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11th August 2018

Q: Can I rent 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 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, 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.

There are always pros and cons, but with a short-term rental like this you can easily change your mind with short notice and have your parking space back.

Richard Bond

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