I made £400 renting out my parking space – here’s how you can too

OWNERS looking to make some extra cash could earn thousands by renting out an unused driveway or parking space.

Tarek Fergani has pocketed more than £400 since February renting a space in the car park where he lives.

1

Tarek Fergani has earned £400 this year from renting out his parking space

The 33-year-old, who works at Portsmouth University, got the idea when he ditched his own car two years ago.

He said: “I didn’t need a car anymore and I really liked the idea of ​​earning some extra money.

“I’ve used the YourParkingSpace app before when I needed to find a space myself, so I decided to try it as a renter rather than a borrower.”

Tarek lives in the seaside town of Southsea, near Portsmouth, where parking spaces are scarce.

Our money saving experts share 22 tips to help you save THOUSANDS
I'm a money-saving pro - 8 easy subscription tips that can save you HUNDREDS

He lives in an apartment building and has an assigned parking space in a common parking lot with his property.

It’s a two-minute walk to the seafront, where cheap spaces are hard to come by.

Signing up for the app took less than 10 minutes, he said. You enter some standard information such as your name, email address and the bank account you want to be paid to.

“You also need to take a picture of your pitch – I took it from multiple angles so renters know exactly how to find it,” he said.

Tarek uses YourParkingSpace but there are other similar apps out there, so it’s best to find the one that best suits your needs.

He liked that this app didn’t change his per-booking fee — instead, it charges customers 20% on their space.

If you’re considering renting a space, it’s best to do some research to find out how much competing parking spaces cost to ensure you get competitive prices.

Overloading means you’re less likely to attract repeat customers.

Tarek found that it would cost around £2 an hour for someone to park on the seafront, so he could reduce that by renting out his space for £9 a day and still making a decent profit.

Typically, parking spaces in popular destinations, city centers and near train stations will demand more.

When The Sun checked we found spots in Brighton ranging from £8.75 to £25 an hour and £106 to £450 for a month.

In Manchester, hourly rates started at £5, and you could book a place for a month from £125.

YourParkingSpace estimates that on average its users earn around £500 a year.

Those with space to rent in London pocketed the most last year, according to his figures, followed by Manchester, Bristol and Liverpool.

The extra money could help millions who are feeling the pinch of the cost of living crisis.

And one of the main benefits of renting out your driveway is that you can get extra income tax-free.

Under Property Allocation, you can earn up to £1,000 by renting space on your property, such as a driveway, shed or garage.

In the meantime, if you have a free room, you can rent it through a site like Spare Room or Airbnb to tourists or to a tenant.

Under the Rent a Room scheme, you can make an income of £7,500 a year from it before you have to pay tax on it.

What else to consider

If your parking spot is in a common or shared area, it’s worth checking to see if you’re allowed to rent it out under the terms of your lease — and talk to any neighbors who might be affected.

Tarek said: “Some of my neighbors first popped the question because they noticed people parking there who didn’t live in the block, but I spoke to them and they were all from OK.”

You should also check your insurance to make sure renting your space doesn’t invalidate your policy – if in doubt, talk to your provider first.

At first, Tarek rented the space on an ad hoc basis to commuters and day-trippers, so he didn’t earn a steady amount of money each month.

But in February, he had a stroke of luck: a user wanted to rent the spot for an entire month.

“It is now permanently booked as I have a regular monthly user. I make £120 a month and have made over £400 since February because of it,” he said.

“Before, I was doing a lot of day bookings, so the revenue wasn’t as stable. The space was usually filled a few days a week.

Here are Tarek’s top tips for renting our parking space

If you’re considering renting out your driveway or parking space, here are Tarek’s top tips:

Discover the competition

“I looked at competing spots to get a general idea of ​​the going rate, and I looked at beachfront parking prices because I wanted to be cheaper but still competitive,” he said. .

“Mine is usually £8 or £9 a day so if you had to spend all day in town you would save money with my space.”

Make your ad stand out

With plenty of other spaces up for grabs, you want to make sure yours stands out.

“I took photos from multiple angles to show users exactly how to find it,” Tarek said.

As his place is in a municipal car park, he also did not want to risk upsetting his neighbors if a user ended up in the wrong place.

Find a regular

Tarek found a user to rent his space for an entire month.

This means he has a more stable stream of income, and it’s also less administrative hassle for him.

The monthly rate is slightly cheaper – £120 for the month versus £9 per day, or £X per month – but there’s no guarantee he’ll be able to rent the space every day.

However, you can adjust your daily rate to take advantage of higher demand.

For example, you can increase the price if a major event is happening in your city, such as a festival or a marathon.

Another reason he decided to go with a longer term booking was that there was less administration.

Each time your place is reserved, you will receive an email and SMS notification – and another reminder the day before the reservation.

Tarek also had times when the place was reserved with only a few minutes notice.

Although it didn’t involve any extra work – you don’t have to be there to meet your client – he didn’t like having to track alerts.

“I was lucky to have only had one cancellation on very short notice, and received another booking half an hour later as it was a public holiday.

“But the monthly arrangement is definitely a lot easier because once they’ve booked I don’t get any more notifications,” he said.

Tarek uses the extra money he gets from his parking spot for vacations and outings. He prefers to use the money for “the finer things in life” rather than for bills or groceries.

Next month he is going to Stockholm and his parking space will provide him with extra pocket money for the holidays.

And he even uses the app as a customer to rent a space at the airport for the trip: “My friend and I use the app because it’s so much cheaper than parking at the airport.

“I constantly recommend it.”

Controversial moment staff REMOVE tanning towels placed by holidaymakers
I'm a fan of plus size fashion and the £10 Stacey Solomon dress is perfect for summer

We’ve already looked at all the ways you can earn extra money, including getting paid for surveys or pet sitting.

And a competition queen has earned thousands of pounds in free holidays and prizes from her competition holidays.

We pay for your stories!

Do you have a story for The Sun Online Money team?

Comments are closed.