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This post is sponsored by YourParkingSpace
Having an off-street parking space is something that you might take for granted: being able to park your car off the road for no extra charge, safe and sound by your house. Yet it’s a highly-prized luxury that thousands upon thousands of people in the UK don’t have, being forced to pay daily or monthly charges for parking permits from their local council, or struggling to find somewhere to park their car when they’re out and about.
Plus, if you have an off-street parking space, whether it’s a driveway, an underground parking space under a block of flats, or an off-street space in a residential car park, you could be sitting on money you didn’t know was there: have you thought about renting out your parking space?
Last year in the UK, the Total Gross Revenue from driveway rentals came to £27,279,631, with London-based renters making an average of £1,691 a year and those outside London making £874 a year.
And the stats for selected cities are equally profitable:
Car park operators in the UK have long been a formidable force, with a small handful of companies controlling the majority of the sector. As customer needs and expectations evolve, the market has moved towards a necessary digital experience that has paved the way for emerging technology companies like YourParkingSpace to bring innovation to the sector.
Whether you’re heading to an event, off on holiday, or simply need a space for work, finding parking should be simple, convenient and affordable, and YourParkingSpace allows you to list your space and earn anything from £40 to £400 per month. Motorists can then find and book your parking space.
WHAT KIND OF PARKING SPACE CAN I RENT OUT?
You can rent out any type of parking space you own or are authorised to lease, including
- Off-street parking spaces
- Residential parking
- Commercial parking
- Underground Parking
- Suitable Empty Land
Whether you want to lease your space 24/7 or set specific availability, the YourParkingSpace calendar allows you to dive further into your settings to cater for seasonal and event-based demand. The platform also features parking at churches, hotels, supermarkets, retail parks, storage facilities, houses, blocks of flats, and even farms.
HOW MUCH CAN I MAKE?
As the selected statistics show, you can make varying quantities of money from renting out spaces in different areas.
Listing fees or ongoing maintenance fees on your listing aren’t charged. It’s completely FREE to list your space on the YourParkingSpace platform.
YourParkingSpace adds their commission on top of the price you set, taking 20% commission of the total price paid by the driver. It’s a hassle-free service with all driver enquiries and payments managed by YourParkingSpace.
Space providers are paid on the first business day of each month, arriving in bank accounts on the same day. Providers can opt for earnings to be paid via Bank Transfer or via PayPal.
All earnings above £10 are automatically paid, any earnings under £10 are rolled over to the following month until the balance exceeds £10 and qualifies for automatic payment. You can request a balance of under £10 to be released at any time, your account will then be qualified to receive payment on the next payment date.
I WANT TO BOOK A SPACE
It’s easy to find a space to book on YourParkingSpace.co.uk: just search your destination to find available parking by app or by web, then easily compare nearby spaces based on price and distance.
You can book in advance or on demand, and the Best Price Guarantee promises that you will always pay the best rate for your parking, plus you can enjoy peace of mind knowing that you can manage your parking session from anywhere via your account.
Download the YourParkingSpace app to manage your booking on the go.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.