Home Owners Rent Out Driveways for Extra Cash

January 5, 2012

Home owners looking to earn extra money are turning to their largest asset — their home — to increase their cash flow. From renting out spare bedrooms to turning their home into a vacation home, home owners are thinking up plenty of ways to earn extra revenue on their homes. The latest trend? Some home owners are now renting out their driveways. 

ParkatmyHouse debuted in the United States this week to assist home owners in renting out their driveways or parking spaces in urban areas where parking can oftentimes be scarce. Using the Web site, home owners can advertise extra spaces in their garage or driveway and rent it out for a fee by the hour, day, week, or a longer time period. The company charges home owners a 15 percent fee of whatever rental price is arranged.

Tom Boyce, director of marketing at ParkingSpotter — a similar site — says his company’s business has grown 50 percent in the past year, as more home owners look for new ways to generate extra revenue by offering up a parking spot at their home. 

Source: “Blacktop Bazaar: Site Lets Home Owners Rent Out Their Driveways,” MSN (Jan. 5, 2012)