Drivers can make £2,500 per year by using their own drive

Woolwich resident says petrol prices are 'astronomical'

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With the rising cost of living, motorists are looking for ways to earn extra money, and new research from car insurance company Comparethemarket has revealed that renting out an unused parking space can be a great way of doing that. The experts added that there is potential to make over £2,500 a year. 

The study also shared the top cities in which drivers can make the most by renting out their parking spaces.

Almost one in two Brits (47 percent) are considering taking on an additional job and looking for extra sources of income.

And, some Brits are turning to renting out their parking spots, according to the experts. 

A parking space can add an average of £14,275 to the value of a property, the research showed. 

More importantly, however, by analysing the average cost of renting a private parking space in 30 of the most populated UK cities, Comparethemarket found Brits could earn just over £2,500 per year.

Drivers could make an average of £209 per month just by renting out their private parking space to other drivers.

Unsurprisingly, London is where motorists could earn the most from renting out private parking spaces, with an annual earning potential of just over £7,000.

Although significantly less profitable than London, Glasgow and Cardiff rank as the second and third-best cities to earn extra income.

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At the opposite end of the scale, those in Stoke-on-Trent could earn an average of £91 per month by renting out their space – the lowest of all cities researched.

Leicester and Derby followed behind as second and third cheapest, with an average monthly parking price of £99 and £100 per month.

However, drivers who are thinking about renting their driveways have been urged to follow certain steps to stay safe and ensure that the money hits their bank account. These are:

Create a contract

Make it clear that you’re not responsible for damage to someone else’s vehicle on your property.

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Be aware of permits

Make sure you don’t need an additional parking permit to park in the space.

If you need a council parking permit you cannot rent that space, even if it’s allocated to you.

Have proper permissions

If you’re a renter, it’s important to have permission from your landlord to rent out the parking space, as this is technically subletting and could go against your tenancy contract.

Add security measures

Adding extra security, such as lights and CCTV, will not only make your parking space more appealing to renters, but also help to deter thieves.

Check your home insurance

Some providers may restrict cover for people renting out their parking space or garage.

It’s important to notify your provider, understand what insurance cover you have and add any additional cover you may need.

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