Melbourne Homeowners Renting Out Car Parks to Pay Their Mortgage

If you’ve ever wished you had more access to car parking spaces around your home, then you’ll know how valuable an area to park your car in can be. Currently, it seems as though people in Melbourne are beginning to take advantage of that value, by renting their car parking spaces out to help pay for bills, get rid of mortgage expenses, or even save for a new deposit on a home.

Commuters around the CBD are constantly looking for well-located car parking spaces that allow them to get easy access to their office. Car park owners might not always have a car themselves, but many will still opt to look for a home with a garage or parking space, as this can add over one hundred thousand dollars of value to future sales prices. 

The trend of renting out car parking spaces is particularly popular among younger homeowners who are looking for quick ways to make cash to put towards their day-to-day spending. Parking marketplaces like Parkhound show the popularity of the trend, with 75,000 members across Melbourne. 

Renting Out Car Parking Spaces and Driveways

Many people living near airports, hospitals, universities, and other valuable locations are beginning to rent out spaces and driveways. Those who rent out their space can make thousands each year, particularly in the right location. Not everyone in the modern market needs a car or a parking space, but they’re often willing to invest in these areas to give more value to their home. 

At the same time, unused car parking spaces can offer great value to people who would rather avoid the problems associated with finding places to park near to work, or parking outside of their home overnight. Using someone else’s space gives today’s car owners better peace of mind – particularly for expensive cars. According to experts, some people even end up buying small apartments that come with a car park specifically to use the location for parking their car. 

Car parks are easily one of the most valuable and most requested amenities that are available to today’s homeowners, ramping up the prices on real-estate around the country. Currently, research shows that a single car parking space with a one-bedroomed flat can increase the price of the property by $100,000 or more. 

Parking Congestion Continues to Plague the City

Although thousands of people in Melbourne are beginning to see the benefits of renting out their car parking spaces, it’s still not enough to get rid of the congestion on the streets. The fact that a lot of people still don’t have a safe place to park their cars has led to a lot of on-street congestion, higher parking fees, and even higher prices on properties around the CBD. 

In a world where the price of parking isn’t free, the value of a car parking space is quickly going up. There aren’t many places in the city that you can buy without a car park today. However, this also means that the price of homes in the city are going up too. 

Experts believe that although rental opportunities are valuable, and an interesting way to solve some basic parking problems, councils and governments need to step in. Official bodies need to begin looking for new ways to free up unused parking spaces, as well as the ones that are built for the city in the future, to make them more accessible to the masses. This will reduce the pressure on drivers and on-street car parking situations. 

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