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ParkatmyHouse Turns Parking Spots Into Cash With U.S. LaunchNew Marketplace Lets Home & Business Owners Profit From Under-Utilized Parking Spots and Helps Drivers Save Money (January 04, 2012)
NEW YORK, NY -- (Marketwire) -- 01/04/12 -- ParkatmyHouse, the world's largest marketplace for renting parking spaces, today launched its Web-based service in the U.S. This new service brings new moneymaking opportunities to home and business owners and money-saving opportunities to drivers. Backed by BMWi Ventures, a fund focused on investing in mobility services, the company is creating an entirely new marketplace in the U.S. for the renting of spots, not only at homes, but at parking lots, offices and even places of worship.
Typically, homeowners and business owners have valuable parking spots that go unused most of the day when they could be moneymaking real estate assets. As urban sprawl continues to take place in major metro areas, ParkatmyHouse plans to realize the value of these assets by connecting property owners with drivers. In the U.K., where ParkatmyHouse first launched, the service has already earned homeowners more than $5 million.
"We're not talking about a few bucks," said Anthony Eskinazi, CEO and founder of ParkatmyHouse. "Property owners with decent spots can make thousands every year. If people are curious, our website has a quick and easy tool to show what their or a friend's spot might be worth. We've had huge success in the UK and we've seen how this service can really make a difference to people's lives, particularly in this economy."
ParkatmyHouse is rolling out immediately across all East Coast metropolitan areas, including New York, Boston and Washington, D.C. The service hopes to attract commuters who struggle to find parking near stations as well as sports and music fans looking to park around stadiums and concert halls. Not only will ParkatmyHouse list spots in areas of chronic shortage, the company provides a cost-savings alternative to metered parking and parking lots -- with some people saving up to 70%.
"It's not just about convenience and stretching your dollar," adds Eskinazi. "ParkatmyHouse saves drivers time who would otherwise be circling for a spot and wasting fuel. Ultimately, the service cuts traffic and pollution at the same time. This is truly a smarter way to park."
Parking and associated costs continue to rise year-over-year in most metro areas. According to research by Colliers International, the global realtor, parking costs in Washington, D.C. and Boston have increased by 20% and 6.3% respectively since 2010.
Shortage of parking spots is also a tremendous problem. The New York Metropolitan Transportation Authority recently discovered that there are only 2,000 parking spaces available for over 8,000 daily riders. Commuters in Stamford, CT face a two-year waitlist for parking permits. Those in Fairfield, CT have to wait almost seven years for a spot.
Property owners can list their parking spot for free by going to ParkatmyHouse.com. The site will recommend a rental price or they can name their own price. Property owners can also list the spot's features (e.g. lighting, security), manage its availability and see their earnings. Drivers can use the site to find, book and pay for a convenient spot, and also see their savings.
ParkatmyHouse launched in the UK in September 2006 but the idea that inspired it was born in the USA. Eskinazi was studying at Berkeley when he went to see the San Francisco Giants play at AT&T Park. When he saw an empty driveway a stone's throw from the stadium, he realized there was an opportunity for both homeowners and drivers to reap the benefits -- if only they could find each other.
Eskinazi's ambitions are big. "There are too many cars and too few spots so we've taken the collaborative consumption model to parking. We want to change the way that people park forever, not just in the UK and US but in every city in the world."
ParkatmyHouse connects home and business owners with unused garages and driveways with drivers looking for cheap and convenient places to park. It was set up in 2006 by Anthony Eskinazi, then 23-years-old. Currently, the service has made property owners who rent out their driveways more than $3 million per year, and saved drivers who park at those spots over $5 million per year in parking fees. Property owners who live near commuter areas with a train station can expect to earn over $2,000 per parking spot annually. The website currently has more than 150,000 registered customers in the U.K.
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