Money

Your Driveway Could be Earning You Money

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By Mark Frauenfelder

If you think the only way your driveway could generate income is by using it for a garage sale, think again. A company called ParkatmyHouse is getting ready to connect spare driveway- and garage-owners with commuters who need a parking space close to work.

Already a success in the U.K., ParkatmyHouse is poised to launch in the United States, backed by an investment from BMW’s U.S. venture capital firm. You can visit the site now to get an estimate of how valuable your driveway is worth. I entered my home address in Studio City (a part of LA next to Hollywood) and found out my spot “could be worth around $1500 a year.” I then entered some prime locations in New York and Boston, and got estimates of $5000 a year for both. Not too bad, if you aren’t already using the parking spot for your own car.

If you’d like a preview of how it ParkatmyHouse will work once it launches in the U.S. (no word of a launch date yet), check out the U.K. site here.

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