You’ve heard of renting out your house or apartment, but what about your driveway? It’s proving to be a big business for some property owners in the UK. Although it hasn’t spread around to the rest of the world just yet, British website YourParkingSpace could be a real money maker. It allows homeowners to rent out their driveways and empty spaces to drivers needing a place to park their vehicles.
Make money by renting out your driveway
According to CarScoops, the company released its figures recently, revealing a substantial profit in driveway renting. YourParkingSpace reported that £26 million ($35 million) worth of rented spaces was recorded throughout the 2021 calendar year. This is a significant step up from 2020 and 2019, making £21 million ($28 million) and £24 million ($32 million), respectively.
Unsurprisingly, homeowners in the city of London are making the most money. They made £11.56 million ($15.61 million) last year by renting out their driveways. The second-place town in terms of money made was Manchester, which fell significantly behind at £1.47 million ($1.98 million). The more popular and populated the destination, the more renters, and therefore more money to be made.
|UK City Name||Money Made From YourParkingSpace|
|London||£11.56 million ($15.61 million)|
|Manchester||£1.47 million ($1.98 million)|
|Bristol||£772,526 ($1 million)|
YourParkingSpace expects to make more money in 2022
Harrison Woods, chief executive of YourParkingSpace, had this to say in a statement:
“Shrewd homeowners across the country are reaping the financial rewards of renting out their empty driveways to motorists looking for somewhere to park. In particular, driveways close to busy locations such as airports, train stations, and office spaces can be a serious money-spinner for those looking to kick their financial worries to the kerb. As the UK returns to business and pleasure as usual, with workers going back to the office and people flocking back to pubs and restaurants, we expect a surge in demand for parking as we continue into 2022.”
Renting out your driveway in US cities would be an easy way to make money
Although YourParkingSpace is UK-based, we can’t help but think of the possibilities in the United States. For example, New York City is a huge tourist attraction like London. However, far more people drive to NYC than to London. People from all over the US and Canada drive and need to park in the Big Apple. That’s only a single city; the possibilities in the US would be endless.
Philadelphia, Chicago, LA, and so many more suffer from the same issue as NYC and London. There’s often nowhere to park if you drive there, or it’s costly. A website or app like this could be game-changing, and homeowners could make a fortune. Especially as bars, restaurants, and other places begin returning to regular operation after the pandemic. You can bet the streets will be filled with cars and nowhere to park.
In conclusion, renting out your driveway seems like a great way to make some easy money. Those who live in the UK have clearly proven that fact. The numbers don’t lie, but most of the profit comes from the most prominent tourist city in the world, London. However, various places around the US and the world would likely be a gold mine for the same business.