Most people don’t give much thought to their driveway, but it could be an unexpected source of income.
That’s the idea behind the UK’s YourParkingSpace, which allows people to rent their driveways and parking spaces on an hourly, daily, weekly or monthly basis.
The service earned people £21 ($28.3 / €23.2) million this year, despite COVID-19 restrictions which saw an increase in the number of people working from home and avoiding large gatherings.
The site lists over 250,000 parking spaces and driveway owners can simply sign up, list their location and write a description about the space. They can also set their desired price and availability, such as allowing parking only when they’re away.
Pricing varies, but some popular spots in and around London charge as little as £2 ($2.70 / €2.21) an hour while others go for £15 ($20.26 / €16.61) or more. That can add up, especially if you happen to live in a popular area with high demand for parking.
The company also offers roughly 4,000 parking spaces with access to electric vehicle chargers. Owners of these spots can likely charge a premium as they allow drivers to simultaneously park and charge their vehicle.
The idea is pretty interesting as it allows you to make money from your otherwise unused driveway or parking space. However, it’s easy to see how issues could arise as people could park in the wrong spot or leave a mess behind.
However, the company’s managing director said people can earn a “tidy additional income” and noted demand for private parking spaces will likely remain strong in 2021, “especially if many workers continue to drive rather than take the bus or train.”