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MANY Americans are turning to the sharing economy to create additional streams of income.
One example comes from Sam Hunt, a 61-year-old San Francisco resident who earns $54,000 a year by renting out spare parking spaces as a side hustle.
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Sam’s journey into this lucrative side hustle began several years ago when he started using Spacer, America’s leading parking marketplace, to rent out three unused parking spaces.
With a background in architecture from UC Berkeley and a successful career in property development alongside his brother, he was already familiar with finding opportunities in real estate.
Sam realized that his extra parking spots could be a source of income.
“I pursued a fulfilling career in property development and design after studying Architecture,” Sam shared with The U.S. Sun.
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“I also saw the potential to make passive income from unused parking spaces and began using Spacer to rent out three of them, earning $900 per month.
“The renters are mostly locals who either lack parking spaces or have multiple cars and want a safe, guaranteed spot,” he added.
Thanks to this foresight, Sam earns $300 per space, bringing in $900 monthly and $10,800 annually from the three spots he rents through Spacer.
BEYOND SPACER
In addition to the three spaces he rents through Spacer, Sam owns several unit buildings and rents out parking spaces to his tenants.
In total, he rents 12 parking spots through other methods, contributing to an impressive $54,000 in passive income each year.
“Not all tenants need parking, but for those who do, I charge $300 per space, which is cheaper than street parking,” Sam said.
“It took 20 years of hard work building these assets, but it’s paid off by generating about $54,000 annually in passive income.”
PASSIVELY INCOMING
Sam credits Spacer as an essential part of his success, describing it as a trustworthy and easy-to-use platform.
“Spacer was recommended to me as a trusted marketplace, and it’s incredibly easy to use.
“When one of my spots becomes available, Spacer quickly finds a renter. Most people rent monthly, often for extended periods.”
GETING STARTED ON SPACER
Here’s how to earn passive income by renting out your parking spot with Spacer:
Spacer offers a simple way to make extra income by renting out your unused parking spot to commuters. Here’s a step-by-step guide on how to get started:
- Create an Account and List Your Spot
- Visit Spacer’s website or download the app, and set up your account. Listing your parking spot takes just five minutes. Provide details like the location, availability, and how much you’d like to charge. You could earn up to $450 monthly, or $5,400 annually.
- Set Your Price and Rules
- As the owner, you control the terms. Decide when your spot is available, how much you’ll charge, and how renters can access it. You can even decide how to interact with your renters. Spacer connects you to thousands of drivers looking for convenient parking, especially in busy areas.
- Wait for a Booking
- Once listed, your spot will be visible to commuters searching for parking. On average, hosts receive a booking request within 2-3 weeks. Most spots are rented for 8 months or more, providing you with consistent monthly income.
- Enjoy Hands-Off Income
- After the booking is confirmed, provide your renter with access to the space, and you’re done! Spacer handles payment processing and guarantees your income, so you can relax and enjoy your passive income without any hassle.
- Guaranteed Payments
- In the rare case of a payment delay, Spacer ensures that you still receive your monthly earnings.
*Source: Spacer
The platform’s convenience allows Sam to focus on other aspects of his life while maintaining a steady stream of passive income.
AIDING ADVANTAGES
The extra income has been a significant boost for Sam and his family. It helps fund his children’s education and supports his passions, including art, design, and family travel.
Sam encourages others to consider similar opportunities, telling The U.S. Sun, “If you have a garage or an empty space, I’d highly recommend exploring its value to boost your income.”
Sam’s story showcases the potential of passive income through parking rentals and highlights how individuals can turn unused assets into profitable ventures.
The U.S. Sun has previously deeply delved into the realm of money-making side hustles.
A teacher began a side hustle with just $100 from her living room and turned it into a $5 million business.
Plus, another individual started a “simple” side hustle and is now making up to $8,000 monthly after quitting his nine to five job.
