While living costs remain high, Britons have been searching for additional income streams to help stay afloat. Renting out driveways is becoming an increasingly popular side hustle due to the little effort it requires, and some are raking in hundreds if not thousands of pounds extra a year by doing so. However, there are a number of locations across the UK where there is excessive demand, so it could pay for people to know if they reside in one of them.
According to JustPark, an app that helps people find and rent out driveways, hosts have made a combined income of more than £30million since its launch in 2006.
Anthony Eskinazi, CEO and founder of JustPark, said: “We want to help people to make some money in the easiest possible way.
“If you have access to a car parking space or two, either on your own drive or as a small business owner you could be passively making good money from renting out the space.
“As the summer season arrives, we know the stress of drivers looking for somewhere to park on a busy Bank Holiday weekend for example, and by matching these drivers with a local resident, then it is a win-win for the British public.”
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Based on its own data, JustPark found the cities where parking spaces are particularly in demand include a mix of those popular with tourists and day-trippers, as well as those looking for a space near a station for an easier commute.
The top cities include Manchester, Brighton, Oxford, Luton, Bristol, Birmingham, Liverpool, Cardiff, Leeds, York, Newcastle, Reading, Bath, Milton Keynes, and Bournemouth.
Just from these 15 cities, JustPark estimates at least an extra £1.85million in bookings could be made by residents this year. Residents of Manchester and Brighton alone have left £500,000 up for grabs based on missed booking opportunities.
According to JustPark, London, as the most populous city, is also “highly sought after” for parking spaces.
UK tax rules allow people to earn up to £1,000 per year from a side hustle without having to declare it. And with the cost of living continuing to impact, a few extra pounds from letting someone else use a driveway is an easy way to generate extra earnings.
JustPark said: “Some hosts earn more than £4,000 a year, and there is no limit to what can be earned for those living in prime spots such as near train stations, stadiums, seaside resorts, and business centres.”
People can see how much money their driveway can earn them by using JustPark’s calculator, here.
For those who don’t have a driveway to rent out, there are a number of other ways to boost income.
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James Jones, head of consumer affairs at Experian, commented: “Many of us are exploring ways to ease the squeeze as bills continue to rise, and some have learnt new skills to help save on expenses, such as dog grooming and home repairs.
“When you’re looking at ways to reduce outgoings and keep more money in your pocket, it could be worthwhile to research what savings you could make by switching existing borrowing to better deals, as well as understanding what impact debt consolidation could have on your finances.
“Recent Experian data found that by moving money owed on credit cards over to a zero percent balance transfer card, you could save over £1,000 a year.”
To read more about the benefits of balance transfer cards, click here.
