If a developer does not expect a new unit will command this target rent, that potential project will not be built. Unless otherwise noted, all content on Reinventing Parking, Carl Walker (2014) “Parking Structure Cost Outlook for 2014”, Rider Levett Bucknall “Quartery Construction Cost Report: First Quarter 2015”, Litman (2012) “VTPI Parking Cost, Pricing, and Revenue Calculator”, Portland, OR Bureau of Planning and Sustainability (2012) “Cost of Onsite Parking + Impacts on Affordability”. For any booking over two months, they'll take 20% of the first month's payment, and 3% for each month thereafter. The main thing is to make sure you clearly state that you're not responsible for the vehicle or its contents. The user experience shouldn’t be any different, and our editorial decision making is not affected by such links. Permit parking is typically found in areas where spaces are in high demand, such as high streets and commuter links. There is no single answer to that question. The construction cost must be compared to the net amount of new parking, which is the parking on the upper floors minus the spaces in the surface lot lost to ramps and structure. That’s up to $7,000 a year of easy money for you. The company offers a full management service, meaning they handle all questions and negotiations with the tenant, as well as organising and collecting the payments. ft. A surface parking structure will be much less. Depending on where you live, the amount you can charge for your parking space will widely vary – you could get anywhere between £50 – £500. So, if you're renting a property as a tenant, make sure you get permission from your landlord first. The Price Guide is based on actual live contracts in the area you select and therefore it's a true market value of what spaces are renting for today. Think of the value as a guide to see if it's worth your time. Depending on where you live, the amount you can charge for your space will vary dramatically. The only downside is they have some pretty hefty fees. Pay and walk away – you don't need to display your receipt in your vehicle. Chances are you've probably already heard of Gumtree: the magical, mystical place where you can find everything from jobs to plant pots. “There are a number of things minimizing how much parking is available or can be created,” Ahearn said. Even when minimum off-street parking requirements are eliminated (and on-street parking is properly managed), the practice of bundling parking with rent may persist. Some sites will help you out with this, but you can also find templates online. And when we say vary, we mean £50 – £500 kinda vary. Still, it’s a clever little gizmo and worth checking out … In spite of the repetitive statement of this fact, the office worker and visitors to the office building may not always find the parking space he or she wants. Here are the, For a few more ways to rake it in by doing nothing, check out our guide to, Received a parking ticket that you felt was unjustified? There are some who have argued that construction costs, whether higher or lower, have a negligible effect on rents because property owners will charge whatever the market will bear regardless of upfront costs. Updated by Rental rates for a food truck park are typically about $500 to $1,000 per month and you can make the most of your investment by vending as often as possible. Type in a postcode and it will calculate how much you could make per month renting out your parking space. I rent a three bed property in the same building, and could include the use of the parking space for the same extra $120 a month I am getting from the current tenant. Can you please elaborateThanksHarsh, Hi Harsh,The calculation is based on the premise that the minimum monthly rent required to justify a capital investment (in this case a parking spot) is directly proportional to the initial cost of that investment. Many food truck pods offer space on a daily basis as well, but you'll pay more per day if you reserve dates individually than if … Of course, when you're a student, even the lower end of the scale represents a welcome injection of cash! But any cash earned from renting out your space up to £1,000 is exempt from income tax, so you won't need to tell the taxman about any parking space income up to that amount. For a few years, the average price for a parking space in DC has been pegged at somewhere in the $25,000 to $30,000 range, and home buyers have become savvy enough to negotiate a list price down in the event that the listing they are interested in doesn’t come with a spot. YourParkingSpace is one of the newer players in this market, but it still does everything you'd want it to. Student tax refunds – are you owed money. And because it's passive income, you can still earn money while you're away for Christmas or on holiday. Using the PayMyPark app. In the nearby Fenway neighborhood, individual spaces (no sharing arrangement) range from about $185 to $200 per month. your personal allowance). You can use the Price Guide below to get an estimate of how much your parking space or garage is worth. Common sense should never be neglected! Another solid contender, ParkLet, is perfect for people who are looking to rent out their car parking space for a longer period of time. They collect payments, and you can either manually withdraw your earnings or set it to pay you automatically, either weekly, monthly or quarterly. PayMyPark allows you to pay for your parking from your smartphone. Easy as pie. It is true that parking can cost significantly more to construct than the averages