A car space in a prime location can attract a pretty penny in Ireland. These days people are willing to pay for convenience, even if it means a car space that will save them 30 minutes walking to and from work.
In this blog post, we will have a look at just how you can go about renting out a car space in Ireland and what prices car spaces are fetching right now.
Location is everything
If you are based in Drangan in Tipperary, or Boherbue in Cork you are unlikely to have much luck when renting out a car space. But parking spots in Dublin and Cork in particular can be quite attractive for potential commuters if the spot is next to their work place.
How to Rent out a car space in Ireland
There are two different ways you can go about renting out your car space in Ireland. The option you go with will depend on whether you want to rent out the space to one particular person or make the space available for anyone to park in when it is available.
If you are renting a property that comes with a car space, then check your agreement with your landlord before renting out the space as this may be considered subletting and against the terms of your contract.
Parkpnp is the best option if you want your space to available 24/7 to whoever may need it.
The process is very easy to manage, all from the Parkpnp mobile app. You can message the person directly via the app which can be very useful in situations where it is difficult to access your parking space (For example you may need to give them a key fob or an access code to enter the car park)
In terms of the costs, there is no fee for listing your space, but Parkpnp will take a 30% cut on all bookings. So a good portion of your income is taken for the convenience of using the Parkpnp service.
Below is an example of what the customer sees when trying to book a space, your listing will appear on the map with the listing price.
Advertising on daft
At the time of writing there are 127 car spaces in Ireland listed for rent on Daft.ie. Advertising on Daft is more suitable for those looking for a long term tenant for their parking space.
The advantage of using Daft is you only have to manage the booking one time and you will be guaranteed to know how much income you will be making every week or month.
You can list an ad on Daft.ie from for six months for as little as €25 which is pretty cheap. This will be a one-off cost, rather than a 30% commission like the Parkpnp option.
What is the going rate for a car space?
The going rate for renting a car space in Dublin for a month can range from €80 to €180 depending on the location.
If you are trying to work out what to charge, then it is a good idea to check out the Parkpnp map for your area to see what your competitors are priced at. Setting a competitive price will help to keep your car space full at every opportunity.
Is the rental income earned from a car space taxable?
Like any other income you earn, rental income earned from a car space is also taxable. This will be included with all your other income and submitted with your Form11/Form12 and you will pay PAYE, USC and PRSI on the income.
Disclaimer: This blog post is for informational and educational purposes only and should not be construed as financial advice.