18th November 2017
Q: How do I go about renting out my parking space?
A: Renting out your parking space can be a great way of earning a bit of extra income. If parking is difficult where you live, you could end up earning around £100 a month – and could even reach as much as £250 per month in the certain areas.
You can rent out your parking space as long as it is owned by you, and not by a landlord or third party. Remember that it doesn’t have to be a driveway, renting out a parking space in the underground parking of a block of flats is also very popular. If you rent out one parking space on your driveway, you can, of course, still use the other. You could also rent out the parking space for a set amount of time (e.g. office hours), so you can use it at other times.
The income you will earn will depend on where you live and how much people are prepared to pay. London is always popular and most desirable in terms of rent. If your parking space is covered and secure, people with more expensive cars, or with vans full of expensive equipment, will find it more desirable and possibly pay a little more. If your area has parking permits, which are usually for residents, then businesses may also be keen to get their hands on your parking space as permits may be scarce (although you will need to check the terms and conditions of your parking permit use).
Where can I advertise my parking space?
There are various websites where you can advertise your parking space.
These websites will give you a good estimate of how much your parking space is worth, based on your postcode, and they will put you in touch with potential customers. You can then meet the potential customer and come to an agreement. If this sounds too much like hard work, then we would be more than happy to handle this process for you. Do remember, that the income you receive is taxable.
Are there any disadvantages to renting out a parking space?
There are always pros and cons to this, however, with a short-term rental like this, you can easily change your mind with short notice and have your parking space back.
If you rent out a parking space, you obviously must make sure that the space is available when the parking space ‘tenant’ needs it, and that no-one is in the space at that time. To do this you may have to put up notices informing drivers that unauthorised vehicles will be removed, or you may need to put up a parking post.
Do get in touch if you would like any assistance.