SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / February 10, 2025 / Billionaire Andrew Carnegie famously said that 90% of millionaires built their wealth through real estate, so it's no wonder property remains one of the most attractive ways to grow wealth in America. However, for those that own or rent one primary residence, there is an easier way to start building wealth off your assets - renting out your spare parking space or garage.
Spacer is America's #1 marketplace for parking, helping hosts to make passive income and offering renters more convenient and affordable parking.
Mike Rosenbaum, the global CEO of Spacer, America's #1 marketplace for parking says "We are seeing hosts make on average $3,000 a year off one parking space, with annual earnings highest in San Francisco and Boston. As we manage everything from connecting hosts and renters to managing payments - there's little else for hosts to do other than 10 minutes work signing up and starting to make passive income off their monthly parking.
With 66% of all occupied housing units in the United States having a garage or carport - there's a huge opportunity to boost your income in 2025 by using your parking space, garage or carport as a side hustle.
Top Cities for Renting Out Parking on Spacer:
San Francisco: The average monthly price is around $350, with more affordable options available in areas like Mid-Market and the Financial District.
New York City: Parking spaces rent for approximately $400 per month, with prices varying from $275 in Hell's Kitchen to $475 in West Village.
Los Angeles: Monthly rates range from $200 in residential areas to $400 in the Financial District.
Boston: Average price around $125 in South Boston, climbing to $400+ in downtown Boston or Downtown Crossing.
Chicago: Prices range from $120 in Wicker Park to $500+ in downtown Chicago.
Washington D.C.: The average monthly price is around $180, increasing to $270 in Downtown D.C.
*All costs are based on average monthly parking rates.
Sam, a San Francisco resident, began using Spacer several years ago to generate passive income from three unused parking spaces. Earning $300 per space, Sam makes $900 monthly and $10,800 annually. He also rents out 12 parking spaces through other means, earning a total of $54,000 in passive income each year!
Manuela, who is living in Central Boston, began renting out four parking spaces at the property she now owns, generating $12,000 a year to help cover her real estate taxes.
She explains, "I live near Boston Medical Center (BMC), Massachusetts General Hospital and just two stops from downtown and the financial district. Parking is a significant issue in Boston due to its scarcity, so my parking spaces are in high demand."
www.spacer.com
ENDS
Sources
https://finance.yahoo.com/news/90-millionaires-invested-real-estate-130127562.html
https://www.energy.gov/eere/vehicles/articles/fotw-1058-december-3-2018-two-thirds-all-housing-units-had-garage-or-carport#:~:text=of%20the%20Week-,According%20to%20the%202017%20American%20Housing%20Survey%2C%2066%25%20of%20all,important%20for%20electric%20vehicle%20studies.
Contact Information
Ken Cooper
PR Consultant
info@thisisbanjo.com
SOURCE: Spacer
View the original press release on ACCESS Newswire
