How Much Money Can You Make Renting Your London Parking Space?

3rd June 2019
london

If you live in London, you know how precious a parking space can be. The city is so busy and if you didn’t have your own private garage or driveway, you probably wouldn’t have somewhere to park your car safely. But if you don’t have a car, did you know you can rent your parking space and make some extra money? Residents are already enjoying additional income for their empty lock-ups and driveways. It’s so easy and doesn’t require any hard work; just signup your parking spot and people will pay you money to leave their car there. It’s that simple.

According to our data, there is money to be made in all 32 London boroughs. In particular, you can earn around £3,719.12 per year for your parking space in Kensington and Chelsea. You can also make over £3000 in Camden and Westminster due to the popularity of the areas with businessmen and women and tourists. You can make over £2000 in Islington, Hammersmith and Fulham and Richmond Upon Thames. This is all without doing anything; your driveway is a big asset that you don’t even think about. In 24 other London boroughs you can earn more than £1000, including Croydon, Lewisham, Merton and Newham. If you are situated near to train stations, local amenities and busy areas, your parking spot will usually be in demand. As Harrison Woods, managing director at YourParkingSpace.co.uk comments, renting out your parking space provides a ‘steady stream of additional income for thousands of Londoners’.

Research has also revealed that bookings have increased for residents living on the outskirts of London. This is believed to be because of the Ultra Low Emission Zone and people want to leave their car safely to take public transport into the city centre.

Calculate your potential earnings and list your space HERE.

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