The Parkhound website or app matches renters with parking spaces. Parkhound provides the contract and organises payment, giving security to both renter and owner. Is it really worth it? Here’s my full Parkhound review..
The Good
- If you rent a space with Parkhound, you will know that the space is available. You will be the only one using it.
- You can choose long or short-term contracts for a parking space.
- It is easy and hassle free for renters and hosts to find each other on Parkhound.
- You can feel safe when you organise the contract through Parkhound and you know that if there is a dispute, you will be able to solve it.
The Bad
- A number of users have complained about poor customer service.
- Spare parking spaces in convenient locations are not cheap.
- It can be difficult for renters to find a space in more popular locations.
- The commission of 23% is quite high.
- Parkhound has parking spots in most of the state capitals, but there are lots of other places with parking issues, where Parkhound may not be available.
Verdict: If you want a car spot in a major city, Parkhound is probably worth using, but may be pricey.
We all know that it can be difficult and expensive to find a car space these days, particularly in the CBD. Parkhound is an Australian company that provides one solution to this problem. If you live in Australia’s biggest cities, Parkhound will help people with spaces that they don’t need get in touch with people who need that space. Parkhound’s database has more than 200,000 people who need a place to park. Renting out a parking space is an easy side hustle that could earn you money every month. Parkhound charges the renter a commission of 23%, but renters may still be able to find a cheap parking space in a good location. For more information about parking problems in cities, read this article.
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What is Parkhound?
Parkhound allows people to rent out their parking spaces to others. According to the Parkhound website, their database has more than 200,000 people who are looking for a parking space. If you have an empty parking space, then you can advertise on Parkhound and make passive income from renting out that space. The best thing about renting through Parkhound is that once you have a contract, it takes away the uncertainty of wondering where you will park each day. For the space owner, the Parkhound contract gives security.
Where is Parkhound based?
Parkhound is an Australian company and is based in Sydney. It started in 2013 and was acquired by Spacer in 2017.
How does it work?
You begin by signing up for an account on Parkhound. You only need to give your name, mobile number and email address for an account. Once you have done that, you have the option of listing the space you want to rent out (can be a great way to use House Hacking), or look for a space. Parkhound functions as an intermediary between renter and owner. You can get either daily, weekly, or monthly spaces and choose covered parking, uncovered parking, lockup garages, or driveway parking. You can even choose the distance from your location. Once the booking is made the owner of the space will contact the renter to organise any details such as meeting up to give them a key to the space.
Can you really save money using Parkhound?
You might get a good deal on Parkhound, but you might not. I was looking at a space close to the Gabba (Brisbane) on a game day. I found that Parkhound is as cheap as the cheapest parking near the venue, but nowhere near as cheap as a Park & Ride. Although it would have been convenient to park near the venue, it definitely wasn’t cheap.
You would need to check out your options to know whether you can save money or not. Most of the parking offered on Parkhound is close to the CBD of the cities and it looks like the people who are offering parking know the value of their spaces. Unsurprisingly, the closer you get to the centre of the city, the higher the price of the parking space. You would definitely be able to get a cheaper deal than the most expensive parking, but it is hard to say how much you would save. This article gives some helpful advice for saving money on parking.
To read more on Saving Money on Cars, read my article HERE.
What are Parkhound’s fees?
It doesn’t cost anything to join Parkhound. Only renters pay fees, but it does mean the space owner may receive less than expected, as this along with GST is deducted from the payment. The owner doesn’t have to pay anything. If the renter needs an access device such as a remote or a swipe card, they will have to pay a bond. They will get their bond back if they return the access device in a timely manner at the end of the contract. On the main part of the website, Parkhound isn’t clear about how much you would have to pay as a renter. They call it a ‘small commission’, but in their terms of use, they say it is 23% which I don’t think is small.
Can you make extra money using Parkhound to rent out your spot?
Parkhound is a great way to make passive income. You don’t have to permanently rent out the space. You can choose the times. For example, if you are lucky enough to live near a stadium, you could rent out your parking spot on event days. You don’t even need to have undercover parking. I have seen people advertising space in their driveways. You can read more about House Hacking in my article HERE.
Renting out a space, such as a car park is ranked by Canstar as the number 4 side hustle in Australia.
In what locations can you use Parkhound?
Parkhound is available in Sydney, Melbourne, Brisbane, Canberra, Perth, Adelaide, Hobart, and Launceston. Although the web site advertises according to the state, you will find that all of the places are in the capital, except for in Tasmania. Tasmania has parking spaces in both Hobart and Launceston.
Parking is expensive in most cities in Australia. To find out more see The lowdown on the high price of parking.
Is there a Parkhound App?
Parkhound has an app for both Android and IOS phones. I can use the App, but my partner cannot use the app because her Samsung s22 is not compatible somehow.
Advantages of using Parkhound
- If you rent a space with Parkhound, you will know that the space is available. You will be the only one using it.
- You can choose long or short term contracts for a parking space.
- It is easy and hassle free for renters and hosts to find each other on Parkhound. Without a service like Parkhound, it would probably be impossible to find a private parking space.
- You can feel safe when you organise the contract through Parkhound and you know that if there is a dispute, you will be able to solve it. You can avoid the problems that may arise if you do the deal privately.
Disadvantages of using Parkhound
- A number of users have complained about poor customer service. Some hosts have said that their payments were delayed and customer service did not help them. Renters also had issues with customer service.
- Spare parking spaces in convenient locations are not cheap. People who rent out car spaces have a good idea of the value, so you are not likely to get a very good deal.
- It can be difficult for renters to find a space in more popular locations. Although Parkhound has a waiting list, that is not very helpful if you need a space now.
- The commission of 23% is quite high.
- Parkhound has parking spots in most of the state capitals, but there are lots of other places with parking issues where Parkhound may not be available. If you live in these areas, Parkhound will not be useful for you – hopefully, you have the option of public transport..
Conclusion
With the cost of living continuing to rise, more people are looking to side hustles to make extra money. Parkhound gives people with unused parking spaces the chance to make extra money by renting them out. Parkhound provides a contract and acts as an intermediary between space owner and renter, making transactions easier and safer. Parkhound charges a commission of 23% which is deducted from the payment to the space owner along with GST.
The Parkhound website or app will show renters available spaces. Renters may find that they can get a good deal with Parkhound, but even if the price is still high, they can feel comfortable knowing that they can always find a parking space and remember where their car is until the contract expires.
Captain FI is a Retired Pilot who lives in Adelaide, South Australia. He is passionate about Financial Independence and writes about Personal Finance and his journey to reach FI at 29, allowing him to retire at 30.