How much should I rent my parking space for?
With the high cost of living, people are looking at alternative ways to make extra income.
One excellent way is to rent out your parking space (assuming you own the parking space)
How your driveway can make you money
These days, it is simply impossible to find a good regular parking space. If you do find one, you have to pay each time you park. Often to book the space, you need a mobile phone. So, what happens if you do not have a mobile or the battery is flat?
If you do park elsewhere, you could be fined for parking in the wrong place—that is something no one wants. So, you can help these people
More and more people are realising that they can rent out their own parking space—this can be for one hour, one day, a week or longer
People are willing to pay for this total convenience, and you can make money in the process.
So how much can you make?
It does depend on many factors including (but not limited to)
- The area
- If you have a parking permit
- Does your space have CCTV
- Is it underground
- It is away from a busy road
- Is it near good transport links
How you can advertise your space
You can advertise your space in many ways
- Contact your local Facebook area and post a link
- Put a post on Twitter for the local area
- Register with parking companies who do the hard work for you (they can take a small percentage each month) but it is worth it
- Ask people in your area if they are looking for a space
- If you live in a block of flats, put a note on the main notice board
By renting out your space it means that a car is parked in your space and means that it can look like someone is at home all the time. So extra security.
With the amount you received please remember that it could be taxable. However according the HMRC each person is allowed to earn £1000 a year as a side hustle. Anymore and you will need to declare it. If in doubt, please talk to a professional. Generally speaking, if the total income is £1000 per annum, you will need to fill out a tax return.
Important things to consider
Do check with your Neighbour’s, especially if you have a shared driveway
Do make sure you have a contact (if you go via a parking company, this is normally in the service contract). However, if you are doing your own contact, make sure you state you are not liable for the vehicle or items left inside them while they are renting your space.
If you have a parking permit, make sure that they, have it and that they place it on the window so if the parking controller is nearby they know your space is legal. Make sure the permit has not expired.
If you are the owner of the property, there should be no issue with renting your space, but if you are tenants, you should speak to your landlord or local council for clarification.
Your mortgage
Do give them a call just to check to see if you need permission
Just Park
I have used Just Park and have been very pleased.
Looking for extra cash? Earn £1000s by renting your driveway with JustPark today. It’s free and easy to sign up and you could make a small fortune. And the first £1000 is completely tax free! Find out how much you can earn and sign up now here.
I recommend you register with all the parking companies. You may not hear anything for ages,then 2 inquires at once. A quick google search will bring up many more.
I recommend meeting with the potential renter and showing them the space – they can then decide if it is suitable.
Above all take care when deciding on a new tenant. If you feel uncomfortable, then do not rent to them
It is generally not an issue. You will not have regular contact with the person renting your space.
So, if you are thinking about renting your space it is a good idea and a really easy way to earn some extra income
