For many drivers, the only thing more frustrating than fighting Vancouver traffic is looking for a parking spot.
That’s why two Simon Fraser University students have created OpenSpot, an app that, like Airbnb, connects people who own a parking spot with drivers looking for a place to park their car.
“We need to revolutionize the idea of parking,” co-creator Baker Al-Nakib said. “So far there hasn’t been much innovation in the parking industry and that’s what we’re trying to go with.”
Co-creator Thamer Matar believes every unused parking spot is an opportunity to make some money from a driver who will gladly pay for the privilege.
“It’s a waste having them sit around empty,” he said. “You’re at work from eight to five, or let’s say you go on vacation. It’s a waste having them empty, take advantage of it and make some side income.”
The app allows owners to set their own price for their parking spot.
According to Matar and Al-Nakib, a single spot — depending on availability and location — can generate upwards of $8,000 a year with the app taking a small percentage of what a parking spot owner makes.
They also say OpenSpot removes safety concerns that prompted the City of Vancouver to issue warnings when homeowners tried to solicit spots near the PNE.
There are still questions about renting spots without a business licence.
“The City of Vancouver loves the idea because instead of using money to build parking lots now we can utilize spots that are already available,” Matar said.
Since its launch, demand for parking spots has outpaced supply, which Matar and Al-Nakib believe is a sign that an empty driveway in the right part of town could prove to be a cash cow.
— With files from John Hua
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