There’s always a new way to make a bit of money these days, whether it’s selling old clothes on eBay or letting out your spare room to holidaymakers.
But have you ever thought about renting out your driveway? It might sound odd but this money-making craze has swept the nation and it could make you a tidy sum.
According to new data from YourParkingSpace.co.uk, residents in London are making as much as £2,254 a year from letting commuters park in their driveways.
But it’s not just the capital where homeowners are cashing in — locals in plenty of towns and cities around the country have enjoyed a driveway windfall and you could be next…
Potential earnings of more than £1,000 a year
The data shows that householders in 25 towns and cities around the UK are earning more than £1,000 every year from leasing their driveways.
The capital tops the list of driveway revenue, with figures boosted by commuters looking to avoid paying the new ULEZ charge by parking in the suburbs and continuing their journey on public transport.
Behind London, Brighton is the second most profitable place to rent out your driveway, with homeowners in the coastal city raking in an average of £1,839 per year.
Data found the top 10 most profitable towns and cities in the UK for driveway rental are as follows (with average annual earning):
Countless money making opportunities
Harrison Woods, Managing Director at YourParkingSpace, said driveways near train and tube stations, sports stadiums and airports are in particular demand with motorists.
He said: “Renting out a driveway provides a steady stream of additional income for thousands of households across the UK.
“It’s very encouraging to see that the top earning towns and cities are spread across the country, offering money making opportunities to countless Brits who own a driveway or empty parking space.
“Homeowners are making significant sums from a previously overlooked asset right on their doorstep – their driveway.”
Most ‘driveway landlords’ are relying upon a number of apps in order to conveniently profit from their makeshift parking spaces.
There are quite a few to choose from and they all work slightly differently; using different payment schemes.
Most of them are free to use, which means there’s no reason why you can’t list everywhere.
Here are some of the more popular options…
1) JustPark – One of the larger driveway rental apps, you’re pretty much guaranteed to receive some level of interest. It has a five-star rated app and is free to sign up to and list with. It takes 3% of what you earn for each ‘sale.’
2) ParkLet – Another large and well-received option. ParkLet is ideal for long-term driveway rental i.e. for people holidaying abroad, for instance. The company handles all of the contracts and payment details for you. However, this is reflected in the price. Whilst it’s free to list and use the service, they’ll take 20% + VAT out of your earnings.
3) YourParkingSpace – Whilst a bit smaller than the competition, Your Parking Space stands out as it doesn’t take a penny of your earnings. Instead, it charges the ‘tenant’ using the driveway a 20% service fee on top of whatever you charge. Providing you come up with the figure, the service will handle the rest.
For more information on the latest motoring news and views, check out the 1ST Central hub for everything you need to know to stay safe and knowledgeable on the roads.