Chicago is quickly becoming a hotbed for parking startups. The city is home to SpotHero and ParkWhiz, two popular venture-backed apps that help you find affordable deck parking in Chicago and cities across the country.

But now another startup has launched to make it easier to find cheap parking in Chicago, but instead of connecting drivers with parking lots, the app allows homeowners to rent their unused parking spots.

ParqEx, available on iOS and Android, is an app that lets owners or apartment renters earn money on their parking spaces by listing the spot on ParqEx’s platform. You can find available parking based on your current location or search by address, and you can reserve spots by the hour, day, week, or month.

“ParqEx provides community members the opportunity to make money on your available parking spot or save money where parking is expensive and difficult to find,” ParqEx founder Vivek Mehra said in a statement. “Whether you are on vacation, at work or simply running errands during the day, you can make money from your idle parking spot.”

Renters who use ParqEx need permission from their landlords before using the service, a ParqEx spokesperson said in an email, adding that 500 users have signed up since its soft launch last year.

ParqEx is currently only in Chicago but plans to launch in Boston, Washington D.C., San Francisco, Los Angeles, Miami and New York by 2016.

ParqEx isn’t the first startup to try and connect drivers to private parking spaces. Spot in Boston, Rover in Toronto, and U.K.-based startup JustPark all help people rent their own parking spaces to people who need them.

Working similarly to Airbnb, ParqEx and other apps are diving head first into the sharing economy, and capitalizing on people’s increasing willingness to open up their personal property to strangers in exchange for a few bucks. But even as the sharing economy has grown, and as United State’s parking has become a $30 billion industry, some startups have struggled along the way.

In a postmortem from failed startup HelloParking, founder Chris Hoogewerff wrote:

Our first model (“AirBnb for parking spaces”), has since sprouted dozens of fellow upstart imitations, without much success. Just like ours, many who started in this model have since graduated to the commercial parking space. It seems that the reason the AirBnb model hasn’t quite worked yet is the difficulty in collecting enough supply. Some have found marginal success at the hyper-local level, but none have found a model that works at scale. More folks are hunting for parking spaces than exist parking space owners who are willing to share.

Time will tell is ParqEx can scale when other “driveway sharing” startups have struggled. But with six new markets planned by next year and an initial goal of having 100,000 users by the end of 2015, its plans are certainly ambitious.

Images via ParqEx