If You Would Like to Rent Your Parking Space

Got an empty parking space that you don't utilise? By renting information technology out, you could first making a decent amount of coin...

Exercise you alive in the city centre, near a lot of businesses, commuter links or even the local football basis? Chances are, someone is willing to pay yous cash to park in your drive.

It might audio crazy, but depending on where yous live, you could get as much as £200 a month for renting out your parking infinite, or even more if you live in cardinal London.

Yep, you heard correct – £200 a month for doing absolutely cipher. And considering it's passive income, you can still earn coin while you're away for Christmas or on holiday.

Here'due south our guide to everything you need to know when renting out your parking space for money.

For a few more ways to rake it in past doing nothing, check out our guide to making cash in your sleep.

Can y'all rent out your parking space?

Credit: Warner Bros

If you lot have an empty motorcar parking space, you'll likely be able to rent it out and earn money from it. But, in that location are a few things to consider beginning:

1. Tin the space legally be used without a permit (such every bit a infinite on a driveway or in a garage)?
2. Do you lot legally ain the property, or have permission from your landlord to hire out the space?
3. Can the space be accessed without the utilise of a key, code or play tricks?

If the answer to all of the in a higher place is 'yes', then the chances are you tin hire out your parking space without an consequence.

However, fifty-fifty if yous've answered 'no' to a couple of the questions, don't lose hope only yet.

Spaces that require a council parking permit are an absolute no-no for renting, merely non-quango let spaces tin can exist rented. You might discover these spaces at places similar churches and schools, and although it's unlikely that a student house would come with ane, we wouldn't similar to say for sure that they won't!

Of course, even if your permit space isn't controlled by the council, yous will need to check withwhoever owns the space earlier renting information technology out. So, if you're renting a property equally a tenant, make certain you go permission from your landlord first.

Similarly, having some kind of barrier to admission the space (similar a key or a fob) isn't the cease of the world.

All it means is that you'll need to exist there when the driver arrives or have a primal safety nearby to hand over the key (and to collect information technology when they go out), or in the case of a code lock, contact them beforehand to let them know the combination.

How much to charge for a parking space

Depending on where you alive, the amount you can charge for your parking infinite will widely vary – you could get anywhere between £50 – £500 per calendar month.

But of course, when you're a student, fifty-fifty the lower end of the scale represents a welcome injection of cash.

To get a rough idea of just how much you could earn, decide which company to rent your parking infinite through, and run across how much other people on the site are charging.

Don't accept it equally gospel though – waving effectually an expected fee similar an excited chicken doesn't hateful people will actually pay it. Call up of the value as a guide to see if information technology's worth your time.

Is information technology worth buying a parking permit if you lot accept a driveway?

If you alive on a road where parking permits are required, but yous also take a auto and a driveway, see if it'southward worth buying a permit for yourself and renting out the driveway.

Let parking is typically plant in areas where spaces are in loftier demand, such every bit high streets and driver links. This means that you'll likely exist able to charge more for your driveway infinite than it'll price you (every bit a local resident) to buy a permit for the road. Profits!

Received a parking ticket that y'all felt was unjustified? Detect out how to appeal your fine.

How to rent out a parking space

Here are the key things to know about renting out your automobile parking infinite:

1. You lot need a proper contract

   Yes we know, it'due south just a driveway – just, legally, you'll exist seen as a landlord with tenants (and responsibilities). If nothing else, it's something actress to add together to your LinkedIn.

   The principal affair is to make sure you clearly state that y'all're not responsible for the vehicle or its contents. No 1 wants to fork out for a new Jag that they don't even ain.

   Some sites volition help you out with this, but you can also detect templates online.

2. You lot must consult your landlord

   If you're renting the property itself, y'all need to brand sure you're actually allowed to rent out the parking space.

   This is technically subletting (which could be a breach of your tenancy agreement), so get some written consent from your landlord or agent.

3. Yous can't rent out a space in the road

   There'due south a massive departure between renting out a garage or individual driveway, and letting someone park on the route outside your house – even if you've got a spot on information technology.

   As we mentioned earlier: the first one's legal, the second i isn't.

4. You may take to pay tax on the income

   Just like whatever other cash that comes your way, the income from renting out a parking space will exist taxable if it takes you lot over your yearly tax-free limit (a.g.a. your personal assart).

   But don't worry – it isn't hard to work out if this applies to you, and paying it is pretty easy too. You can find all the info you need in our tax facts guide.

Best sites to utilise to hire out your parking space

To discover drivers to rent out your parking space, here are the best websites to try:

1. JustPark

   

   JustPark is ane of the best options for anyone looking to earn some money by renting out a auto parking infinite with minimum hassle.

