Drivers could earn a staggering £7,500 per year in extra income by following a simple parking hack, according to experts.
Specialists at InsureDaily said that simply renting out an unused driveway in high-demand areas could be profitable.
The UK’s Rent a Room Scheme means homeowners can earn up to £7,500 annually tax-free by letting out furnished accommodation.
Driveways are still included in the programme meaning road users will likely be able to keep back most of their profits.
Express.co.uk and InsureDaily look at the five reasons why motorists should consider giving it a go in 2024.
Extra money
Car parking spaces in major cities like London or Birmingham are lucrative meaning homeowners in these areas can charge a lot for letting out their space. MoneySavingExpert has predicted owners could be making around £200 per month extra.
According to JustPark, top earners are bringing in around £4,000 per year making it a highly lucrative side income.
Lots of demand
As well as being able to charge more, those based in premium locations will also have the luxury of having more customers.
InsureDaily said: “In congested urban areas, such as London city centre, finding parking can be a challenge. Therefore, your driveway is an attractive proposition for commuters, local businesses, or even residents without parking, and therefore it won’t need to be advertised for a long time.
“Also, if you live on the outskirts of London your driveway will be in high demand, as now the ULEZ boundaries have expanded, less and less people want to drive their vehicles into London.”
Low maintenance
According to InsureDaily, renting out a driveway requires “minimal effort” to get right. The only maintenance homeowners will need to consider is keeping the driveway clean and free of rubbish at all times.
During the autumn and winter months, it is vital driveways are clear of leaves and free from ice or snow.
Supporting the community
InsureDaily claims that providing space in a busy local area could help “alleviate some of the parking stress” that many drivers experience.
Hiring out a driveway may be ideal for someone who works in an office nearby, saving them time every morning and evening.
Flexible
Hiring out a driveway comes entirely at the discretion of whoever is living inside the property and is therefore fully flexible.
It means homeowners are never tied into hiring the space on busy occasions like birthdays or Christmas.
InsureDaily explained: “Renting out your driveway offers flexibility. It can be a long-term arrangement or something more sporadic, like only on weekdays or during specific events such as busy sports games or concerts.
“Or, if you’re going to be staying away from home for a while, you could rent out your driveway for that period of time only.”
