Current Events > Large metro-area CEmen -- are you renting out your parking spaces yet?

(+) Yeah! (+)

https://www.washingtonpost.com/news/where-we-live/wp/2017/11/27/some-are-finding-that-renting-out-a-parking-space-in-the-d-c-area-can-be-lucrative/

Turn your driveway into cash, touts the website, Parklee.com.

Park smarter, advertises the home page of SpotHero.com.

SPOT, a start-up launched in the Boston market, has already booked more than 1 million hours of parking time, according to its founder and chief executive Braden Golub. It is expanding to more markets, including Washington.

We help parking spot owners rent for a half-hour up to months at a time, Golub said.

Golub said individuals make up 50 percent of his app users. The other 50 percent is made up of various types of businesses.

Office buildings, grocery stores and retail can monetize empty parking spots, Golub said.

Companies may rent parking spots in their office building for employees but dont use those spots at night, Golub said. With our app, they can generate income from those empty spots and pay their own rental expenses.

Apartment buildings are also entering the parking business to generate extra income.

I found Park Monroe Apartments in Columbia Heights, located two blocks from the Columbia Heights Metro station in Washington, advertising parking spaces on Craigslist. Its list price is $125 for a month-to-month contract.

Interest in making money from renting parking spots has grown in the past few years.

No surprise that the person buying up parking spaces to rent them out lives in, or at least buys parking in, Chevy Chase. Is it you, @Darkman124 ? (I actually don' think you live in Chevy Chase but close enough probz)
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i live in beltsville/silver spring and work north of dc, so it aint me

this is a thing but the millenial response is to live a short distance from work and just uber/metro/walk

so it doesnt seem like good ROI, mainly targeted at selling to much older people who still commute in from the burbs
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A parking spot in Boston recently sold for like 150k
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That's an interesting idea. Think about apartment complexes that give you a spot as part of your lease. Boom, free spot right there.

If not? Say they charge you for one? You could still make a profit. Say it's $50/mo to lease a spot from your apartment complex. Then you turn it around and sell it for $100/mo to some random.

Sounds like an incredible idea tbh. I can think of two of my best friends right off the bat who live in DC but don't have cars.
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Darkman124 posted...

i live in beltsville/silver spring and work north of dc, so it aint me

this is a thing but the millenial response is to live a short distance from work and just uber/metro/walk

so it doesnt seem like good ROI, mainly targeted at selling to much older people who still commute in from the burbs

I think it is a pretty good bet considering how we finance roads vs public transit (and considering how difficult it is to relax minimum parking requirements). it seems, to me, like a bet that we will keep sprawling the way that silicon valley has for instance where some rich people literally just own personal planes for their commute because of congestion and a lack of affordable housing

although I agree it really depends on when you think autonomous vehicles will really take off
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My apartment is gated and not near anything important so no
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