This App Lets People Rent Out Their Parking Spots to Earn Money
Rahul Kalvapalle — November 6, 2021 — Autos
References: apps.apple & 9news.au
The government of the Australian state of New South Wales has launched an innovative new parking app that is designed to give residents of the city of Sydney the opportunity to make money by renting out under-utilized parking spots, garages and driveways, while making it easier for car-owners to go about find parking on the fly.
Developed as part of a collaboration with Parkhound, Australia's leading parking marketplace, this particular parking app uses an easy-to-use interface to connect motorists with people who have parking spaces to offer in their area.
With persistent population growth in urban areas coupled with increased car ownership and rising difficulties in finding parking, the introduction of the 'Park'n'Pay' app serves to be an innovative way to address Sydney's parking problem while also putting some money in people's pockets.
Image Credit: NSW Department of Customer Service
Developed as part of a collaboration with Parkhound, Australia's leading parking marketplace, this particular parking app uses an easy-to-use interface to connect motorists with people who have parking spaces to offer in their area.
With persistent population growth in urban areas coupled with increased car ownership and rising difficulties in finding parking, the introduction of the 'Park'n'Pay' app serves to be an innovative way to address Sydney's parking problem while also putting some money in people's pockets.
Image Credit: NSW Department of Customer Service
Trend Themes
1. Peer-to-peer Parking Rentals - As parking becomes increasingly scarce in urban areas, there is potential for a peer-to-peer sharing economy to emerge, offering individuals the opportunity to rent out their unused parking spots, and offering drivers a more convenient and cost-effective way to find parking.
2. Mobile Parking Payment Platforms - Mobile apps that allow drivers to easily and conveniently pay for parking will continue to become increasingly popular, particularly in urban areas where traditional metered parking may not be available.
3. Collaboration Between Governments and Private Industry - Partnerships between governments and private companies can create innovative solutions for public problems; in the case of Sydney, a collaboration between the New South Wales government and Parkhound has resulted in a new way to ease parking congestion in the city.
Industry Implications
1. Parking App Development - The growing need for more efficient and effective parking solutions, particularly in urban areas, creates opportunities for businesses to develop mobile apps that can help drivers find, reserve, and pay for parking.
2. Sharing Economy Platforms - Peer-to-peer parking spot rental platforms operate on a similar model as sharing economy companies like Airbnb and Uber, presenting opportunities for businesses to get involved in the sharing economy space and create new revenue streams.
3. Smart Cities/automotive Technology - As cities become increasingly connected and automated, there is potential for parking technology to evolve as well, with new innovations like self-driving cars that drop off passengers then park themselves, eliminating the need for drivers to search for parking.
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