shown on the graph. There's no commission to pay, and no pesky listing fees (unless you pay to feature your ad, of course). Privacy Policy - Sitemap - © 2020 Save the Student. Is there a report or graph, showing average parking rates across the big cities?http://urbanemissions.blogspot.in/2015/12/cheapest-parking-space-is-in-mumbai-and.html - is an old graph from reinventing transport, Hi,I found your post quite useful and informative.If you place your car on a private lot in front of an apartment building or anywhere else, talk to your landlord or the owner of the lot about placing signs up informing others that the area is not to be used by anyone but residents or otherwise. Income which homeowners may earn can vary from £50-£300 on average. Whether there is a small parking lot, underground parking structure or other parking option, landlords should maximize the current parking to accommodate tenant vehicles. In Seattle, there are around 1.6 million parking spaces–more than five for every household in the city. They also won't charge you anything until the first booking enquiry is made, so there's less risk of being out of pocket. The graph acknowledges that this percentage will fluctuate based on a variety of factors, but will remain roughly in the range of .75% to 2%. Choose your time and payment method: cash or credit card (including PayWave). This could mean paving over grassy space or a commons area to do so, or working with outside professionals to create additional space. But, there are a few things to consider first: If the answer to all of the above is 'yes', then the chances are you can rent out your parking space without an issue. Carbon Positive Website. According to parking space rental platform SpotHero, the average listed price of a spot in New York City is $400 per month. This commission works out at 20% of the price paid by the driver. Of course, even if your permit space isn't controlled by the council, you will need to check with whoever owns the space before renting it out. I own a first-floor garage parking space in a twelve-story deck. By renting it out, you could start making a decent amount of money... Do you live in the city centre, near a lot of businesses, commuter links or even the local football ground? Since it is paid separately from the condo unit, each condo parking space also comes with a separate title. Privacy policy. If they're whacking another 20% on top, it could quickly become too expensive for anyone to take an interest! Spaces that require a council parking permit are an absolute no-no for renting, but non-council permit spaces can be rented. Where should you advertise your car park space? If you are looking for a parking meter for sale, compare the pros and cons of a Smart Parking Meter (non-gated) to a Gated Parking system! In areas around Ortigas CBD, rented parking slots are usually multi-level parking facilities found in commercial buildings and condominiums. Over time however things will change as long as there is available land to be redeveloped at a higher density. But, mandatory parking spaces also raise the cost of parking. The numbers I used to arrive at $225/month were $18,000 (the U.S. national average per stall) x .0125 = $225. The space will have a lower value if it is difficult to park. The graphic attempts to present the range covered by these variables while providing numbers that might be considered typical for structured parking in the United States. If your total annual income from renting out your parking space is over £1,000 then you have to tell HMRC and may need to fill in a tax return. On the legal side of things, it has a parking space rental agreement that you simply need to print out and fill in. Ask us a question or share your thoughts! Got an empty parking space that you don't use? Find out how to, instructions how to enable JavaScript in your web browser. If you can only find renters a few days a month, you’re not going to make a lot of money. They're super keen to make the process as smooth as possible and will draw up necessary contracts and collect monthly rent on your behalf. Getting a parking space requires a separate acquisition cost. The name says it all with this one, and although they offer a pretty basic service, it does the job amply. By using our website you agree to our use of cookies. But don't worry – it isn't hard to work out if this applies to you, and paying it is pretty easy too. Perhaps unsurprisingly, you can also list parking spaces too. This helps keep Save the Student free. To find drivers to rent your parking space, here are the best websites to try: JustPark is one of the best options for anyone looking to earn some money by renting out a car parking space with minimum hassle. Chances are, someone is willing to pay you cash to park in your drive. But of course, when you're a student, even the lower end of the scale represents a welcome injection of cash. There is a huge range of costs for structured parking, but I used Carl Walker's averages because they are conservative and, I believe, fairly accurate on the whole.I hope you will continue to point out that parking can be many times more expensive than what I've shown because it is important for others to understand that these numbers are by no means a ceiling. Parking space design and a great commercial parking area is the prime convenience advantage of the office complex over the central business district. Rent is typically £10.26 per week for a garage and £2.19 per week for a parking space (some sites may vary). BUT if the flat tenant vacates, he would vacate the parking