Most people need to understand that they can use their extra space to make a source of passive or active income. Yes, that’s right!
You can make some bucks from your empty parking space in different ways. In this guide, we’ll be sharing these ways with you. So, without further due, let’s get you started!
5 Amazing Ways To Make Money From Your Vacant Parking Space!
Depending on the size of your space and its condition, you can use it for different purposes that end up making you an income stream.
Utilize It as Pop-Up Parking
You erect a fence around this momentarily vacant place to monetize it. You can purchase a cheap PMS, and, of course, a parking sign will do good. If you also have more pop-up marking spaces, you want to choose competitive prices that infuse customers into your parking space. Search for “parking spot for rent near me,” and list all the spaces and their offered prices on a list.
Then analyze their prices to find a competitive price tag for your space. The golden rule to make your pop parking more successful is to keep it more affordable. Make sure to make your vacant space more organized. Either do it yourself, or you can take help from a dedicated business that can aid you in sealing this revenue source.
Once you have organized it well, make sure to name it. Pick the name that would work well to monetize your vacant space.
Lease It Out As A Storage Space
The storage industry is one of the most lucrative businesses that you can step into. You can make a reasonable amount of money per square foot of space. In America, you may produce $1 per square foot with little to no maintenance or utility costs.
The ideal approach to making money is to rent out your parking space as storage because all you have to do is let someone else’s belongings sit there while you make monthly payments. When leasing your space out as a storage unit, you must take care of heating, electricity, and security. But, these expressions will soon be covered in the rent, so it’s worth spending some money on the basics.
Either rent it out yourself or get help from a network like Leeviet to rent out your space. It is one of the finest and safest options to do. Partnering with these networks is more beneficial as they are more approachable for the customers. Whenever a customer searches for a “parking spot for rent near me,” it is not your space that pops out in google search, but it is one of these networks. Leeviet can assist you with everything if this is your first time renting a space.
Reorient It As Woodwork Space
If you enjoy woodworking as a hobby, this space can help you make money. You can make miniature chairs, figurines, toys, and even bats out of wood in your woodwork space. Turning the space out into woodwork space might not be the best idea, but it works if you want to turn your hobby into a business. You can even consider it your part-time business to earn money. Who knows, you might end up owning your own small business.
Transform It Into An Room
Yet another way to make money out of your space is to convert it into a room, then rent it out. As a homeowner, you can easily convert your garage into a large living space or a bedroom to have an extra tenant.
This space can be a short-term rental for the holidays as an added bedroom to a rental home. Usually, a garage can easily turn up to 2 bedrooms, which can put extra cash in your pocket. Yes, you must spend some money and time to convert your garage into a bedroom.
Employ The Parking to Start Your Small Business
After the pandemic, the world has seen a surge in unicorns. Many businesses can offer you a great sum of money to facilitate their shipping, packing, and storing of products. Or, they might only need a commercial parking lot for rent, depending upon the size of your space. It can take up your whole space while keeping it livable for your family.
Leasing unused space or garages to a local business owner for their service can be extremely helpful. Many small and local businesses are still surviving and need a palace to store their extra products. A garage is a perfect place to place small retail stores like clothes, antiques, phone accessories, or even storage containers.
That’s it. These are five ways to pose your space for a more useful financial purpose. If you need help, Leeviet is always here to help you. You can reach out to them to rent or give your parking as a commercial parking lot for rent in Manila. Lastly, we want to thank you for reading this guide. We hope you have liked it.
Visit Techfily for daily updates