Need money? If so, you might earn thousands a year renting a parking space on your driveway to strangers, YourParkingSpace suggested. Why? Because parking can be tricky in some areas. Car parks are typically full, prices are high, there are on-street restrictions, and zealous traffic wardens punish any minor mistake.
Drivers might therefore pay to rent your space if it eliminates such issues. Naturally, any earning potential is influenced by various factors. For example, you might reasonably expect more bookings if the space is close to a station, stadium, or airport rather than in the middle of nowhere. Other considerations include:
- how tricky it is to find an alternative space
- whether you get positive reviews from motorists
- how expensive it is to park elsewhere
- any special facilities, e.g. electric car charger
- how many other locals offer their facilities.
London space owners can earn £2,100 per-annum, YourParkingSpace suggested. They are followed by owners in Brighton (£1,944) and Edinburgh (£1,896). ‘List your space and earn £40 to £400 per-month’, the company said. Note too that driveway, allocated off-street, underground, and lock-up garage space is in ‘high demand’.
YourParkingSpace Managing Director, Harrison Woods, emphasised the potential. ‘Countless households’ are ‘more than making ends meet’, he said. ‘The additional income comes in particularly handy to pay for the extra costs that come with Christmas such as presents, decorations, food spending, and other little luxuries’, he claimed.
How to list a parking space
YourParkingSpace lets you list a space for free via its website. Simply enter your details and describe the parking space. Its location, for example. Whether it is on a driveway. Any maximum vehicle size. As motorists like to visualise the parking space add a few pictures, too. Furthermore, say when your space is available.
You also have to choose how much to charge drivers to rent your space. But how? One option is to see how much others ask in your area – then be competitive. Whatever your price, YourParkingSpace adds 20% as its commission. And that is about it. Simply wait for the bookings to come in. The payment is by PayPal or bank transfer.
‘Making additional income from an empty driveway has to be one of the easiest ways to make money’, Managing Director Harrison Woods added. He further suggested that coronavirus might increase bookings. Why? Because more people want to minimise exposure by driving rather than using buses, trains, and other public vehicles.