As it turns out, you can even rent out the street parking out the front of your house for as much as $300 a month. Here’s how.
Melbourne’s Carla Wijaya rents in a single-bedroom flat in South Yarra, which comes with a car space. She doesn’t own a car, and so rather than let it sit there empty, the PR executive rents it out to her neighbours.
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It’s a decent earner, making her $200 a month and best of all, being a tenant, she didn’t have to buy it in the first place. Her car space earns her around $2400 a year.
“I just asked around to see if anyone wanted a car space and there’s usually a few people interested. I was renting it out for $250 but reduced the price a few months ago because costs are so tight for everyone,” Wijaya says.
Rather than use one of the car parking apps on the market, the savvy saver sends the person renting her car space a simple contract she found online, which she asks them to sign.
Wijaya uses the money she makes to cover the cost of her electricity and other household bills. “It helps me out a lot actually. I feel lucky to be in a position to be able to rent it out.”
How to rent out a parking space
If you’re considering renting your car space, bear in mind that depending on your lease arrangement, you may need to check with your landlord before proceeding.
If you can rent out car parking space, you can use one of the apps out there that enable you to list your garage, carport or parking space to others.
For example, Parkhound has more than 50,000 local parking spaces listed across Australia.
The site lists garages for rent for around $400 a month, undercover spaces for $330 a month, and even street parking can be rented out on the space and make you an average $300 a month.
There’s also Oscar, which enables anyone with available car parking space to create a listing, set the availability and earn money each time your parking space is booked. Or check out Findacarpark.
Is buying a car space a good investment?
While some are renting our their property’s car spaces, others are opting to buy a car space as an investment, which is a lot cheaper than investing in real estate right now.
If you’re tempted, read on.
Buying a car space means you’ll always have somewhere to park when you head into the city. And on the days you work from home, maybe you can make a few bucks on that car spot by renting it to another city worker.
Car parks can command a decent price in capital cities like Brisbane, Melbourne or Sydney, and it’s fair to say that it’s very minimal effort.
Car spaces can be found listed for sale on commercial property sites, online classified sites like Marketplace or Gumtree, or websites like Findacarpark.
At the time of writing, there was a car spot listed in Botany Road, NSW for sale for $50,000 to $55,000, and another one in Sussex Street, Sydney listed for $150,000. Make sure you check if there are any levies attached to the purchase as well.
It’s a low-maintenance investment and an appealing opportunity for some passive income, with lease arrangements similar to renting an apartment the common approach.
Of course, supply and demand are critical factors that will impact the worth of any investment, so do your homework. The pandemic has meant that more people are working from home, which might have an impact on the market where you live.
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