Rented driveways earn almost £10 million for UK homeowners
UK homeowners made £9.5 million in 2024 simply by renting out their driveways as parking spaces to motorists.
The astonishing amount has been revealed by online parking platform, YourParkingSpace, which confirms London as the clear top money-making area for renting out empty driveways and parking spaces.
Savvy residents of the UK’s capital city made a tidy £5.4 million last year, while homeowners in the South East of England earned just over £1 million, making it the second highest driveway money making region.
Other high earning regions of the UK include the North West of England, the East of England and the South West of England, where driveways with YourParkingSpace made £840,000, £685,000 and £489,000 respectively.
The data from YourParkingSpace also reveals that one empty space in London made more than £18,000 in the last 12 months alone, while outside of London a space near Bristol earned just under £10,000.
Driveways with higher demand include those near train stations, airports, sports stadiums, music venues, and town and city centres.
Andy Syrett, UK managing director at YourParkingSpace, said: “2024’s figures, which are slightly up on 2023, prove once again the incredible money making opportunities for homeowners who own an empty driveway or parking space.”
It’s also a win-win for motorists as YourParkingSpace customers can save up to 70% by pre-booking their parking through the portal compared to paying on the day or at standard rates.
Andy added: “Homeowners looking to make an additional income should consider renting out their driveway, garage or secure parking space. It’s easy and simple to do, and as our 2024 figures prove, can be potentially lucrative.”
To learn more about parking on a rented driveway, garage or secure parking space, visit www.yourparkingspace.co.uk.