Could You Make Money Renting Your Driveway?

New research by YourParkingSpace.co.uk found that people could be making over £1,000 by renting out their driveways in 25 towns and cities around the country.

Perhaps unsurprisingly, London is where the biggest bucks can be made, with a parking space in the capital renting for an average of £2,254 per year. Meanwhile, residents in Brighton, Oxford, Bristol and Leeds can all earn over £1,600 a year by renting their driveway.

If this isn’t something you’ve considered, it could be worth looking into if you need a bit of extra cash and can manage without the off-street parking. You could do particularly well if your home is near a train station, airport, sport stadium or music venue. 

Harrison Woods, managing director of the company, said that many people were able to make a bit of extra money by renting their parking spaces.

“It’s very encouraging to see that the top earning towns and cities are spread across the country, offering money-making opportunities to countless Brits who own a driveway or empty parking space,” he added. 

Earlier this year, the idea of residents renting their driveways in Yarm was suggested as a potential solution to the parking issues in the north-east town. New parking regulations introduced last year to encourage turnover in sought-after parking spaces along the high street mean that many staff now have to find alternative places to park. 

Teeside Live reported on the suggestion, which was made at a meeting of the Stockton Western Locality Forum. The idea is that residents who are at work all day could rent their driveway in the hours that they’re not at home to a particular business to provide staff parking. 

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