Savvy homeowners are increasingly earning an additional income by putting their bricks and mortar to work. Everyone has heard of renting out a room to a lodger, renting out a house as a film set or even turning spare rooms in to a B&B.  Whilst all of these can prove lucrative, some can be more hassle than they are worth in terms of disturbance to normal family life.  However the latest trend is renting out your driveway or garage, which is equally financially rewarding with fewer drawbacks. Apparently there are an increasing number of motorists looking to privately rent a space for their car rather than pay the ever increasing costs of council car parks or major operators.

There are a number of different companies that operate in this market – some arrange daily parking but more profitable and reliable is the monthly rental market.  This is because motorists or ‘tenants’ sign up to a contract and so the homeowner is guaranteed the rental payment each month.  Anyone can rent out their driveway, garage or parking space but people who live near busy town or city centres, railway stations, or busy leisure attraction can earn the most income.  Although it’s not something insurance companies are considering yet, there is an additional benefit that by having a car parking on your drive, your property looks occupied which can be a deterrent to burglars.

The arrangement is simple enough:  as a property owner you allow a motorist to park on your drive either 5 or 7 days a week. The process is straightforward too: you advertise your space, an interested motorist comes forward, the company arranges a viewing if necessary and then draws up a contract and once agreed collects the monthly rental. Most parking space letting agents charge a commission which is deducted from the monthly rental income before it is passed on to the homeowner.

Anyone can rent out their driveway, garage or parking space but people who live near busy town or city centres, railway stations, or busy leisure attraction can earn the most income.  Although it’s not something insurance companies are considering yet, there is an additional benefit that by having a car parking on your drive, your property looks occupied which can be a deterrent to burglars.

To get an estimate of how much your own space might be worth, check out Park Let’s valuation tool at www.parklet.co.uk/parking-rental-price-guide.aspx

Luke Kelly Founder and Managing Director of Park Let, the UK’s largest parking space letting agent. Park Let provides a fully managed letting service including matchmaking the tenant and landlord, preparing contracts and monthly rental collection.

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