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Renting driveways boosts household income

Homeowners in almost 30 towns and cities across the UK are making an average of more than £1,000 per year from renting out their empty driveway as a parking space.

Unsurprisingly, according to research by YourParkingSpace.co.uk, driveways in London netted the most money, earning their owners on average £2,303 per year. This is 6% up on the previous year, reflecting a growing demand for the service and increased awareness among homeowners of the money earning potential of renting out their driveway, garage or secure parking.

The borough of Kensington and Chelsea topped the list within London, with its residents earning £3,367 on average.

However, the research also revealed that savvy driveway owners away from the capital are also making significant amounts, with 28 above the £1,000 average annual mark. Indeed, even those at the bottom of the website’s Top 50 league table had sizeable money earning potential. Bolton, which took the final spot, still earned its residents £816 per year on average just by renting out an empty driveway.

Top 10 UK Towns and Cities (average earnings per year)

1. London £2,303

2. Brighton £1,761

3. Leeds £1,544

4. Edinburgh £1,526

5. Manchester £1,476

6. Bristol £1,447

7. Cambridge £1,364

8. Oxford £1,360

9. Belfast £1,343

10. Reading £1,295

“These results demonstrate that there are potentially very lucrative money earning opportunities across the UK from renting a driveway, garage or secure parking space,” Harrison Woods, the MD of YourParkingSpace.co.uk, said.