Driveway goldmine...one in four Brits open to renting out their parking space for extra income

The study by online parking portal YourParkingSpace discovered that 23% of Brits are enthusiastic about this potentially lucrative money-making opportunity amid the cost of living crisis.

Its survey of more than 2,000 people found that just under one-in-ten (8%) are already renting out their driveway, while a further one-in-seven (15%) are currently considering it. Additionally, one-in-six (18%) said they might look at doing it in the future.

Andy Syrett, managing director at YourParkingSpace, said: “It’s very encouraging to see so many savvy Brits are making an extra income by renting out their driveway, or are considering it.”

The survey further reveals that the 25-34 age group is the most likely to rent out their driveway, with 40% either already doing so or considering it.

Regions where people are most likely to rent out their driveway are Greater London, the West Midlands, the South West of England, the North East of England, and the North West of England.

London also topped the list of cities where people are most likely to rent out their driveway for an extra income, followed by Birmingham, Bristol, Southampton and Manchester.

Booking data from YourParkingSpace also shows the average monthly driveway earnings is £75.00, giving an annual income of £900, while the highest earning area was Brent, which is home to Wembley Stadium.

Andy added: “We’d urge anyone who is considering renting out their driveway to do it sooner rather than later. Our booking data highlights just how lucrative it can be, especially for those in high demand areas near big sports stadiums and music venues.”

For more information about YourParkingSpace, or to list a driveway to rent, visit yourparkingspace.co.uk.

For access to full data tables, please access the following Dropbox link