Make Extra Money

byJimKincer

245 followers

2 years ago

Extra Money by Renting Parking and Space

Renting out your unused parking and unused storage space can be an excellent way to generate extra income every month. Whether you have an extra parking spot in the city or a busy neighborhood or if you have storage space that is sitting idle and not being used, these untapped resources can be monetized to supplement your monthly earnings.

Begin by evaluating the demand for parking and storage in your area. Consider the location, nearby attractions, population density, and the availability of alternative options. If you live in a densely populated urban area or near a commercial district, the demand for parking may be high. Likewise, if your location lacks affordable storage facilities, there may be a demand for storage space in your area.

Research Rates

Set a competitive and reasonable price that ensures profitability while attracting potential renters, create an enticing listing for your parking or storage space. Take high-quality photos that showcase the space from different angles, highlighting its features and any additional amenities. Write a detailed description that includes important information such as size, location, security measures, and any specific rules or restrictions that might concern you. List your space on relevant online platforms, classified ads, or community notice boards (or all).



To increase visibility and attract potential renters, market your listing effectively. Leverage social media platforms, local community groups, and online classified websites to reach a wider audience. Utilize targeted keywords and appealing descriptions to optimize your listing for search engines. Additionally, word-of-mouth marketing can be effective, so inform your friends, family, and neighbors about the availability of your parking or storage space. Don’t forget the old-fashion ways, post on bulletin boards and grocery stores or big box stores or print out fliers and spread around the area parking lots our community meeting places.

Set Clear Rental Terms:

Before renting out your space, establish clear rental terms and conditions. Determine the duration of the rental agreement (e.g., month-to-month or long-term), the rent payment schedule, any security deposit requirements, and the notice period for termination as well as late charges if late and determine a way of payment, cash, check, credit card, automatic bank draft etc. Draft a rental agreement that outlines these terms and ensures the protection of both parties. You can find templates online or seek legal advice for a customized agreement.

Enhance Security:

Potential renters will value the safety and security of their vehicles or belongings. Take steps to enhance security measures for your parking or storage space. Install proper lighting, surveillance cameras, and, if applicable, access control systems. Highlight these security features in your listing to attract more renters. (cost for the safety items could be additional charges for your renters).

Stay Organized:

Keep track of rental payments, agreements, and any maintenance or repair requests. Maintain a record of your transactions, expenses, and income for taxation purposes. And keep a log, write down everything for a record. Staying organized will make the management of your rented parking and storage space more efficient and profitable.

Renting out your unused parking and storage space can provide a steady stream of income while making the most of your underutilized assets. By following these steps and being proactive in managing your business, you can maximize your earnings and turn your unused space into a valuable source of extra money every month.

Dream it, Do it!