Renting Out On-Campus Parking
There’s nothing more lux than having a parking space on campus that you don’t even need–or want–to use. So while most students struggle to find a place to park their cars, you have a parking space just sitting there! In some cases, that’s great for you. You’re good to go when you or a friend or family need a place to park. But we’ve got a better idea for you. How about turning that parking space into something that can earn money for you–especially when you aren’t using it? Attention all Milwaukee college students with a parking spot they don’t use: Start renting out on-campus parking!
1: Decide When You Want to Rent Out Your Spot
If you have zero use for your parking spot, you might be okay with renting your spot out daily. In other cases, you might only want to rent your spot out during specific times or during particular events–game days and campus events, but you end up using it during other times. Consider the hours: do you have a parking space just a few blocks from campus that you don’t use during the day but will need to use when you get off work? What about your days off: will you still be using your spot? Carefully consider when you need your space for personal use–or that of friends and family members who drive–before you create your listing. All the other times, take note of and assume that someone will be using it almost immediately.
2: Consider Your Pricing
Parking is at a premium on campus on game days or during significant events, from job fairs to races. On those days, you can charge surcharge pricing for your spot. But on event-free days, consider the price of parking spaces near and on campus. When renting out on-campus parking, a great way of deciding on a fair price is to check out the average rates asked for by people or parking lots/garages in your area. Make sure you consider how close they are to campus compared to your parking space. The parking spots closest to campus may be able to get away with charging a little more. If you know parking is tricky but not impossible, listing your available spot for a lower rate is one of the best ways to ensure, you’ll get people eager to use your space almost immediately.
Finally, make sure you consider whether you want to attract short-term parkers or long-term renters. In some cases, students or teachers who struggle to find parking on campus may be interested in renting your space throughout the week. In other cases, however, you’ll prefer short-term, single-use parking. But, again, it’s all a matter of preference and your schedule.
3: List Your Space
Are you ready to start earning money for that space just sitting there? Whether you’re gone during the day to your job, and your car won’t be in your space until long after the students are gone, or you’ve never felt the need to have a car of your own, it’s time to list your parking space and let it start making money for you! Several mobile parking apps allow individuals to list their parking for rent. Alternatively, there are boards like Craigslist where some find success. But we’d strongly suggest a mobile parking platform. Generally, it’s relatively straightforward to put together a listing and ensure that your space is visible to the public. A good rule of thumb? Make sure you take great pictures and list plenty of details about the space. For example, how much room is available? Is it easy for college students to get in and out of the space? Is there anything interested renters need to know–for example, how to get to the space more easily? By including those essential details, you’ll make it more likely that your listing will be chosen.
Listing your parking space is a great way to add a side source of income and make the most out of a space you aren’t using. So whether you’re looking for an entire semester’s worth of parking or trying to make some extra money on the day of the big game, parking apps can when renting out on-campus parking.