   They'll sort out all the contracts for you, and their payment scheme means y'all don't fifty-fifty demand to pecker the 'tenant' who'due south parking in your drive.

   They collect payments, and you can either manually withdraw your earnings or set it to pay you automatically, either weekly, monthly or quarterly.

   At that place are no fees for signing upward or listing a space, only JustPark volition take 3% from your booking. For any booking over two months, they'll take twenty% of the first month'south payment, and three% for each calendar month thereafter.

   Check out JustPark »

2. ParkLet

   

   Another solid contender, ParkLet, is perfect for people who are looking to rent out their motorcar parking space for a longer period of time. That said, they offer a short-term letting service too.

   They're super swell to make the process equally shine as possible and will draw upwardly necessary contracts and collect monthly rent on your behalf.

   The only downside is they take some pretty hefty fees. Listing your infinite is free, just for fixed-term bookings shorter than a week, you'll pay a 30% committee (+ VAT). Parklet charges a 25% commission (+ VAT) for fixed-term bookings between one and 12 weeks.

   On monthly contracts, you'll pay a 20% commission (+ VAT), likewise as a £25 (+ VAT) admin fee when they observe you a tenant. For that reason, the longer you lot hire information technology out for, the better.

   Check out ParkLet »

3. Park On My Drive

   

   The proper name says it all with this 1, and although they offering a pretty bones service, it does the task amply.

   The large pro here is that you go charged a yearly fee of £20 instead of commission, so depending on the number of rentals you do per year and the price y'all accuse for them, this could turn out to exist an first-class deal.

   They as well won't accuse y'all annihilation until the first booking enquiry is fabricated, so in that location'south less risk of beingness out of pocket.

   On the legal side of things, it has a parking infinite rental understanding that you simply need to print out and fill up in. Like shooting fish in a barrel as pie.

   Bank check out Park On My Drive »

4. YourParkingSpace

   

   YourParkingSpace is i of the newer players in this marketplace, merely information technology still does everything you'd want it to.

   The company offers a full management service, meaning they handle all questions and negotiations with the tenant, too as organising and collecting the payments.

   In that location's no fee for joining YourParkingSpace, but they accuse the buyer an additional percentage of the cost as committee. They'll automatically add together xx% on pinnacle of whatever your set rental toll is, which will exist the final cost that appears in the listings.

   Once again, though, this means you'll have to be careful nigh how much you're charging for your infinite. If they're whacking another 20% on elevation, it could rapidly get too expensive for anyone to take an involvement.

   Check out YourParkingSpace »

5. Stashbee

   
   As well as motorcar parking spaces, Stashbee also allows people to rent out empty rooms and garages for others to apply as storage.

   To rent your garage or parking space, you lot can add an hourly and monthly toll. It's also possible to enable automatic pricing to make sure your pricing is competitive depending on what type of space y'all have, your location and the need.

   It'south complimentary to listing your parking infinite on Stashbee simply a service fee is added to the total price (and is paid past the renter). You'll encounter the total earnings-after-fees when putting upward your list, which is a keen little feature.

   Different YourParkingSpace, Stashbee doesn't deal with invitee enquiries. Potential renters can send you questions and it's up to you to reply within 24 hours earlier the request expires – however, you can restart the chat if you don't respond in time.

   Check out Stashbee »

6. Gumtree

   

   Chances are you've probably already heard of Gumtree: the magical, mystical identify where you tin detect everything from jobs to plant pots. Perhaps unsurprisingly, you can also listing parking spaces also.

   The massive bonus with Gumtree is that it'southward 100% complimentary. In that location'southward no commission to pay, and no pesky list fees (unless you pay to characteristic your advertizing, of course).

   The obvious downside to this, withal, is that yous'll have to sort out contracts and payments by yourself, which tin can exist a fleck of a hassle.

   Bank check out Gumtree »

7. Advertise offline

   You can take but as much success by placing an advertizing in the local newspaper or supermarket for a week, or even flyering neighbours with cars (target ones parked slightly awkwardly and without a driveway, of course).

   If you live in a block of flats with a lot of neighbours, yous could even put a discover on the forepart door or in the communal surface area (if in that location is one).

   In one case again, however, you lot will have to sort out all your own contracts and payments.

We've but mentioned sites that are gratis to list on – but look out for their other charges, such every bit commission once the space is rented.

Cheque out our meridian tips for saving money on driving for more ways to cut the toll of owning a auto.

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Source: https://www.savethestudent.org/make-money/rent-out-your-unused-car-parking-space.html

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