Renting Out a Parking Space? Here’s How Much You Could Earn

Have you ever looked at your empty driveway or unused space and wondered if it could earn you money? More homeowners are opting to rent out a parking space to drivers who need a reliable and convenient location close to town. With more people searching for private parking spaces for rent or parking spaces to rent in busy areas, demand is increasing. At Parking Preston, we are often asked how much income a space can generate and what steps to take. To begin, it is helpful to understand why renting a parking space has become so popular.

Why Are More People Renting Out Their Parking Spaces?

People are renting out their parking spaces because it is an easy way to earn extra income with little effort. With the rise in demand for car parking spaces for rent, homeowners and businesses view it as a low-risk way to earn money. Commuters, event-goers, and travellers often find it challenging to find a parking space to rent near homes, stations, or town centres. Some are even choosing this over paying for a parking garage space or a long-stay car park. Once you understand the demand, the next thing to check is your location.

Is Your Driveway or Space in a Good Location for Renters?

Yes, your driveway or space is likely to be in high demand if it is close to a train station, city centre, hospital, or football ground. The better the location, the more likely someone will want to rent a parking space from you. Drivers often search for a parking space available for rent near transport hubs or places with limited public parking. Parking Preston sees high interest in spots near Preston Station and university areas. Once you know the location works, you will want to know how much it could earn.

How Much Can You Realistically Earn Each Month?

You can realistically earn between £50 and £300 per month by renting out a parking space, depending on your location and the frequency of use. A parking space for rent near a busy area like a train station or stadium will earn more than one in a quiet street. Spaces in London or city centres may earn even more. If you have a parking space for lease on weekdays and weekends, your earnings may be steady throughout the year. Features like security and cover can also increase what you charge.

Does It Matter If the Space Is Covered, Gated or Secure?

Yes, a space that is covered, gated or secure will appeal to more drivers and may allow you to charge a higher price. Many drivers are willing to pay more to rent a parking space that protects their car from the weather or theft. Adding a gate, lock or CCTV to your private parking space for rent can make it more attractive. Even a marked and tidy space is more likely to get booked than one that looks hard to access. Once your space is ready, it’s time to advertise it effectively.

What Are the Easiest Ways to Advertise Your Space?

The easiest ways to advertise your space are using parking space apps, local notice boards, or property websites. You can list your parking space to rent on platforms like JustPark, YourParkingSpace and ParkLet. These sites help drivers find a parking space to rent while helping you reach a wider audience more quickly. Include clear photos, location details, and any features that make your space stand out. Advertising online is often faster and more effective than word of mouth.

Do You Need Insurance or Legal Cover to Rent It Out?

Yes, it’s a good idea to have insurance or legal coverage when renting a parking space to protect against damage or disputes. If your home insurance does not cover it, you may need to purchase additional liability coverage. While renting a parking space is generally legal, it is essential to check if your mortgage, lease, or council has any restrictions. Parking Preston always advises checking your documents before you start earning. Once sorted, you can think about how to set your prices.

Should You Set Fixed Prices or Use Hourly Rates?

You should use fixed daily or monthly rates if you want simple management, but hourly rates can yield higher earnings in high-demand areas. Fixed pricing makes it easier to plan your income, especially for long-term bookings. Hourly or half-day pricing suits spaces near event venues or shops where people need short-term parking. The type of parking space rent method depends on how flexible you want to be. If pricing feels complicated, some platforms can manage this for you.

Are There Parking Platforms That Handle It All for You?

Yes, platforms like JustPark, YourParkingSpace and ParkLet can manage bookings, payments, and even customer service. These parking space apps allow you to list your parking space for rent, collect the payment, and send you the earnings. You still control the availability and price, but the platform handles the work. This is ideal if you want a hands-off income from a rented parking space. With the setup complete, it is important to set clear rules for drivers using your space.

What Rules Should You Set for Renters Using Your Space?

You should establish simple rules, such as arrival times, no blocking driveways, and guidelines for parking safely. These rules should be listed when advertising your parking space for rent. To avoid hassle, consider including a contact number in case renters need assistance. Most drivers follow rules, but having them in writing helps avoid confusion. Once your space is up and running, the next step is to maintain steady earnings with minimal effort.

How Can You Maximise Your Earnings Without the Stress?

You can maximise your earnings by keeping your listing up to date, adjusting prices for local events, and offering long-term rentals to regular users. Using a parking space app or website can help you manage everything from your phone. You can even set up automatic bookings to save time. At Parking Preston, we help people find smart ways to earn from unused driveways and spaces without adding stress. Let us know if you would like help setting up your first listing or checking your space’s earning potential.