If you have been to a busy city, you know how problematic it can be to find a nice parking spot. Remember, you can’t just park your car on the street or private property without consent. Otherwise, you may have to get your vehicle from a police impound lot at a fee.
Train stations and airports are no different. Luckily, people are changing where they park their vehicles. Not only are the new parking spaces safe from unwarranted road accidents, but they are also cheap and near your workstation.
Spacer is the mastermind behind the new way of life. It redefines the convenience of parking and makes it possible for car owners to go about their activities in peace. Spacer is a platform that lets people with empty parking spaces earn money.
If you want to learn more, then this review is for you.
What is Spacer?
The sharing economy is rising fast in the world. It may have begun as ridesharing, but now, with platforms like Airbnb, AirTasker, and Uber, the network seems to be boundless. People are outsourcing everything nowadays.
Spacer is among the newly introduced companies looking to simplify car owners’ lives in busy cities. With it, you can make easy money by renting out the space you do not use in your home.
Spacer is an online marketplace that lets homeowners with extra space earn money from monthly parking rents. At the same time, it allows the renters to start their day on a better note. It is the Airbnb of parking spaces.
The goal of Spacer is to make monthly parking affordable and convenient. The platform takes the difficulty and time consumption out of parking, whether at work or in your apartment. It also helps clients become more flexible, as these are monthly rental spaces, not long leases.
To date, this brainchild of Mike Rosenbaum and Ronald Tam has been home to over 21,000 Americans, with over 7,700 listings. Since its idea conceptualization stages in 2015 to date, Spacer remains focused on its goal, which is to bring convenient and cheap parking to its users.
How does Spacer work?
Let us consider two people for this case, you, the homeowner, and Jay, the client looking for a convenient parking spot.
When Jay is going to work or traveling, they have to pay a lot of money for parking fees. They become tired of the hefty amounts and start looking for better alternatives with time. At the same time, you have an empty garage spot in your house.
As Jay is looking for a spot, you join Spacer and decide to rent out your space for a fee, say $300 for a month. Jay finds your offer and decides to book the space. At the same time, you receive an SMS and an email with the booking details.
Now, you have to decide if you will accept the booking or reject it. If you accept, Jay gets a copy of the final booking confirmation. As the homeowner, you arrange for a convenient time for you and Jay to exchange keys to the garage or the remote control.
Next month, you receive $300 for renting out your space, while Jay gets to arrive at work on time. By joining Spacer, you can help someone take the pain out of parking.
Renting on Spacer covers a lot more than garage space. You can rent your driveway indoor and outdoor lots. You get to choose the rules you enforce while renting out your space. Your garage, your driveway, your lot, your rules.
Sign up today and start making money by renting out your car spot. It only takes about 5 minutes to enlist your parking spot and promote it to users.
To attract customers, you must list your lot at a reasonable price. Sometimes, that can be challenging if you have no idea how much parking costs. That is why the Spacer calculator helps you find how much your spot is worth. You need to enter your address and the type of parking spot.
In a few minutes, you get a range of prices within reasonable margins for renting your parking space.
What do you need to join Spacer?
When you join Spacer as a host, you always enter into a legal agreement with your host. For this reason, there are guidelines that Spacer enforces to protect both the renter and the host.
As a host, you need to observe a few requirements before creating a listing for your space. So, as you list your space, make sure to:
- Include a detailed description of the space you are renting. It could be in the form of graphics, text, or pictures. The information about the space should include details like the size, location, and security levels.
- You should also include your terms of payments. This means you indicate if you require a deposit for your access keys or the remote for your gates
- You also include the amount you want to charge for the parking spot
Note all the information you provide to Spacer should be accurate to the best of your knowledge. Only then can you receive offers that you like for your empty parking spot.
As a host, you can cancel the lease contract anytime. However, you escape without penalties if you cancel your lease contract within the money-back guarantee period. It only takes a day to cancel the contract, but you need to provide notice in writing or via the Spacer website.
However, if you are outside the money-back guarantee period, then you have to provide a one-month notice in writing to the platform. At this time, you forfeit the rent payable to you for the notice period.
- As a host, you also need insurance for your home and contents. You are responsible for your house and content. So, you must have a comprehensive cover. Before taking on a client, it is always crucial to inform your insurance company about the extension of coverage.
- If you wish to receive your payments electronically, then you can sign up with Stripe and list your account as the payment channel on Spacer.
