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Rent out your Garage or Parking Space

Monday, 8th October 2012

Categories: Lettings

Author: Peter Barry

An increasing number of Londoners are discovering that their driveway or garage could be earning them some extra money. With a number of dedicated websites now offering to connect homeowners with drivers, there’s a genuine market for empty driveways. If you’re looking for ways to make your house pay without too much hassle on your part then this could be the answer. Whilst you’ll never make enough to pay off your mortgage early, the figures aren’t bad for simply letting someone park their car on your drive.

The price you pay

Homeowners put their own price on their parking but you could expect to earn anything from £5 to £20 a day. Obviously, this price depends on your postcode and those with the luxury of off-street parking in central London can expect to earn a premium for their sought-after spaces – especially with parking fines at an all-time high. However, it’s not just those in zone 1 who are raking it in. Anyone who lives close to a mainline train station with direct links to central London, or those who live close to a major football stadium or concert venue can expect to see a lot of bookings for their driveway.  I have personally used the website and have had great success when attending rugby matches at Twickenham Stadium. £20 for the day if I remember rightly. Much cheaper and quicker than the tube too.

What about my car?

Well, this is the dilemma. If you own your own car and you only have space for one vehicle then this might not be the money-making scheme for you. If your driveway can squeeze two cars onto it, or you have off-street parking as well, you can move your car when you’ve got bookings.

Security sense

If you don’t own your own car then renting out your driveway or garage can have security benefits too. A car in a driveway is a good way to make a house look occupied, while extra people coming and going is also a deterrent for would-be burglars. If you have a regular booking, it could mean that there’s a car in your drive all day long, while you’re out of the house – the ideal solution all round.

When it comes to security for bookings, it’s always best to rent out your parking space through a reputable website. That way, no actual money changes hands on the day of the booking – it’s all done online – which means there’s no opportunity for haggling, confusion over costs or refusal to pay. Plus, it means you don’t even need to be at home when the person arrives or leaves, so it’s all very flexible and low maintenance. All in all, not a bad way to make a few pounds!

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