There are websites in the UK that allows people to rent out their private parking spaces for quick daily trips or long-term monthly commutes. People in need of parking can search on the website and choose from thousands of car parking spaces, which means no more driving around in circles wasting time or emitting more carbon dioxide than necessary.
One of those sites, YourParkingSpace.co.uk, says empty spaces and driveways make on average £500 per household. A study conducted by the company revealed that Londoners could earn up to £2,254 a year by renting out their driveways to other motorists.
Managing director at YourParkingSpace.co.uk, Harrison Woods, said:
More-and-more home owners are seeing the financial benefits of renting out their empty driveways. Many are making a significant additional income with our figures showing the average annual driveway earning in 25 towns and cities is just over £1,000.
And those figures are for a common space without a charge point. New research by the company found that spaces with electric vehicle charging points could make about 12% more money than driveways without them.
YourParkingSpace.co.uk currently has 3,775 spaces with charge points available. That means 1-in-10 of the UK’s EV charging points are available through the online parking portal. These spaces are more valuable and in-demand; therefore, the owners can charge more. (Also because of the extra cost to their electricity bill.)
Woods said:
We’ve seen a rapid increase in homeowners with electric vehicle charge points registering their driveways to rent as they recognise the money-making opportunities they provide. As a result, we expect to double the number of private locations to 2,500 by the end of 2020.
It’s also an attractive option for electric vehicle drivers to park their cars in pre-booked driveways as they are conveniently located and often cheaper than traditional car parks, while topping up on juice ready for their next journey.
So, if you’re searching for a way to earn some extra income and don’t have a car, consider upgrading your driveway with an electric vehicle charging point and renting that space out for top dollar.