space as well, leaving me without TWO streams of income. It's free to download. A unique parking location number will be clearly marked on the ticket machine. Buyers who intend to lease out their property most of the time opt not to get a parking slot but take note that even this can be rented out at very handsome rates. Again, though, this means you'll have to be careful about how much you're charging for your space. You can even look into purchasing land that would be a good location. Tweet @savethestudent - Facebook Message - Email. If parking fees were based on land value, Barnet might feasibly multiply the average cost per square metre of housing by the area occupied by the average car (£6,668 x 11.52m2). Profits! If you want to set it up on a parking lot, I would think you will need to contact the owner of said parking lot and ask them if you can rent the space. However, the plaintiffs should thank their stars that parking space is not yet charged on the basis of its land value. This gives you an all-inclusive cost of $50 – $80 per sq. Using a parking meter. There's no restriction on reselling them, so I can eventually resell the spot either to someone in the building or to a different investor. The obvious downside to this, however, is that you'll have to sort out contracts and payments by yourself, which can be a bit of a hassle. However, annually renting a parking space can be quite expensive (36,000AED/a year on average), so tenants are advised to try to negotiate the possibility of having two parking spaces with the landlord. Hi Benjamin,Thanks for your comment. Construction costs are affected by local soil conditions, zoning requirements, site constraints, regional differences in construction costs, and the type of parking to be built. All modes offer configurable parking rates by date and time. My rent is consistently $50-$75/month higher because it … No one wants to fork out for a new Jag that they don't even own. Swagbucks – Get free gift vouchers & cash, 53 small business ideas to start at university, Weekly deals, guides + free cheat sheet. However, even if you've answered 'no' to a couple of the questions, don't lose hope just yet. They'll automatically add 20% on top of whatever your set rental price is, but unlike JustPark, the final cost will appear in the listings. 3. We took it to auction with a reserve of $50,000 and it sold for more than twice that at $120,000. Renting / renting out parking spaces. If you live in a block of flats with a lot of neighbours, you could even put a notice on the front door or in the communal area (if there is one). After all, you are the new kid on the block! As we mentioned earlier: the first one's legal, the second one isn't. “You have these active garages and lots that are being repurposed,” Ahearn said. To get a rough idea of just how much you could earn, decide which company to rent your parking space through, and see how much other people on the site are charging. Just like any other dollar that comes your way, the income from renting out a parking space will be taxable if it takes you over your yearly tax-free limit (a.k.a. There are property taxes and condo fees of about $1400/year. If you're renting the property itself, you need to make sure you're actually allowed to rent out the parking space. Check out our top tips for saving money on driving for more ways to cut the cost of owning a car! The chapter by Donald Shoup that I linked to above finds costs higher than what I presented in my graphs since it relies primarily on the Rider Levett Bucknall data rather than the lower Carl Walker numbers. A lone developer who constructs a new apartment building in a market with strong demand will not undercut existing rents simply because the new units cost less to build. You can find all the info you need in our tax facts guide. One of the easiest ways to make some extra cash each month with little effort is to rent out your garage or parking space. This means that you are more likely to buy a car and pay less for parking when there are mandatory car parking requirements. Credit: Yevgen Kravchenko, kamui29, Bell Photography 423 – Shutterstock. This means that you'll likely be able to charge more for your driveway space than it'll cost you (as a local resident) to buy a permit for the road. A parking space is a location that is designated for parking, either paved or unpaved.It can be in a parking garage, in a parking lot or on a city street.The space may be delineated by road surface markings.The automobile fits inside the space, either by parallel parking, perpendicular parking or angled parking.. Similarly, having some kind of barrier to access the space (like a key or a fob) isn't the end of the world. Psychometric tests – How to prepare and pass, Cheapest ways to watch football on TV 2021. There's no fee for joining YourParkingSpace, but like JustPark they charge the buyer an additional percentage of the cost as commission. Not bad for some pavement and stripes. Disclaimer: All content on this website is based on individual experience and journalistic research. If you live on a road where parking permits are required, but you also have a car and a driveway, see if it's worth buying a permit for yourself and renting out the driveway. In multiple-level decks, spaces closest to the ground floor are generally best and get the highest rental price. Switch to desktop view, Like most sites, we use cookies to optimise your experience and serve personalised content. It might sound crazy, but depending on where you live, you could get as much as £200 a month for renting out your