Aussie residents cashing in on their empty car spaces with online start-up

Australian residents have found a new way to make money by renting out their unused car spots to desperate drivers.

Parkhound, a website founded by two Melbourne men, provides a service for people to rent out their driveways, garages and unused parking spaces to drivers sick of circling streets looking for spots.

The service is free to sign up for, allowing anyone to list their free space for drivers Australia-wide.

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Parkhound claims sellers make an average of “$3,000 a year from leasing their parking space”, while city renters can take advantage of prices that are “generally 40-60% cheaper than standard inner-city parking options”.

Co-founder Michael Nuciforo said that over 30000 spaces have been listed across Australia due to the low prices they have made available.

“Booking a park through Parkhound has proven to be significantly cheaper than commercial parking,” he told TT.

“There’s money to be made, it’s great income and no stress.”

The site takes 10 percent commission from rental fees but allows sellers plenty of flexibility, including options to add on bonds for remotes or swipe cards and booking periods from six hours to four months.

In Sydney alone, Parkhound has 500 listings, the large majority of which are in North Sydney and the Sydney CBD.

There are spots listed on busy Pitt Street for as little as $12 a day.

In Brisbane, where there are waiting lists for spaces in the CBD and an annual rental fee with a commercial parking vendor can cost up to $27,375, Parkhound is providing an annual fee of $3,900 for a space in the city’s most expensive parking building.

Despite the sites success, however, the Brisbane council has warned “black market” rentals are illegal.

People caught renting out their spaces can be fined or end up in court.

Council lifestyle chair Krista Adams said that while it is okay for family or friends to use your parking spaces free of charge, the same cannot be said for paid agreements.

“Any commercial parking operation is subject to strict development approvals and registration,” she said.

Fines of up to $1138 are in place for home owners while businesses could be hit with $5692 penalties.

Mr Nuciforo says that despite council warnings, high prices and the lack of spaces keep listings in strong demand and renters coming back.

In Melbourne, they have almost one thousand spots available, with spaces just outside the city Myer store going for $9 a day.

According to Mr Nuciforo the site’s biggest users are office workers and tradies who work in the inner-city every day.

The site offers both an income and booking guarantee, promising three to 12 month leases and full refunds if anything goes wrong with the booking.