Pavemint helps consumer rent out their parking spaces
Expected pay: You set it
Commissions & fees: 12.5%
Requirements: Legal right to a parking space; 18 or older; smart phone
Like CurbFlip, Pavemint lets you rent out your parking space, garage or driveway to people looking for parking. However, Pavemint charges more for their services than CurbFlip — 12.5% of your rental price, which includes the bank processing, vs. CurbFlip’s 5%.
How it works
With both sites, if you want to make your parking space or garage available to rent, you sign up and list it. Your listing will include where the space is; what it costs; and when it’s available. You’ll also include photographs.
Pavemint will require proof that you own the space or have the legal right to rent it. It will also suggest reasonable rental rates in your area. Final pricing decisions are up to you. But, the site notes that following its pricing guide is more likely to get your space rented regularly.
There’s no cost to list. But if someone books your space, you’ll pay a commission to the platform. Commissions come out of your proceeds before the platform passes on the rest to you.
However, there are some cautions about using Pavemint to rent out your space. Specifically, Pavemint imposes cancellation fees on hosts who back out of a rental agreement — even well in advance.
The exact amount of the fee depends on the value of the reservation and the amount of advance notice. However, it can amount to the entire rental amount or as much as $25 for short notice. Since you can set up automatic bookings on the site, the cancellation policy is something to be aware of. Never agree to a reservation unless you’re sure.
That said, renters are also charged cancellation fees, if they cancel within 24 hours of a rental. So, you get compensated for last-minute changes too.
No insurance coverage
However, Pavemint (like CurbFlip) provides no commercial liability insurance, so make sure you talk to your own insurance agent to set up coverage for the slight chance that someone is injured while renting your property.
If you’re interested in renting out your parking space, you may also want to sign up at CurbFlip.