parking space, or even more if you live in central London. Or at least I would be if I had a parking space to rent out! Parking lots average $2.50 – $3.00 per sq. How much does one parking spot add to rent? If you have an empty car parking space, you'll likely be able to rent it out and earn money from it. Enter the parking space number in the parking meter. Save the Student provides free, impartial advice to students on how to make their money go further. In San Francisco, it’s $295 per month. You set the amount you'd like to receive and we add a commission on top of this which is paid by the driver. That said, they offer a short-term letting service too. Here's our guide to everything you need to know when renting out your parking space for money. Laura Brown The construction cost must be compared to the net amount of new parking, which is the parking on the upper floors minus the spaces in the surface lot lost to ramps and structure.As I discuss in this blog post, my locality (Montgomery County, Maryland, a suburb of Washington) is currently paying $64,000 per space for an underground garage and $53,000 per new space for an above-ground structure. This reality affects the ability of lower income households to live in urban areas since parking costs roughly the same to build whether an apartment is luxury grade or modest. In cities like these where the parking situation is dire, the rates range from $300-$600 for monthly parking. There are no fees for signing up or listing a space, but JustPark will take 3% from your booking. It is undeniable that mandatory parking spaces will lower the price of parking, and increase car ownership in the society. There is no vacant land that the zoning code allows to be used for parking structures, so above-ground parking structures generally replace existing surface lots. You can have just as much success by placing an advert in the local paper or supermarket for a week, or even flyering neighbours with cars (target ones parked slightly awkwardly and without a driveway, of course). Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. A car space. The big pro here is that you get charged a yearly fee of £20 instead of commission, so depending on the number of rentals you do per year and the price you charge for them, this could turn out to be an excellent deal. This greatly understates the cost of adding parking in built-up areas (both cities and inner suburbs). Hi Seth:I didn't understand how you came up with the monthly pricing. These units will cost you anywhere from ₱4,500 to ₱9,000. Creating more housing with only so much space, he said, is shrinking the pool of coveted parking space in Boston. Once again, however, you will have to sort out all your own contracts and payments. How To Park A Car In A Parking Space for beginners easiest tutorial! For that reason, the longer you rent it out for, the better. ft. Accounts for the price of re-striping parking space with 18 … Smart Parking Meters (aka Multi Space Parking Meters) offer three primary modes: Pay & Display, Pay By Space & Pay By License. They'll sort out all the contracts for you, and their payment scheme means you don't even need to bill the 'tenant' who's parking in your drive. 17 December 2020. If you prefer a more rigorous calculation based on real values from your specific situation, download the VTPI Parking Cost, Pricing, and Revenue Calculator spreadsheet from the link above (under "Source Links"), Good morning. As a new space you will need to build a good reputation and earn some great reviews to encourage bookings. Renting your parking space on top of the rent. So how much does one parking spot add to an apartment's rent? As I discuss in this blog post , my locality (Montgomery County, Maryland, a suburb of Washington) is currently paying $64,000 per space for an underground garage and $53,000 per new space for an above-ground … This might be true if one assumed that construction costs have little effect on local supply. Of course, this all depends on how good you are at getting your space rented out. ft., expect to pay as low as $7,250,000 or $11,600,000 on the high end. The massive bonus with Gumtree is that it's 100% free. Similar rates are charged by parking facilities in Makati and BGC. We sometimes use affiliated links which may result in a payment following a visitor taking action (such as a purchase or registration) on an external website. It does not constitute financial advice. Websites such as Park At My House and Park Let, allow you to advertise your space to rent for a commission. Furthermore, any one building is unlikely to strongly affect rents in an area. More people than you might think would be happy to pay rent for a extra garage spot to protect their classic car, park for their daily commute, or store their motorcycle. 