Display and get paid… more homeowners renting out their driveways amid cost-of-living crisis

The online parking portal, YourParkingSpace.co.uk, has seen a 131% surge in new registered space owners in April 2022 compared to the same month last year.

This comes as enterprising homeowners make a bid to stave off the effects of the cost-of-living crisis by renting out their driveway to motorists looking for somewhere to park.

Indeed, with inflation rates surging to 8%, countless cash-strapped Brits are now searching for creative ways to create an additional source of household income, with thousands, quite literally, looking no further than their own driveway as a means to balance the books.

Remarkably, homeowners raked in an average of £500 in 2021 just by renting their vacant driveways via YourParkingSpace.co.uk, with one Brighton resident’s driveway even generating a whopping £5,400 in 2021 alone.

Harrison Woods, CEO at YourParkingSpace.co.uk, commented: “With the cost of household bills and everyday outgoings skyrocketing, millions of beleaguered homeowners are assessing how they can tighten their purse strings or make some extra cash.

“Analysis of our booking records has found that thousands more people are listing their driveway on our website and that, on average, households are often making enough money to cover the average annual water bill for a three-person household*.”

And perhaps unsurprisingly, it is Londoners who have reaped the most benefits from the driveway parking boom, as they alone took home a combined total of £11 million in 2021.

However, Harrison added it’s not just residents of the capital who have cashed in on renting out their driveway: “Driveway rental income is strong across all parts of the UK, with the top earning locations spread across the country, meaning homeowners from Birmingham to Brighton and Leeds to Liverpool may well unknowingly have a parking spot of gold on their driveway!”

The joining process has been designed to be simple and straightforward. Homeowners simply register for free at www.yourparkingspace.co.uk, enter their location together with a description and some photos of the available space, and set their desired price and availability. Homeowners receive an e-mail and text when their space is booked and YourParkingSpace.co.uk manages all transactions with automatic payment via bank transfer or PayPal.

https://www.moneyhelper.org.uk/en/blog/utilities/how-much-is-the-average-water-bill-per-month *

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