Renting Out Parking Space
If you live within close proximity of a stadium, concert hall or other popular venue, look to rent out parking in your driveway or sidewalk.
Renting out your driveway could net you $100 depending on the location of the spot, according to Anthony Eskinazi, founder of ParkAtMyHouse.com, a community for people that have spaces to rent and those that need a parking place.
“If you live a stone’s throw away from Madison Square Garden you could potentially charge $50 to $100 a night,” said Eskinazi. Close proximity to a Subway stop can net up to $20 to $30 a day, he continued.
According to Eskinazi, if you’re interested in renting out your driveway check to see if it’s legal in your town or community. Next check with your insurance company to make certain you will be covered in the event of an accident or damage to your property and finally, make sure you price your spot competitively. “Make sure your offer a fair and competitive price,” said Eskinazi. “Think about what you would pay for parking in that area.”
Bottom line: Some customers of ParkAtMyHouse.com make more than $10,000 a year renting out their parking space, claims Eskinazi. (Reuters)