No one would deny that we are in the middle of the sharing economy revolution, where we are sharing our homes on Airbnb instead of staying at hotels and taking Ubers instead of hailing traditional taxicabs.
However, we recently discovered an app that is looking to popularize the renting out of a unique empty space that tons of people across the USA already have attached to their homes, but didn’t realize they could monetize — a boat dock! PierShare is a new online platform similar to Airbnb that allows dock owners to list their vacant spaces and rent them out pretty effortlessly.
After you list your dock on PierShare it’s available for boaters to browse. PierShare’s listings are highly detailed and offer you the ability to precisely describe the dimensions of your space and what utilities you offer. You can also set rules so that only the right boaters inquire.
Take Advantage of the Local Dockage Crunch
In many regions of the country, and especially in PierShare’s launch market of South Florida, there has been an excess demand for dockage since the rate at which new boats are being bought and sold is far outpacing the construction of new marinas to store these vessels. PierShare looked to AirBnB for inspiration on how to solve this problem, and they’ve put their own twist on things so that boaters, whether they are looking for a short-term or long-term solution, can use the platform to connect with dock owners in an entirely new way. In fact, PierShare caters especially to those boaters who already live in your local community, and are deciding on whether they would like to keep their boat in a marina under a long-term contract or dock it behind your house instead.
While most Airbnb stays tend to be very short-term (typically under two weeks), most PierShare dockings last months at a time or sometimes one year or longer. That puts you as a dock owner at a great advantage, as you can use PierShare to earn a consistent supplementary income stream by simply having a boat sitting behind your house! And aside from the monetary aspect, renting your dock is also a great opportunity to look cool in front of your boat-less neighbors and gives you something pretty to stare at while sipping that cocktail by the pool!
You can earn much more than you think!
As a dock owner, PierShare is completely free for you to use, both on listing your dock and on transactions, But the big question is, how much can you actually make renting out your dock on the platform? It depends on a few factors, but for the average dock owner who has 50 feet of total available space in a decent area, they can expect to earn anywhere between $750 to $1250 per month in steady income. This equates to roughly $15 to $25 per foot of boat length per month. Considering the average American household spends between $5,000 to $10,000 on property taxes, renting out the dock space behind your house can fully cover the yearly property tax bill with room to spare!
A large wraparound property, like this one, offers this dock owner the ability to host multiple boats and earn upwards of $2000 per month! And the upscale nature of this community and its close proximity to the main waterway won’t go unnoticed by the happy boaters staying there!
The real magic though comes for those dock owners that have 80 feet of available space or greater. These owners have the opportunity to host multiple boats at once or host one very large boat at a premium since dockage for 75+ foot vessels in many areas of the country is limited. These spaces can earn a premium of up to 33%, which means that a dock owner with this 80 feet of space can earn approximately $2000 per month from one large motor yacht! But the main idea is that no matter how you look at it, the more space you have and/or the wider your property, the more money you can make!
For first-timers, renting out your dock space may sound like a crazy idea, but PierShare undoubtedly makes it easier, but our take on it is, if you live on the water and don’t mind a boater stopping by a handful of times each week, renting out your dock and thus rendering your yearly property tax bill irrelevant is a clear no brainer! And by the end of it, you’ll likely have some extra money left over to splurge on a few extra fancy dinners each month!