A vast majority of city dwellers possess unused garage space, and one app, entitled Garage Time, is presenting individuals with the opportunity to rent out their space, to those who are looking for a place to work on a car, motorcycle, or other project.
Functioning similarly to Airbnb, this peer-to-peer app launched just two weeks ago, but has been demonstrating promising results. Through this service, listers can select their own time and price requirements, while the seeker can filter through the offerings in their price and geographic range.
According to the website, the main intention behind Garage Time is to "help motor enthusiasts find DIY vehicle workspace and helps garage owners get paid to share their space."
Peer-to-Peer Garage Rentals
Garage Time is Like an Airbnb for Vehicle Workspaces
Trend Themes
1. Peer-to-peer Sharing Economy - There is an opportunity to disrupt traditional industries by applying the peer-to-peer sharing model to unused garage spaces.
2. DIY Vehicle Maintenance - The trend of DIY vehicle maintenance is growing, creating a market for platforms that connect motor enthusiasts with available workspaces.
3. Hyperlocal Service Platforms - The emergence of hyperlocal service platforms like Garage Time provides an opportunity for individuals to monetize their unused spaces within their local communities.
Industry Implications
1. Real Estate - The real estate industry can explore disruptive innovation by incorporating the utilization of unused garage spaces for short-term rentals.
2. Automotive - The automotive industry can benefit from platforms like Garage Time that facilitate DIY vehicle maintenance and provide enthusiasts with the necessary workspace.
3. Peer-to-peer Marketplace - The peer-to-peer marketplace industry can expand its offerings by creating platforms specifically designed for renting out unused garage spaces.