Homeowners and renters could generate a whopping £4,000 per year in extra income by taking advantage of a little-known parking tip.
Motorists could rent out their driveways as a parking space for commuters, locals and tourists and earn thousands in the process.
According to InsureDaily, letting out a driveway for just a few hours is becoming a ”flourishing business” opportunity.
Urban areas and especially large cities are seeing huge demands for extra spaces where parking comes at a premium.
It could be a massive boost for 46 percent of London households which don’t own a car or those who own larger properties and can store their vehicle elsewhere such as in a garage.
Paul Daly, Director of InsureDaily.co.uk said motorists were likely to be “surprised” at the scale of the finances available.
He explained: “With proper consideration to legal and tax implications, renting your driveway can be a fruitful venture. It’s an excellent example of making the most of available resources and can generate a surprising amount of income.
“Capitalising on the rising demand for parking spaces by renting out your driveway is an underused yet smart way to supplement your income. If you are one of the households without a car, don’t let your driveway go unused; consider renting it out. You may find yourself pleasantly surprised by the financial reward.
“Remember, if you have given up owning your own car but you still need to drive occasionally, you can look into getting temporary car insurance for you to use a friend or family member’s vehicle”.
According to JustPark, top earners are currently bringing in around £4,000 per year through hiring out spaces.
Since the company began, around £50million has been generated by hosts with over 25,000 registered on their site.
However, JustPark stresses the amount of money available will vary depending on the location of your property.
Homeowners do not need any extra permission to rent out their spaces but tenants could come unstuck.
Those living in rentals will need to ask permission to rent out their driveway but landlords are likely to agree to the request.
JustPark explained: “If you’re not the legal owner, you may nevertheless be able to receive permission from your landlord or property manager, so give him or her a holler.
“In our experience, landlords will often grant permission, but be prepared for the fact that they may want to take a cut of the income.”
