Would you Rent your Driveway?
Homeowners in almost 30 towns and cities across the UK made an average of more than £1,000 per year from renting their empty driveway, according to the latest research by online parking marketplace YourParkingSpace.co.uk
Unsurprisingly, driveways in London netted the most money, earning their owners on average £2,303 per year. This is up six percent on the previous year, reflecting a growing demand for the service and increased awareness among homeowners of the money earning potential by renting out their driveway, garage or secure parking.
The borough of Kensington and Chelsea topped the list within London with its residents earning £3,367 on average through YourParkingSpace.co.uk.
However, the latest research also reveals that savvy driveway owners away from the capital are also making significant amounts. Brighton came second in the list with homeowners renting their driveway on YourParkingSpace.co.uk earning on average £1,761 per year, while the northern cities of Leeds and Manchester also finished in the top five earning £1,544 and £1,476 respectively.
Cities outside of England also fared well. Edinburgh finished fourth on the list with its residents earning £1,526 on average, while Belfast also came in the top 10 at £1,343. Perhaps most significantly the results showed that there is the very real possibility to boost household income in towns and cities across the UK, with 28 above the £1,000 average annual mark.
Indeed, even those at the bottom of the website’s Top 50 league table had sizeable money earning potential. Bolton, which took the final spot, still earned its residents £816 per year on average just by renting out an empty driveway.
Harrison Woods, managing director of YourParkingSpace.co.uk, said,
“These results demonstrate that there are potentially very lucrative money earning opportunities across the UK from renting a driveway, garage or secure parking space.
“Meanwhile, an increasing number of businesses with spare parking capacity are also registering on YourParkingSpace.co.uk. It’s very simple to do and unlocks a potentially significant revenue stream, in many cases just by being close to local amenities.”
Top 10 UK Towns and Cities (average earnings per year)
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