How to make money from your home without selling it: Rent a car parking space
- Credit: Archant
Driveway rental is a growing trend and an important part of the emerging “sharing economy” as more homeowners than ever are becoming aware of the opportunity to make a second income through renting their spare space.
A number of companies are now around to make the whole process easier. One of the best established is JustPark founded in 2006 and formerly called ParkatmyHouse.
Janet has used them for just over a year to rent out her spare parking slot by her home near Lord’s Cricket ground in St John’s Wood.
“I do think it is an easy way to make money if you are lucky enough to have the space. I rarely actually meet anyone and to be honest my main connection is the regular money that flows into my account.
“I am not a tech person but it was extremely easy to set up. The good thing is that people have to register, and if they cancel they need to do it within 24 hours. So I wouldn’t lose money with a no-show – although, to be fair, so far it hasn’t happened to me.”
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Janet says it has all gone extremely smoothly and she would recommend the idea to friends. Her one slightly annoying experience was when a customer parked on a strange slant, blocking her own space, “but as he was coming to town for a hospital appointment I felt he may have been really stressed and that it was an understandable mistake.
“Another time I did have a car that was in situ well over the time slot right into late evening and I was a little worried as I had a slot reserved for somebody else for the next day. In the end they drove off and all was OK and I had their contact details so I could have spoken to them if necessary.”
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Bookings vary, and can range from one hour to a rental over some weeks or even months. At the moment Janet charges £14.75 per day and just 75p of that goes to the company.
JustPark explains that depending on the location of the space and its nearby attractions and amenities, homeowners renting out their driveways in London can expect to receive anything between £5 and £35 per day.
“For a secure garage in the centre, or a driveway next to Wembley stadium, for example, it can be considerably more,” the company says.
JustPark say that London homeowners registered with them have made more than £2 million pounds in the last 12 months, and there is a big increase year on year.