Do you have a driveway that’s rarely used? Is there room for a few more boxes in your attic? Renting out your unused parking space, or storing someone else’s belongings, offer potentially easy ways to earn extra income from your home. With parking and storage at a premium in London, some households are pocketing hundreds of pounds a month from such arrangements.
Home owners in central postcodes or close to London’s airports or train stations can earn more than £2,000 a year from letting a private parking space, according to JustPark.com, an online marketplace for parking.
Its website, which lists more than 10,000 driveways, garages and parking spaces for rent in London, says that even in less sought-after locations, households are making £500 to £1,000 a year from their parking lettings.
Match day money makers
Monthly rental of a parking space, to a commuter, for example, typically yields up to £200 — more in some cases — while properties near major football stadiums such as Wembley, Chelsea or Emirates can earn £25 a car for letting their driveways on a match day.
Meanwhile, Londoners who rent out space in their homes or garages for storage via the Storemates.co.uk marketplace make an average of £100 a month, according to the site. Some are said to earn £200 a month.
Thousands of private London parking and storage spaces are let through online marketplaces, while some home owners find renters directly, including those who put up handwritten signs offering parking in Wimbledon when the summer tennis tournament is on.
For renters, these spaces can be much cheaper than the commercial alternatives. According to consumer website Moneysavingexpert.com, it is possible to find private parking spaces on marketplace sites that are half the price of local NCP car parks. Listing your rental space with a marketplace is usually free, with the website charging commission if the listing attracts bookings. Commission can be 15 to 20 per cent, though some sites charge the renter rather than the owner of the space.
Generally, websites provide contracts for bookings or have rental agreement documents that can be printed off and filled in. Moneysavingexpert, which has an online guide to parking rentals, recommends that home owners letting a parking space have a written contract stating they are not responsible for the vehicle and its contents. It is also worth checking your home insurance for cover in case of damage or disputes. Many online marketplaces also handle rental payments, meaning driveway owners can make money from short-term parking without having to be around to meet drivers.
Easier than having a lodger
Ross Jezzard of south London estate agency Jezzards, who is a board member of the Association of Residential Letting Agents, says that while parking marketplaces “work brilliantly for short-term lets”, home owners may get a better deal from a traditional agent for letting a garage.
He says Jezzards will list a garage for rent on property websites Rightmove and Zoopla, do viewings and collect rental payments for about eight per cent commission — half the cost of many marketplace sites.
When storing someone else’s belongings in your home, you will need to agree access arrangements, and online marketplaces advise compiling an inventory of stored items. But according to Jan Rees, who lets out storage space in the attic of his Victorian house in Ealing through Storemates: “Compared with having a lodger, this is a low-maintenance, low-headache way of making some extra money. ”
Rees, who has also backed Storemates via a “crowdfunding” investment, says he earns £150 to £200 a month for storing 30 to 40 boxes of household items for several individuals, charging “about £1 a box a week”.
“Some people are going away travelling or working abroad. They might store their stuff and then I don’t see them for a year,” he says. Rees adds that while he agrees a notional value for stored goods with owners, he uses a rental contract which states no insurance cover is provided, and claims there have been no problems in the two years he has let space.
What you could earn from spare space
- A private parking space close to Wembley, Chelsea or Emirates football stadiums: £25 a match, or £30+ for very convenient locations
- Driveway in Wimbledon during summer tennis tournament: £25 per car per day
- Typical off-street parking in Zone 4: £4 per day
- Parking space in King’s Cross: £150 to £180 a month
- Secure parking space in Hammersmith: £150 a month
- Garage in Putney: £170 to £210 a month
- Storing 40 boxes in the attic of a house in Ealing: £150 to £200 a month
Sources: JustPark.com; ParkLet.co.uk; Storemates.co.uk
* Online marketplaces for parking places and/or storage space include: JustPark.com; ParkLet.co.uk; YourParkingSpace.co.uk; ParkOnMyDrive.com; Storemates.co.uk; StoreNextDoor.com, and ShareMyStorage.com.