Britons could make £208 extra per month by renting out their parking spot. New research found that people could earn up to 19 percent of the average annual salary in some cities by renting out their unused spaces.
With almost half (47 percent) of Britons seeking new ways to earn extra income, experts at Comparethemarket revealed a solution which could see Britons earning over £2,500 a year.
The research found that London is the most lucrative thanks to an earning potential of over £7,000 a year.
In addition, the research shows that private parking spaces add an average of £14,275 in value to properties.
As the cost-of-living increases, some Britons are starting to rent out their parking spots to get some extra cash.
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By analysing the average cost of renting a private parking space in 30 of the most populated UK cities, Comparethemarket found Britons could earn just over £2,500 per year, which could help offset rising living costs.
The research also reveals the cities where drivers could earn the most by renting out their parking space.
Britons could earn an average of £208 per month just by renting out their private parking space to other drivers, equating to just over £2,500 per year.
Unsurprisingly, London is where Britons could earn the most from renting out private parking spaces, with an annual earning potential of just over £7,000.
Although significantly less profitable than London, Glasgow and Cardiff rank as the second and third-best cities to earn extra income.
The cities with the highest earning potential from renting out a parking space:
City – Average yearly earning potential
- London – £7,043
- Glasgow – £4,803
- Cardiff – £4,230
- Belfast -£3,909
- Bradford – £3,888
At the opposite end of the scale, those in Stoke-on-Trent could earn an average of £91 per month by renting out their space – the lowest of all cities researched.
Leicester and Derby followed behind as second and third cheapest, with an average monthly parking price of £99 and £100 per month.
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“Have proper permissions: If you’re a renter, it’s important to have permission from your landlord to rent out the parking space, as this is technically subletting and could go against your tenancy contract.
“Add security measures: Adding extra security, such as lights and CCTV, will not only make your parking space more appealing to renters but also help to deter thieves.
“Check your home insurance: Some providers may restrict cover for people renting out their parking space or garage.
“It’s important to notify your provider, understand what insurance cover you have and add any additional cover you may need.”
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