Rent out your parking space, it could be a lucrative side earner!
You may have seen the article in Metro newspaper yesterday about the lady who took her revenge on somebody who had parked on her drive without her permission by emptying a ton of gravel behind his car and blocking him in.
It got me thinking about how much could you earn for your parking space if you were to rent it out.
There is quite a large amount of people already renting their parking spaces out, there are even websites that will advertise your parking space for you, saving you the hassle.
It appears to be quite a lucrative side earner without you having to put in much, if any, effort.
Can anybody rent their parking space out?
If you own your own house and you’re only renting out space on the ground you own then yes you’re free to do as you wish.
If you’re in a rented property you would most certainly need to check with the landlord first and gain their permission before proceeding.
Most tenancy agreements will have a clause in them to say you must consult them before setting up a business from home and this would be no different.
Plus, having a business from home is one thing, but using the actual property as your means of earning is a totally separate matter and they may feel entitled to a cut of any profits.
Where is most popular to rent your parking space?
Anywhere that attracts a lot of cars that has a problem with limited, or, expensive car parking spaces.
If you live near an airport you could be seriously quids in as airport parking is notoriously expensive.
You’d also have the luxury of having longer lets.
Prices at Manchester Airport range from £35.99-£69.99 for a week long stay meaning the average price is £52.99 per week.
If you could achieve rental prices like this for your parking space you could earn up to an extra £2,755.48 per car.
Prices in London airports are significantly more expensive. The average cost for a weeks stay between the 2 most busy airports (Heathrow and Gatwick) is a whopping £134 per week meaning you could potentially earn up to £6,968 per year if your property is situated close enough.
It’s not just parking spaces near airports that are money spinners. If you live near a sports stadium or popular concert stadium where parking is at a limited premium you could also cash in.
Some people are making £15 per stay just for renting out their drive. Easy money!
Here is a list of places that could generate parking income:
- Train stations
- Tram stops close to town centres
- Concert stadiums
- Sports stadiums
- Shopping centres
- City centre apartment blocks
- Near a school
- Near a high street
- Near a port
- Commute to work leaving your space empty all day
Any location that is popular enough for there to be a demand for parking spaces can be considered.
You may live to a popular attraction in your local town that struggles for parking spaces perhaps.
If you have room for more than one then all the better, you could earn some serious extra cash for little effort.
Where can I advertise my parking space?
All you have to do is sit back and take the money when it is earned. Check them individually to see which suits you best and also what percentages they take.
You could also place an advert in local shops close to your property, or maybe in a local free ads newspaper.
So there you have it. If you are looking for a hassle free extra income maybe renting your car parking space out is just the opportunity you have been looking for.
Do you rent out your parking space? If so I’d love to hear from you.
He is also a contributor to Clear Debt, ICOUNT Money and M1 Debt Advice blogs discussing all things personal finance.