Woman shares how she makes extra £600 a year from her parking space

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Cash-strapped Britons looking to take on a side hustle to help survive the cost of living crisis, could boost their finances by renting out a driveway or parking space. A woman from Cambridge has shared how she makes £30 to £50 a month by renting out her space through YourParkingSpace – and, depending on where you live – you could even make more than £100 a month.

Christiane Pearl says the extra income from renting out her parking space has helped her start an online vintage business.

She told YourParkingSpace: “A friend of mine told me about it – it seemed like a simple idea with very little effort involved.

“My main aim was to make some extra money as I was doing small part-time administration jobs being paid hourly, so the idea of making a small income but not actually having to do anything seemed like a lightbulb moment!

“Every time a car parked I felt like I had won a prize! I couldn’t help thinking about the dull admin task I had just undertaken in the same hour and all I had to do was look at a car in front of my house for the same amount of money.”

How much money someone can earns is heavily dependent on where they live and Cambrige can be quite expensive for parking.

Christiane added: “My space is a 20-minute walk to the top of the city centre but people still choose to park to be close to other amenities, such as visiting the University for conferences as well as courses.

“If the university advertises conferences or events, this usually helps increase my bookings as well as summer parking when people come to visit the city too. I typically generate £30-£50 a month and made over a few hundred pounds in 2022, but anything over £0 is a bonus to me since I’m normally paid hourly.

“I would recommend renting out your space as there is no need to have a big driveway, just one parking space.  You can monetize an empty space for minimal effort – why wouldn’t you do it?”

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However, she said it’s still worth considering even if someone doesn’t live near a town centre as people always need parking to go to concerts, hospitals and train stations.

Harrison Woods, chief executive officer at YourParkingSpace said: “The cost of living crisis has never been more of an issue, with bills, food, and car parking charges rising in certain areas across the UK.

“While it is well known that having a driveway or a parking space in a great location can add value to a property, many people are choosing to take advantage of their spaces by renting them out in order to make some extra income.”

Al Baker, who writes The Penny Pincher blog, said it’s possible to make over £100 every month especially if a person lives in a city or near a tourist attraction.

He told Express.co.uk: ”If you have a space in a bustling place, such as central London, with costly car parks, or near an airport or tourist attraction, you can earn a lot more than you would if you rented out your space in a suburban location.

“These days, with bills on the rise, every penny counts so that extra money might pay for extra groceries, perhaps a treat, such as a cinema trip, or maybe a few drinks at the local pub, or a takeaway, that otherwise, you may not have been able to afford.”

The thrifty dad also recommends market research as he has earned £50 an hour taking part in the past.

Another idea is to list one’s skills on sites like Fiverr where people can earn money for all kinds of things like writing or accounting.

Al from Penny Pincher shared his top 10 ways to make extra money with Express.co.uk:

  • Rent out your parking space
  • Market research
  • Fruit picking
  • Rent out your home to a film crew
  • Hire out your garden
  • Rent out your vehicle/campervan
  • Take in a lodger
  • Offer your spare room as an office space
  • List skills on sites like Fiverr
  • Start a blog.

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