A HOMEOWNER is making $40,000 every year by renting out his unused parking spot – it helps people avoid being towed or ticketed.
To help pay his mortgage on a house in a coveted coastal city, a man rents out his parking space.
Spacer, a website designed for homeowners or property owners to list unused parking spots for rent monthly, is helping Keyan Golestaneh make over $40,000 annually in additional income.
He bought a house in San Francisco, California, and doesn’t use his extra parking space – so he rents it out to those both living in or visiting the city.
“I rent my parking by the month to a lot of young professionals who live out of state, including teachers, nurses, plus local residents,” he told NewsWire.
“Most people rent it for several months. It works for them as it’s cheaper and safer than on-street parking; they’re guaranteed a parking space so it saves them time and they don’t get tickets. It’s so in demand I have a waiting list.”
He and his girlfriend live with their one dog, and though they both work full-time, count on the additional $40,000 to pay off their mortgage.
“I bought my home a few years ago and with the cost-of-living crisis decided to rent out my parking on Spacer,” he said.
“Within just a couple of weeks, I got a booking, and ever since it’s been rented out.”
Spacer’s website indicates that San Francisco has the highest monthly rate at $350 per month on average.
However, other regions like the Mid-Market or Financial District can offer people some relief with cheaper costs.
Spacer’s webpage said their website has seen a 1,144% rise in demand as parking in major cities becomes more scarce.
So far, the platform has helped hosts make nearly $5.5 million by renting their parking spaces.
Parking in major cities on both the East and West Coast are found on the website, and a constantly updated map shows people’s available parking spots.
If someone has a garage or driveway that’s empty, that can be rented out, too.
Spacer’s monthly costs can be ideal for college students who don’t wish to pay for a pricey parking pass on campus, people traveling for work for an extended period, or simply a lack of parking outside a home.
Monthly costs vary on the spot’s location, whether or not the parking spot is covered, or how long the spot is needed for.
Which cities cost the most per month?
Exact costs depend on a variety of factors, like the city, length of stay, whether the parking spot is covered or street parking, and proximity to major city districts.
The most expensive cities to rent a space in:
- Chicago’s rates tend to be the highest, especially in the downtown area, at $500 per month or higher. Otherwise, rates can be as low as $120 per month.
- San Francisco has an average price of $350 per month, though spaces in the Mid-Market or Financial District parts of the city are less expensive.
- New York City’s average is $400 per month, though Hell’s Kitchen can typically cost $275 and the West Village can cost around $475.
- Los Angeles’s average is around $200, though in the Financial District, parking can rise to $400 per month.
- Washington DC typically costs around $100 per month.
- Boston’s average floats around $300 per month, but the Southern part of the city is cheaper at $125 per month, while Downtown Crossing can cost more than $400.
Source: Spacer
The cities with the highest demand for the West Coast are all in California – Acton, Alameda, Azusa, Burlingame, Compton, and Concord make up the first six.
On the East Coast, Alexandria, Virginia, has the highest need for monthly parking, with Amityville, New York, taking second place.
In third place is Baltimore, Massachusetts, with Berkeley Heights, New Jersey, coming in fourth.
Bloomfield, New Jersey, and Boston, Massachusetts, take the fifth and sixth spots, respectively.
