Make the most of your empty driveway by renting it — here are some easy tips to get started

An obvious perk of having a home with a driveway is the excess space for your car. It's an amenity that isn't accessible to everyone. For some people, a driveway is a necessity that a home must include. For others, a driveway may be viewed as an afterthought or not be taken into great consideration when thinking about the features of a home.

If you're someone who doesn't use your driveway often and you want to make some extra cash, here's how to rent out your driveway.

First, it's important to know the legal stances or limitations that may stifle you when trying to rent out your driveway. While it isn't illegal to rent out your driveway to interested parties, there may be different rules in place for homeowners versus home renters. Those who lease a home may not be able to list their driveway for rent due to terms put in place by landlords. Check with your landlord before you try to rent your driveway.

If you're a homeowner, there should be little pushback over renting your driveway. Some homeowners associations or private living communities may have rules in place that prohibit homeowners from renting out their driveways to leasers, but these instances come on a case-by-case basis. Overall, yes, it's legal to rent out your driveway. Here are some tips for successfully renting out your driveway.

The first step to renting out your driveway is physically having one for lease. This feels really obvious, and it is, but there are different expectations set by those who are looking to rent out potential driveways. If you have a parking spot or a place on the curb that attaches to a driveway that you're trying to pass off to someone else, your listing may not be perceived well. If you have a driveway with an ample amount of space, you'll be able to enter the driveway rental market.

If you aren't sure if your driveway meets the qualifications set by those who are on the hunt for more space, look through other listings on driveway rental apps or sites. Make note of what people are looking for or how other market competitors are propositioning their offers. How big are these driveways and what keywords are being used in the descriptions? How does your driveway compare to others who are angling to catch the attention of renters?

A big part of the "how" in "how to rent out your driveway" is finding a place to start advertising your vacant space. The internet is a fantastic resource when putting out a call to those who may be looking to rent. Facebook Marketplace and Craigslist are good starting points that are especially helpful for reaching local target markets. It's common that these ads are set to reach a certain mile radius, so you're guaranteed that folks nearby have the possibility of seeing your ad.

Apps such as Neighborhood, ParkingForMe, ParkOnMyDrive, Spacer, and Curbflip are other resources that show your driveway for rent to the exact audience you'd like to see your ad. Those who use the app are on a mission to find a rentable spot near them, and you're providing just that to them. All you have to do is list your space and wait for the inquiries to pour in.

Most driveway rental marketplaces give you the flexibility to decide how long patrons will rent out your space for and how much it will cost them to do so. When thinking about how to rent out your driveway, consider the duration of time that you'd like to do so. Will it be for a few hours, days, weeks, or even months? It's recommended that you list your driveway for rent on a month-by-month basis with one flat fee as it'll provide you with a consistent flow of income.

Depending on where you live, there may be a higher demand for hourly parking. Rates should be compared to other listings on driveway renting apps or other parking spot locator services such as SpotHero. You'll get an idea of what people are willing to pay and what's considered to be reasonable when assigning a rental fee to your driveway. Location, local attractions, convenience, and affordability all factor into how you should set your price points.

In order to have people interested in renting out your driveway, the driveway must be desirable to some degree. Having a driveway that's attractive to prospective leasers is important. If your space is filled with other cars or belongings, it may not be the premiere spot that you'd like to advertise. The renter will likely be looking for a clean, spacious, and well-maintained drive for them to use.

Before you take any pictures to post of your driveway for rent, it's recommended that you power wash and sweep what you can. Move any debris from view, and cut down any overgrown lawn that may make your driveway appear unkept. How your space for rent looks will impact the likelihood that you'll get an offer, so staying mindful that presentation is a big plus.

This article originally appeared 17 months ago.