Do you have an unused parking space at your property?
£25million made last year by homeowners and businesses in the UK renting out their unused parking spaces
Renting out your unused parking space, either at your business premises, or at home, could be a good little earner for you if you decide to hire it out for others to use.
According to new figures released by four of the market leaders in the field, JustPark, Parklet, ParkOnMyDrive and YourParkingSpace, by simply hiring out your unused parking space, you could earn yourself an extra annual income.
Customers in the UK using the services of the four market website leaders collectively earned a staggering £25million last year from motorists using their unused parking spaces.
The huge increase of earnings is down to the fact that more and more people are signing up to the service and cashing in on hiring out their unused parking space.
YourParkingSpace reported a 200% increase in earnings through its website last year. Since they launched their service back in 2013, the site has amassed 35,000 private and commercial landlords, plus around 2,000 new parking spaces are being added to the site every month.
The other three websites offering the same rent a parking space service, JustPark, ParkLet and ParkOnMyDrive, also managed to accomplish huge earnings for their users last year, at £10million, £5million and £4million respectively.
One business owner in Manchester rents out unused parking spaces at his self-storage company, using the services of YourParkingSpace, and earned £10,000 last year by simply renting these spaces out.
As the business lies in the city centre, they can charge a premium price for their unused parking bays, which are popular with football fans and shoppers.
The Manchester business owner said that not only does the service provide extra revenue, it also goes some way to advertising their business, with users of their parking spaces more likely to choose his company in the future if they require extra storage space.
Having a business, or a home, in a prime location does have the added benefit of being able to charge a higher fee.
According to the Managing Director of YourParkingSpace, the growth in business is down to a culmination of improvements in technology and a boom in a sharing economy.
For homeowners using these websites, it’s free to list their parking space. The providers then process the bookings for their customers, take out their service fee and send the earnings straight to the registered customer’s bank account.
At ParkLet, parking spaces listed on their site cost from around £50 to £700 per month, with the average cost to rent a space of around £130 per month. The director also confirmed a 32% growth for the website last year.
The website JustPark now has more than 1.3million drivers signed up and over 30,000 parking space owners registered, which confirms that there’s definitely a huge demand for the quantity of available spaces.
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