Collectively, drivers throughout the country managed to rake in a collective £26 million thanks to the growing demand for driveway rentals…
Booming Driveway Rentals
Did you know that the UK is home to a booming driveway rental industry? According to YourParkingSpace.co.uk, homeowners raked in an impressive £26 million by renting out their driveways in 2021 alone. However, Londoners are taking the biggest piece of the pie; they took £11 million of the collective earnings; which is hardly surprising, given how tricky parking can be in the vast capital.
Crucially, it would appear that the trend is here to stay. The website, which helps people locate appropriate parking, believes the demand for driveway spots will only increase as the economy recovers from Covid-related disruption.
Harrison Woods, CEO of the firm, commented on the trend. He said, “shrewd homeowners across the country are reaping the financial rewards of renting out their empty driveways to motorists looking for somewhere to park. In particular, driveways close to busy locations such as airports, train stations and office spaces can be a serious moneyspinner”.
Don’t worry if you’re not a Londoner, either, there’s still money to be made. Woods said, “it’s not just London where there’s cash to be made though. Driveway rental income is strong across all parts of the UK, with the top-earning locations spread across the country”.
So, if you’re in a good spot, it might make sense to assess whether there’s any demand for driveway parking in your area. Even if there’s relatively good parking infrastructure, some drivers may prefer the security that comes with a residential area.
Most Profitable Cities
1) London – £11,565,297
2) Manchester – £1,474,753
3) Bristol – £772,526
4) Liverpool – £588,884
5) Birmingham – £561,269
6) Brighton – £561,155
7) Leeds – £424,622
8) Glasgow – £350,427
9) Edinburgh – £346,547
10) Cardiff – £308,712
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