AN OWNER is making $40,000 every year renting out his unused parking space – it helps people avoid being towed or fined.
To help pay the mortgage on a home in a coveted coastal town, a man rents out his parking space.
two
two
Spacer, a website designed for homeowners to list unused parking spaces for rent on a monthly basis, is helping Keyan Golestaneh earn more than $40,000 annually in additional income.
He bought a house in San Francisco, California, and doesn’t use his extra parking space – so he rents it out to people who live in or visit the city.
“I rent my parking lot by the month to many young professionals who live out of state, including teachers, nurses and local residents,” he said. News.
“Most people rent it for several months. It works for them because it’s cheaper and safer than parking on the street; they have a guaranteed parking space, which saves them time and they don’t get fines. It’s so in demand I have a waiting list.”
He and his girlfriend live with their only dog, and although they both work full time, they have an additional $40,000 to pay their mortgage.
“I bought my house a few years ago and with the cost of living crisis I decided to rent my parking space at Spacer,” he said.
“Within just a few weeks, I got a reservation and it’s been rented out ever since.”
Spacer website indicates that San Francisco has the highest monthly rate, averaging $350 per month.
However, other regions like the Mid-Market or the Financial District can offer people some relief with cheaper costs.
The Spacer page said its site has seen a 1,144% increase in demand as parking in major cities becomes more scarce.
So far, the platform has helped hosts earn nearly $5.5 million by renting out their parking spaces.
Parking in major East and West Coast cities can be found on the website, and a constantly updated map shows people’s available parking spaces.
If someone has an empty garage or garage, it can also be rented.
Spacer’s monthly costs may be ideal for college students who don’t want to pay for an expensive on-campus parking pass, people who travel for work for an extended period of time, or simply lack parking outside their home.
Monthly costs vary depending on the location of the space, whether or not the space is covered, or how long the space is needed.
Which cities cost the most per month?
Exact costs depend on several factors, such as the city, length of stay, whether the parking space is covered or on the street, and proximity to the city’s main neighborhoods.
The most expensive cities to rent a space:
- Chicago’s rates tend to be the highest, especially in the city center, at $500 per month or more. Otherwise, fees can be as high as $120 per month.
- San Francisco has an average price of $350 per month, although places in the Mid-Market or Financial District parts of the city are cheaper.
- The New York City average is $400 per month, although Hell’s Kitchen can typically cost $275 and the West Village can cost around $475.
- The Los Angeles average is around $200, although in the Financial District parking can be as high as $400 per month.
- Washington DC typically costs around $100 per month.
- Boston averages around $300 per month, but the southern part of the city is cheaper at $125 per month, while Downtown Crossing can cost more than $400.
Source: Spacer
The cities with the highest demand for the West Coast are all in California – Acton, Alameda, Azusa, Burlingame, Compton and Concord make up the top six.
On the East Coast, Alexandria, Virginia, has the highest monthly parking needs, with Amityville, New York, in second place.
In third place is Baltimore, Massachusetts, with Berkeley Heights, New Jersey in fourth place.
Bloomfield, New Jersey, and Boston, Massachusetts, rank fifth and sixth, respectively.
This story originally appeared on The-sun.com read the full story
