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Could You Rent Out Your Driveway For Extra Cash?

Many of those fortunate enough to have a free driveway or extra space on their land are now tapping into the demand for parking spaces around the UK as a way of earning extra cash.

Harrison Woods, managing director at YourParkingSpace.co.uk mentioned the attraction with renting out personal parking spaces during the current economic climate: “In these unprecedented economic times many households are worried about their personal finances, and rightly so. Offering a driveway to rent by motorists needing somewhere to park could be one way to soften any financial impact for those who have a space available.”

On average you can make more than £1,000 per year if your driveway is in the top 50 rented driveway towns and cities in the UK. While London is of course top of the list when it comes to earning potential, there are 25 other towns and cities where owners can earn over £1,000 annually. Those with spaces in Edinburgh earn an average income of £1,896, Bristolians earn an average of £1,716, Leeds residents rack up around £1,452, those who live in Cardiff see an average income of £1,188 and Belfast locals could earn up to £1,164.

While larger towns and cities have predominantly dominated the market, government lockdown restrictions related to COVID-19 will surely see popularity change over the coming months. As people potentially look to spend less time in busy cities, opting to head to more isolated or rural areas, those with driveways in the country or within seaside resorts are seeing an increase in demand. In fact, in the month of June rented driveway bookings increased by more than 300% in popular coastal destinations such as Brighton and St Ives.

As staycations look likely to be the most viable option for Brits to enjoy a holiday this year, Harrison commented on the beneficial aspects of renting a private space for drivers: “It is a good opportunity for visitors to possibly save on parking charges as driveways can be cheaper than traditional car parks, while also providing more social distancing room for the vehicle’s occupants.”

YourParkingSpace.co.uk has over 350,000 parking spaces across the UK with more being added every day. The spaces are available to pre-book by the hour, day, week, or even on a monthly basis and it’s really simple to use whether you are an owner or a renter.

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