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Motorists can earn more than £1,000 per year across 25 towns and cities by offering their driveway parking space to tourists. Homeowners in London are capable of earning over £2,100 every year from the simple process with those in Brighton able to secure £1,944.
Residents in Edinburgh can earn up to £1,896 per year in what can turn into a major secondary income for many.
Experts at YourParkingSpace have warned driveway incomes have remained”robust” despite the uncertain market.
From 2017 to 2020, the average annual income from renting a driveway has fallen only slightly from £1,130 to £1,106.
Harrison Woods, managing director at YourParkingSpace said the scheme is one of the “easiest ways” homeowners can make extra income.
He adds more people are using their cars as they desperately avoid public transport, meaning the market is rich for profit.
Mr Woods has also predicted a ”surge” in driveway bookings over the festive period as people return to the high street after a month away.
He said: “Countless households across the UK are more than making ends meet by renting out their empty driveways to motorists needing somewhere to park.
“The additional income comes in particularly handy to pay for the extra costs that come with Christmas, such as presents, decorations, food spending and other little luxuries.
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“Making an additional income from an empty driveway has to be one of the easiest ways to make some extra money.
“Although the landscape has shifted in 2020, we’ve already seen that more people are driving rather than using public transport and that when lockdown restrictions are lifted there is a surge in driveway bookings.”
To start earning income, homeowners simply advertise their space on the dedicated website and app and simply wait for bookings.
Those who live near popular tourist destinations or town centres can charge more to use the space and will be likely to receive more interest.
The service can be appealing to drivers as renting a driveway is often cheaper than splashing out on pay and display parking in the city centre.
Commuters may also become interested in your service instead of paying heavy annual parking charges.
Homeowners only need to rent out their space when they want to and can put a temporary freeze on a space for a certain number of days and hours if you need the extra room.
However, before renting out your driveway its important road users make some simple checks to avoid being caught out.
Drivers who rent a property should check their agreement with their landlord and get permission in writing.
Similarly, those under a leasehold agreement should check with the owner whether this is allowed to ensure you are not breaking any rules.
Experts have also warned renting out your parking space technically makes a stranger a new tenant of your land and they can come and go as they please.
Furthermore, a parking loophole means police officers cannot get involved if road users randomly park on someone else’s drive.
A motorist cannot be stopped if they return and park on your drive again without paying the nominal fee as this would be a civil offence rather than a crime.
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