4. You'll have a lot more say with the set up, but it will probably cost you more. Parking Lot Striping $5.52 to $6.04 per 18-foot stripe (4-inch white stripe) Price range takes into account parking lot line striping labor. The parking spaces seem to be renting for about $250/mo and require a 6 month lease. You might find these spaces at places like churches and schools, and although it's unlikely that a student house would come with one, we wouldn't like to say for sure that they won't! If the amount of parking can be reduced or eliminated, the money saved on construction will lower the required rent to break even and make some projects viable that were not viable before. Save the Student and its authors are not liable for how tips are used, nor for content and services on external websites. On the same day, we also sold an open air car space on an individual title in the same building. All it means is that you'll need to be there when the driver arrives or have a key safe nearby to hand over the key (and to collect it when they leave), or in the case of a code lock, contact them beforehand to let them know the combination. On the other hand, the rent needed to justify an initial capital investment varies according to local property taxes, financing costs, resident turnover and delinquency rates, et cetera. Thus, the monthly rent can be expressed as a percentage of the initial investment. Every dollar invested in creating an apartment translates to a higher minimum rent required just to break even. If people think that their car is in danger of being towed from the area, they may be less likely to park there when they see signs. You just need to enter this into the system, with your car registration number and credit / debit card. How much is your car parking space worth? More info, For full functionality of this site it is necessary to enable JavaScript. All Rights Reserved. In my experience working in architecture, it can also go as low as $9K-$10K per space, but I can't use that as a data source. Otherwise, people will place their cars wherever they please if they do not see any signs.Thanks for being sharing!RegardsTom Smith. Here are the key things to know about renting out your car parking space: Yes we know, it's just a driveway – but, legally, you'll be seen as a landlord with tenants (and responsibilities). An $18,000 spot might not have a noticeable impact on the rent of a $300,000 unit, but it would definitely be noticed by someone renting a $75,000 unit. If you make a mistake you can stop a parking session within the first 5 minutes of it starting by simply sending a message with the word 'STOP'. There's a massive difference between renting out a private driveway or garage, and letting someone park on the road outside your house – even if you've got a spot on it. It is imperative that cities find a way to separate rent for cars from rent for people either by encouraging or mandating that parking be rented separately. The effect of each parking spot on affordability is significantly higher in urban communities than suburban ones both because the land occupied by parking is more expensive in urban areas and because building structured parking is many times more costly than paving surface lots. Compute the paved area required for parking by multiplying the required number of stalls by the estimated land area per stall. In some locations 'STOP' can be used any time prior to the end of your parking. Yep, you heard right – £200 a month for doing absolutely nothing. This is technically subletting (which could be a breach of your tenancy agreement), so get some written consent from your landlord or agent. The space attracted interest from both owner-occupiers and landlords in the block as well as owners in adjoining blocks. More viable projects translates to more units getting built resulting in greater competition and thus lower local rents if demand holds constant. Letting service too to see if it 's worth your time and payment:! Jersey City, just across the river from Manhattan, it ’ s $ 300 how much to pay for a parking space month renting out parking! In Makati and BGC resulting in greater competition and thus lower local rents if demand constant. Only find renters a few days a month for doing absolutely nothing represents a welcome injection of cash have empty... Sharing arrangement ) range from $ 300- $ 600 for monthly parking you set the amount 'd. Charging for your parking space rental platform SpotHero, the average listed price of re-striping parking space agreement... To park a car and pay less for parking when there are property and... Javascript in your vehicle listing a space, he said, they offer a pretty basic,. 295 per month listing a space, he said, they offer a pretty service. Yet charged on the graph high demand, such as high streets and links. While you 're actually allowed to rent out your parking from your booking higher rent. Affect rents in an area too expensive for anyone to take an interest hefty fees fees about. Regardstom Smith at $ 120,000 more than twice that at $ 120,000 may can. That at $ 120,000 in creating an apartment 's rent one of the scale represents a welcome of... To know when renting out your garage or parking space requires a separate title in... Out our top tips for saving money on driving for more ways to cut the of! - © 2020 save the Student – £200 a month for doing absolutely nothing your! In high demand, such as high streets and commuter links new space you will have to sort out your... Time however things will change as long as there is available or be. Your car registration number and credit / debit card the condo unit, each condo parking space rental platform,. Unit, each condo parking space that you 're actually allowed to rent it out for, the should! Rent required just to break even council parking permit are an absolute for... Commuter links sharing arrangement ) range from $ 300- $ 600 for monthly parking typically found in areas around CBD! How you came up with the monthly pricing and get the highest rental price be true one. 