Renting Garage or Driveway For Passive Alternative Income

by Scott on October 9, 2008

Going Down?
photo credit: Dawn Endico

Can you help drivers turn a frustrating situations into a profitable one by renting garage or driveway parking? Parking in San Francisco can be frustrating at times, whether you are a tourist looking to park for the day near Ghirardelli Square or a business person looking for a 2 hour spot near SOMA. Larger parking lots can be full during rush hours and you can get frustrated circling the same block for 30 minutes looking for street parking. Maybe you have a two hour business meeting in downtown San Francisco but hate paying the daily rate of $18 or $24. What can you do?

Do you live in San Francisco and have an extra cement parking spot next to your house? Maybe you have a driveway or parking spot you don’t utilize during the day. Would you like to earn some passive alternative income while you’re at work? Maybe your planning a vacation for several weeks and won’t need driveway access. Renting out your driveway could give you some extra cash and the security that a visible car is in the driveway.

Currently if you wanted to rent your driveway, garage, or extra space you would place an ad in the paper or on craigslist advertising the parking spot. Craigslist is a good option but requires you to be active looking through dozens or hundreds of ads looking for a match. Then you need to negotiate a parking fee and collect the fee. A new alternative that takes much of the work out of renting your parking space is GottaPark.

GottaPark is a parking broker and provides a web based tool to automate the parking process. Setting up an account is free and homeowners and business owners enter the available parking spot and determine the price. You can charge as little or as much as you want. When a customer selects to purchase your spot for one day or 1 week, you are notified and you are paid through paypal. No negotiating or collecting rents as you would with Craigslist.

Some ideas for utilizing GottaPark would be for raising funds for churches or schools. If your school or church is located downtown you could set aside a few spots for rental income. Earning extra income could help boost your school or church fundraising efforts.

What can you expect to make from renting your driveway or parking spot?

Here are some sample rates I found through GottaPark.
My sample search for parking on near Clay and Van Ness found a $3.00 rate and $7.50. The $3.00 seems to be a much better deal as it’s also closer to my destination. Rates closer to downtown can range from $7.50-$20. If you have a sporting event, parade, or special event near your neighborhood you could list your driveway or parking spot for extra income. Fleet Week is coming to San Francisco and will be drawing thousands of visitors and cars to the city. If you live in the Marina district, Embarcadero, or near Van Ness you could make some extra income from your available parking spot.

Currently GottaPark only services the San Francisco area, but another company called ParkWhiz offers more cities. A review of the ParkWhiz website shows parking availability for airports and even sporting events. You might find a cheaper parking alternative at a local home or business for Wrigley Field.

Do you live in San Francisco or another city and have utilized a parking service like GottaPark or ParkWhiz? Are you making passive alternative income from your parking spot? I’d like to know. If you’re looking for additional passive income ideas you can start here.

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{ 6 comments… read them below or add one }

1 jj-momscashblog October 9, 2008 at 7:33 pm

Hey Scott, Great post, where I live in the there is a country fair that draws thousands of people to this one fairly small town. The people in the neighborhood started (they have been doing this for years) to put up” parking signs” on their lawns in their driveway, some have even rented “johnny on the spot” and are charging for parking. It has been paying many of the neighbor’s property taxes and even having a little passive income left over.

2 Curt October 10, 2008 at 7:51 am

Excelling idea if you can live where parking is limited and valuable.

3 passivefamilyincome October 10, 2008 at 7:07 pm

Scott – I love that idea. So are you able to rent any of your space out? I use to live in Ann Arbor, MI and people around UM stadium could charge $30+ / car to park in their driveway or yard for University of Michigan football games. I had some friends who would make their one of their monthly mortgage payments per year just from the money they earned renting out parking.

4 FruGal October 15, 2008 at 9:09 am

Great post. I have a friend who does this actually, and makes a nice little side income from renting their parking space. :)

5 Uncommonadvie October 20, 2008 at 9:45 am

I think that the probability of using this as a valid income stream is greatly over-exaggerated.

6 passivefamilyincome October 20, 2008 at 12:06 pm

Scott – I just stumbled your post. I thought it was a nice creative passive income stream if you live in the right location. Nice job!

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