- Finally, you must have a space to rent for you to sign up as a host for Spacer.
How much can you earn?
Depending on where you are, you can charge differently for the parking space you are renting to car owners. At the same time, the location of the parking lot and the design of your lot may affect the prices.
Parking spaces with street parking are less expensive compared to covered parking spaces. Also, parking lots closer to amenities, especially public transportation, tend to be on the higher end of the price spectrum.
Your earnings will also depend on whether you will be renting your space long-term or short-term. Your city will also determine how much you can ask for a parking spot in your garage. For instance, monthly parking fees in San Francisco range from $225 to $400.
Parking in the business district is the most expensive, while the mid-market areas are cheaper. In NYC, a parking spot in the west will go for $475 on average, while another location goes for $275. The prices in Chicago are no different, with some places going for as little as $120 per month.
Cost of Renting
You can find out more about the cost of renting your parking spot in your area here.
Once you have a driver renting your space, you can receive payment. The hosts receive their pay via nominated bank accounts within 5 days of the booking. Therefore, you get your earnings on time during every month’s anniversary.
Payments made through Stripe, a partner of Spacer, are safe and secure.
Spacer is free to use. You pay nothing to list or rent your car spot as a host. However, the renters part with a small fee that goes towards the maintenance and servicing of the support team. It also contributes to the online and offline marketing budget.
And do not worry, the fee is not part of what you listed as your price. It appears as a markup on the set prices.
Where is Spacer operational?
If you are interested in renting your parking space with Spacer, then you are in luck. It began operations in Australia and is now panning out in America. Even though Spacer is not available in all cities across the US, it is available in busy cities. This means that you can find clients at any time.
You can rent your parking space in cities and universities. The popular cities include:
| · Los Angeles · Boston · San Diego · Philadelphia · Chicago · Washington DC · Seattle · Miami · Oakland | · Denver · San Francisco · New York · Baltimore · New Orleans · Jersey · Austin · Atlanta · Dallas |
For people living close to a university, you can rent your space to students and lecturers in the facilities monthly. You can use Spacers to find clients in:
| · Georgetown University · George Washington University · Stanford University · Catholic University of America · University of California | · Howard University · University of San Francisco · University of Chicago · Northwestern University · The University of Illinois at Chicago |
Pros and Cons of renting your garage via Spacer
Spacer connects people with extra space to people in need of convenient parking. It offers the services of monthly parking spots at affordable rates. Through the website, drivers can contact people renting out their space near them. Hosts also get access to thousands of drivers using the platform.
The process has its ups and downs, just like any other business. Some of the benefits of using Spacer to rent out your space include:
Quick renting
Typically, hosts on Spacer receive 2-3 weeks of listing their spot. They receive booking requests soon after uploading their profile for renting space. That means you can start earning from renting out your empty spot in less than a month.
You set your rules
The best part about using Spacer is that you get to set your rules. Since you are the owner, you dictate renters’ conditions when using your space. It could be the hours, the size of the vehicle, or even the state of the car.
Set how much you want for your space
Spacer hosts have the freedom to dictate the amount they want for their parking slot. The parking space’s location, condition, and size will determine how much you can request. You also choose when renters can access the spot.
Guaranteed payments
Payments come on time, and you receive the amount you listed. You do not have to worry about extra charges from Spacer. They do not chip at your income, and any commissions charged are imposed on the renter, not the host.
Reliable income
Most renters lease the space for about 8 months on average when you rent out your parking spot. This way, you can anticipate a consistent and reliable monthly income of up to $5,400/year. You can use the money to offset some of your bills, pay student loans or go on holiday.
Cons
There is very little you can criticize about the platform. Users praise its convenience, affordability, and smooth payment processes.
It may be sometime before renters choose your space, especially if you are new to Spacer. However, you can rely on a consistent income when you find a renter with long-lease interests.
If you work in busy cities like New York and Chicago, you know how stressful it can be to find a parking space. And the world does not need an extra parking complex. So, where do all these people getting cars going to park when they report to school or work?
With the sharing economy, it is possible to find a solution. Mike and Roland thought hard about it and came up with the idea of sharing garages. Now, homeowners can rent out their empty spots for some passive earning.
You are literally earning money for having nothing. The goal is to provide better parking experiences. Spacer, partnering with people like you are making all the difference. There is also another good business opportunity to get started
