Is your road paved with gold? If you live in a big city, near an airport or a train station, it could be. Online parking markets allow you to rent parking spaces for cars: some earn £200/month or more. Plus, if you’re looking for space, they’re also a handy way to find cheap parking.
Depending on your area, you could earn up to £200/month (more in some places, for example, parts of London) just by letting someone park in your car or garage. The most coveted spaces tend to be in city centers, but you can still make a lot of money elsewhere.
If you live close to a major transport link, such as an airport or railway station, or even on high ground, it’s worth a quick assessment.
Things to consider
In short, probably! There are a couple of things to consider first, though:
- Can space be used legally without a permit (such as a space on a driveway or in a garage)?
- Do you legally own the property or do you have permission from the landlord to rent the space?
- Can space be accessed without a password, code, or command?
If the answer to all of the above is ‘yes’, then you can probably rent your parking space without problems!
However, even if you have answered ‘no’ to a couple of questions, don’t give up hope yet.
Spaces that require a council parking permit are forbidden to rent, but non-council spaces can be rented. You can find these spaces in places like churches and schools, and while it is unlikely that a student’s house will come with one, we would not like to say with certainty that they will not!
Of course, even if your permit space is not controlled by the council, you should consult with the owner of the space before renting it.
Similarly, having some kind of barrier to the space (such as a key or a keychain) is not the end of the world.
All it means is that you must be there when the driver arrives or have a secure key nearby to hand over the key (and pick it up when they leave), or in the case of lock code, contact them beforehand to let them know the combination.
How much can be charged for car parking?
Depending on where you live, the amount you can charge for your space will vary dramatically. And when we say vary, we mean £50 – £500 a little vary.
Of course, when you’re a student, even the lower end of the scale represents a good cash injection!
To get a rough idea of how much you can expect to earn, decide which service you want to use and see for which people you rent your space.
However, don’t take it as gospel: agitating an expected rate like an excited chicken doesn’t mean that people will pay for it. Think of value as a guide to see if it’s worth your time.
If you have a driveway, is it worth purchasing a parking license?
If you live on a road where parking permits are required, but you also have a car and a driveway, see if it’s worth buying a permit for yourself and renting the driveway.
Permitted parking is usually found in areas where spaces are in high demand, such as high streets and commuter links. This means you may be able to charge more for your space on the driveway than it will cost you (a resident) to buy a permit on the road. Profits!
Before you go out and leave that free space, there are some important things to mark on your checklist.
While legal things may sound good, we promise it’s not that hard, and it’s super necessary.
- You need a proper contract
Yeah, we know, it’s just a driveway. But legally they see you as a landlord with tenants (and responsibilities). At least you can put it on your LinkedIn, huh?
The main thing is to make sure you clearly state that you are not responsible for the vehicle or its contents. Nobody wants to pay for a new Jaguar they don’t even own.
If you live in a block of flats with a lot of neighbors, you might even put a sign on the front door or in the community area (if there is one).
Again, however, you will have to settle all your contracts and payments.
So, do you believe us now? This must be the simplest way of making cash!