If you have a parking space that you don’t use, renting it out can be an excellent way to make extra cash. From a commuter’s point of view, renting your driveway holds many benefits over public car parks.
Follow our guide on the ‘Rent out your car parking space’ websites, what you could earn and our top tips.
Best ‘Rent out your car parking space’ websites
The main differences tend to be the service – you get what you pay for and also how big each site is in terms of its audience.
1. JustPark
With over 200,000 parking spaces JustPark is the UK’s largest site in this sector. Minimum hassle option – they handle all the contracts and payments. Easy!
Fees: No listing fee but they add 10-20% to your asking price for their payment. It costs 50p to withdraw earnings under £25, otherwise it’s a free transfer to your bank account.
Reviews: Scores 8.6/10 from 1,336 reviews on Trustpilot.
2. Parklet
Another big player with over 20,000 parking spaces. Preferred for longer rentals as their fees are higher.
Fees: You will pay 20% commission (+ VAT), as well as a £25 (+ VAT) admin fee when they find you a tenant.
Reviews: Scores 7.4/10 from 16 reviews on Trustpilot.
3. Park On My Drive
The big difference with this one is that it is free to list your parking space and you only pay a yearly registration fee of £15. You don’t pay this until you find a renter.
It does offer an option pre-payment system to handle the payment side of things. In turn it takes a surcharge.
Fees: £15 per year. This is not payable until you take your first booking.
4. Your Parking Space
Similar to JustPark, Your Parking Space works by adding a service fee on top of usually around 20%. It will then look after the contracts and payments side of things.
Fees: No listing fee but they add around 20% to your asking price for their payment.
Any other ways to advertise my space?
You can try a site like Gumtree – it’s a huge site where you can sell everything under the sun. Including car park spaces. And the big plus is it’s totally FREE! So you’ll need to weigh up this benefit with the hassle of sorting payments and contracts.
The other option is to advertise locally. You could try printing flyers and popping them onto cars that park nearby on the road. Or post an ad in the local shop or supermarket.
How much is my space worth?
Understandably this totally depends where you live. If you reside near businesses, town centres, train stations or local sports grounds you are likely to earn a lot more than someone who is not.
Many rent out their spaces for £200 a month or more. Some even as much as £5,000 per year.
To give you an idea of what you might be able to make, check ParkLet’s price guide tool.
Tops Tips
- Don’t try and rent space on the road. It’s not legal.
- Do check if this income pushes you over your yearly tax free limit.
- Do consult your landlord beforehand. It might not be legal as it could be deemed sub-letting.
- Do get a proper a contract. For some of the sites above you don’t need to worry about this. Otherwise look for online templates.
- Do be wary that some local councils deem renting out space to be a ‘change of use’ to your property. The government says it doesn’t and it has the final say.
- Do contact your insurer – to see if it will have any impact on your buildings or contents insurance.
Are You Ready To Make More Money?
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