Renting parking space to Non Residents - Any real life stories?

[Al Williamson]

Is anyone renting out their rental's driveway or side yard to someone who doesn't live in your rental? I'm looking for real stories of how parking space is converted into cash flow. What are the downsides to this? What are the opportunities?

[Don Coumbs]

My parents rent out 5 excess parking spaces at a duplex they own next to Eastern Washington University.  It is a hassle because, if you are renting something you have to make sure it is available to your renter.  Obviously, it only works where there is high demand - so you have to monitor for trespassing parkers.  

In Washington State which is all I know about, parking lots have different rights than landlords.  They can ticket and boot cars.  Landlords can only tow.  I imagine paid parking lots at least pay for their enforcement with tickets and impound fees. 

Anyhow, for my rentals in the same area I charge a rent which takes into account the parking and then sometimes the tenants sublet a space if they have extra.  I still have to monitor for trespass parkers, bit not as much.

Obviously, this is all dependent on return.  I think my parents get $10 per month per spot (this is wheat field country... space isn't really at a premium.)  If your spots could rent for $100 a month maybe it would be different.  Also, I see you are in California.  I bet you wouldn't have to plow snow off of your parking spaces four months out of the year!