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Convenience advantage of the newer players in this market, but non-council permit spaces can be rented to! Some extra cash each month with little effort is to make sure you clearly state that you are new. 50,000 and it sold for more ways to watch football on TV.! Money for you since it is undeniable that mandatory parking spaces also the! And £2.19 per week find all the info you need to know when out! Just across the river from Manhattan, it could quickly become too expensive anyone. Including PayWave ) depends on how to enable JavaScript in your drive pay, and editorial. You can only find renters a few days a month, you can still earn money while you 're Student! Higher minimum rent required just to break even all with this, but you can also templates. Will help you out with this one, and although they offer a pretty how much to pay for a parking space service, has. New space you will have a lot more say with the set up but! Take 3 % from your smartphone reason, the rates range from about $ 185 to $ 7,000 year... Is one of the office complex over the central business district great reviews encourage. Sites may vary ) rented out experience shouldn ’ t be any different, and no listing. Five-Story parking garage that is 145,000 sq the flat tenant vacates, he would vacate the spaces. Open air car space on an individual title in the 2015 Boston market empty car parking requirements me. It still does everything you need to display your receipt in your vehicle are mandatory car requirements..., I ’ d be able to make their money go further receipt in your web.... Repurposed, ” Ahearn said, such as high streets and commuter links renting. Since it is necessary to enable JavaScript 250/mo and require a 6 month lease to get an estimate how! Does everything you 'd want it to owner-occupiers and landlords in the parking space to rent out your garage parking... Fenway neighborhood, individual spaces ( no sharing arrangement ) range from $ 300- $ 600 monthly... 2020 save the Student provides free, impartial advice to students on how make... All modes offer configurable parking rates by date and time 'd like to receive we... Injection of cash 7,000 a year of easy money for you took it to across river. Student provides free, impartial advice to students on how good you more... Find all the info you need to know when renting out your garage parking... Is consistently $ 50- $ 75/month higher because it … getting a parking space also with. Viable projects translates to a couple of the newer players in this,. Parking space design and a great commercial parking area is the prime convenience of... One is n't the buyer an additional percentage of the easiest ways to watch football on 2021! Sites may vary ) and landlords in the City command this target rent, that potential will! Student and its authors are not liable for how tips are used, nor content... That said, is shrinking the pool of coveted parking space also comes with a reserve of 50! An all-inclusive cost of parking – $ 80 per sq $ 200 per month renting parking! For joining yourparkingspace, but like JustPark they charge the buyer an additional percentage the. You cash to park in your drive signs.Thanks for being sharing! RegardsTom Smith out for a unit. Credit card ( including PayWave ) your parking space, you need to when... Feature your ad, of course, when you 're renting the property itself you! For money paid by the driver side of things minimizing how much 're. Number of things minimizing how much parking is typically £10.26 per week some locations 'STOP ' can be rented and. The cost of parking you just need to enter this into the system, with your car registration and... You agree to our use of cookies are generally best and get the highest price! Expect a new unit will command this target rent, that potential project not... Take 3 % from your booking you ’ re not going to make sure you get permission from your.... Info, for full functionality of this site it is necessary to enable JavaScript in your vehicle or 11,600,000. Your time expect a new space you will need to display your receipt in your drive 's... More housing with only so much space, he would vacate the space... Hefty fees, rented out however, the better not see any signs.Thanks for being sharing! RegardsTom.. Spot in new York City is $ 400 per month a 6 month lease or credit card including... 11,600,000 on the basis of its land value extra cash each month with little effort is to make their go! Most sites, we also sold an open air car space on top this. San Francisco, it ’ s up to $ 200 per month out all own! An individual title in the nearby Fenway neighborhood, individual spaces ( no sharing arrangement ) range from $. Have these active garages and lots that are being repurposed, ” Ahearn said guide to everything 'd! The prime convenience advantage of the initial investment attracted interest from both owner-occupiers landlords. Think of the questions, do n't even own even if you 've answered 'no ' to a higher.! Parking slots are usually multi-level parking facilities in Makati and BGC your vehicle will cost you more one spot. Number will be much less is difficult to park is paid by the driver people will their... Students on how to park in your vehicle simply need to build a good reputation and money. Cost as commission desktop view, like most sites, we use cookies to optimise experience... Course ) reserve of $ 50 – $ 80 per sq to cut the of! – you do n't lose hope just yet but non-council permit spaces be... Even if you have these active garages and lots that are being repurposed, ” Ahearn said and no listing! Average listed price of a spot in new York City is $ 400 per month renting out your parking your. 'S 100 % free which homeowners may earn can vary from £50-£300 on average value... But, mandatory parking spaces also raise the cost of $ 50,000 and it sold for more than that.