Side hustle - renting out spare parking spaces
Sam Hunt, a UC Berkeley graduate, capitalised on the sharing economy by renting out his unused parking spaces. Through platforms like Spacer, he transformed this side hustle into a lucrative venture, generating substantial passive income. IBTimes UK

Many Americans now rely on the sharing economy to supplement their income. For example, Sam Hunt, a 61-year-old San Francisco resident, earns an additional $54,000 annually by renting out spare parking spaces.

Several years ago, Sam stumbled upon a profitable side hustle when he began using Spacer, a parking marketplace, to rent out three vacant parking spaces.

Sam, a UC Berkeley graduate with a background in architecture and a successful property development business with his brother, recognized the potential of his extra parking spaces as a source of income.

Parking Profits: Sam Hunt's Success Story

"I pursued a fulfilling career in property development and design after studying Architecture," Sam shared with the U.S. Sun. Additionally, Sam told the outlet that he identified an opportunity to earn passive income from his unused parking spaces and started using Spacer to rent out three of them, generating $900 per month.

Sam explained that the renters are predominantly locals who either lack parking spaces or have multiple cars and desire a safe, guaranteed spot. With his foresight, Sam earns $300 per space, resulting in $900 monthly and $10,800 annually from the three spots he rents through Spacer.

Expanding His Parking Portfolio

Beyond the three parking spaces he manages through Spacer, Sam's real estate portfolio includes several unit buildings, where he also rents out parking spaces to tenants.

"It took 20 years of hard work building these assets, but it's paid off by generating about $54,000 annually in passive income," Sam said.

The Role Of Spacer

Sam describes the Spacer platform as reliable and user-friendly and easy to use. The majority of renters opt for monthly leases, often for extended periods.

Other Advantages

Sam and his family have been using the extra income to fund the children's education. Aside from that, Sam uses the income to support his passions, including design, art, and family travel. He advises others to take advantage of similar opportunities.

"If you have a garage or an empty space, I'd highly recommend exploring its value to boost your income," he told the U.S. Sun.

Like Sam, many individuals have successfully transformed their side hustles into a reliable source of income. For instance, Courtney Lynch, a fashion entrepreneur who owned a small vintage store, utilized a reselling app to generate a monthly income of £25,000.

Similarly, Michael Morgan, who sold his first vintage Rolex Submariner out of boredom at 13, transformed his fascination with "old things" into a lucrative business, generating an annual income of $10 million.