British homeowners made £24 million in 2019 by renting out their driveways and empty parking spaces.
Indeed, you could make around £1,000 a year by allowing a fellow motorist to park on your drive.
Figures from Your Parking Space show that 78,000 new driveways and spaces have been added to its portal over the last 12 months. Forget cash in the attic, there’s cash on the driveway.
Driveways are likely to be popular close to city centres and town centres, with shoppers and commuters left with a short walk. Other venues include sports stadiums, railway stations, airports and tourist destinations.
Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Homeowners are seeing the financial benefits of renting out their empty driveways.
“Many are making a significant additional income with our figures showing the average annual driveway earning in 25 towns and cities is just over £1,000.
“However, it’s also businesses, schools and even churches that have unused parking spaces who are registering with Your Parking Space.
“If an empty space or driveway is in a location where there is a lack of parking, or because it could be cheaper than a traditional car park, then there will be a demand from motorists for this service.”
Renting out your driveway – the options
Your Parking Space isn’t the only company offering a ‘rent your parking space’ service. Other big names include JustPark, Parklet and Park On My Drive.
While most companies are free to join, you’ll be charged a fee or commission for successful transactions. The costs vary, so be prepared to do your homework.
Don’t base your decision on price. Consider other factors such as brand reach, website visibility and how hard the company works on your behalf.
It’s also possible to rent your driveway via Gumtree. While the costs are lower, you’ll have to do much of the legwork yourself.
As an alternative, ask your friends, family or colleagues if they know of someone who could use some convenient parking.
For more information, visit the Money Saving Expert website.