How to Rent Out your Car Parking Space

You may already have your own parking space or are interested in buying one as an investment that can provide a monthly return and increase in value. You could advertise the space and mange it your self it’s best to ask for a month’s money up front, and make it clear they have to take responsibility for any damage or theft to their car. When looking on websites such as gumtree.com you will see that some people are getting £150 to £200 a month to rent out their parking space.

There are people who use parking agencies, which liaise with your tenant and take a cut of your fee, but some people choose to deal directly with the people who park at their house.  Simply ask for a month’s money up front, and make it clear they have to take responsibility for any damage or theft to their car. It could be a great arrangement that keeps everyone happy. The tenant gets to park inexpensively and without having to worry, and you will get a bit of extra cash. You also get to meet some pretty interesting people along the way.

Guide to renting out your Car Parking Space

Parking restrictions are a clear sign that people want to park on your road.

A typical driveway would be worth from £50 to £500 a month, depending on where it is. People will pay 10 to 20 per cent less than the cost of the local car park.

The ideal situation is a long-term arrangement, and your driveway needs to be available for at least a few months to make it worthwhile.  Short-term lets can be lucrative if you are near a sporting venue.  For example a drive near Wimbledon tennis club.

Most agents offer a Monday to Friday option, but you’ll get more money if you can give access 24 hours a day, seven days a week. For a percentage of the fee, a parking agent can organise insurance, a contract, collect payments and issue parking permits.  It’s far better to only rent out a space that you never need to use yourself.

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