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So you’re in need of a little extra cash, it might be to fix the kitchen sink or bag that pink sofa you’ve had your eye on. Whatever it is, your driveway could be the perfect way to top up your piggy bank.
Compared to renting out a spare room, you can rent out your driveway as a simple way to squeeze some extra cash out of a space you might not be using.
Just post you driveway on a renting website like Yourparkingspace and away you go. You don’t even need to clean the space or meet your driveway tenants.
How to rent out your driveway
So how much can you actually earn from hiring out your driveway? Leading room share platform, Ideal Flatmate, has revealed that it could boost your income by £1,116, bringing in an average of £93 a month.
Using data from driveway renting website, Yourparkingspace, the room-sharing site found that if you live in London you could be pocketing an extra £188 a month by hiring out your driveway.
It’s no surprise that London topped the list as the driveways that charged the highest rent. However, surprisingly this was followed by Leeds, we’re renting out your driveway could bring in a tidy £147 a month.
If you live in Bristol, you would be able to take home £137 from renting your driveway to a stranger. While in Oxford you could expect to bring in £135.
Swansea was found to bring in the smallest amount of many on average, only adding £64 a month to your savings. Still, while it might not be a huge amount, after a year it could easily help top up your bedroom renovation fund.
‘The rental sector has changed dramatically thanks to the introduction of technology and the way we rent everything from films to cars is not only easier, but we have a great deal more variety at our fingertips. While this ease in consumption can see us spending more money than we may have traditionally, it also enables us to make more money as well,’ says Tom Gatzen, Co-founder and CEO of ideal flatmate.
‘We wanted to demonstrate the amount of money you could make from something that would otherwise sit their unused. Even renting your driveway could bring in an additional couple of thousand a year and so making Generation Rent work in your favour is certainly worth a go,’ he adds.
How much could you make by renting out your driveway?