Key Facts

  • Kiwi homeowners can earn extra income by renting out their driveways or parking spaces via parking app companies.
  • Parkable’s CEO, Toby Littin, stated that most listed spaces are now apartments or commercial buildings, contrary to previously more residential listings.
  • The rate on Parkable starts from $2 per hour or $10 per day. Pre-app cut earnings amount to about $4 per hour.
  • An app similar to Parkable, named Campable, allows property owners to rent their driveways or front lawn to campervan owners.
  • Rates on Campable range from $20 to $75 per night, offering amenities such as electricity and bathroom facilities.
  • Income earned from driveway rentals should be declared to the Inland Revenue Department.
  • Those renting out space should check if they need resource consent due to location and local planning requirements.

Article Summary

According to parking app companies, Kiwi homeowners can turn their driveways into a source of revenue. Especially areas in high demand for parking, like near popular retail strips or touristic attractions, can spin a profit for local homeowners or landlords who have spare parking. However, most spaces listed on platforms like Parkable are now commercial or apartment spaces.

Prices on Parkable start from about $2 per hour or $10 per day, allowing parking space owners to earn around $4 per hour before the platform charges its fees. Similarly, the Campable app connects campervan owners with property-owners who offer their driveway or front lawn for rent, at rates between $20 and $75 per night.

Homeowners should be aware of their requirements when entering into such agreements. Extra income generated through driveway rentals must be declared to the Inland Revenue Department. Non-disclosure can result in insurance claims being declined, further increasing risk of damage. Furthermore, one needs to understand the Goods and Services Tax threshold and the main home exclusion rules under the bright-line test, both of which could entail significant tax implications.

In many cases, homeowners may need resource consent depending on the location and nature of the site activity. Rules can vary between councils, for example, Thames Coromandel District Council allows up to two certified self-contained vehicles but renting out to more than two vehicles would require additional resource consent as a discretionary activity. Homeowners interested should ensure they understand all policy requirements and check for any additional permitting standards.

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