Renting out driveways is proving to be big business for a number of property owners throughout the UK.
British website YourParkingSpace allows homeowners to rent out their driveways and empty spaces to motorists needing somewhere to park their vehicles. Figures released by the company reveal that £26 million ($35 million) worth of rented spaces was recorded throughout 2021, a jump from the £21 million ($28 million) in 2020 and the £24 million ($32 million) generated in 2019.
Those living in London are reaping the rewards more than most. Homeowners throughout the British capital made £11.56 million ($15.61 million) last year by renting out their driveways, placing London comfortably ahead of Manchester with £1.47 million ($1.98 million) worth of earnings.
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Other cities featured on the list include Bristol with £772,526 ($1 million) worth of earnings, Liverpool at £588,884 ($794,987), Birmingham at £561,269 ($757,707), Brighton with £561,155 ($757,553), Leeds with £424,622 ($573,235), Glasgow residents earning £350,427 ($473,072), Edinburgh recording £346,547 ($467,834), and Cardiff with £308,712 ($416,758).
“Shrewd homeowners across the country are reaping the financial rewards of renting out their empty driveways to motorists looking for somewhere to park,” YourParkingSpace chief executive Harrison Woods said in a statement. “In particular, driveways close to busy locations such as airports, train stations and office spaces can be a serious money-spinner for those looking to kick their financial worries to the kerb. As the UK returns to business and pleasure as usual, with workers going back to the office and people flocking back to pubs and restaurants, we expect a surge in demand for parking as we continue into 2022.”