precautions, it is generally very safe.
What happens if a renter damages my driveway?
Renters must agree to SpotHero's terms and conditions when booking. This gives you coverage in case of damage claims up to $1 million, subject to the details in the terms.
Do I need to report the income on my taxes?
Yes, rental income from leasing out your driveway/parking must be reported. SpotHero will provide you with a 1099-MISC form if you earn over $600 per year. Check with a tax professional to understand how the income should be reported.
What if a renter overstays their booked parking window?
As the homeowner, you can have unauthorized vehicles towed at the renter's expense after their booked parking window expires. This is a last resort, but helps prevent overstays.
Do I need to shovel snow or clean my driveway for renters?
As the host, ensuring your parking space is accessible is important. Most homeowners handle basic maintenance like snow removal during winter. But you set your own rules on things like cleaning expectations.
What support does SpotHero offer hosts?
SpotHero provides 24/7 customer support via email and phone. You can contact them with any issues related to reservations, payouts, account management, and more. They want hosts to have a smooth, successful experience.
I hope this blog post has provided a detailed overview of how SpotHero works and the moneymaking potential of renting your driveway. Thousands of homeowners are already generating passive income from their unused parking spots.
With SpotHero's platform and protective features, it's relatively low risk. The extra income can be life changing, allowing you to pay down debt, take a dream vacation or handle big expenses stress-free.
If you're ready to put your driveway to work, visit SpotHero.com today to get signed up and listed in just minutes!
Comments