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How to make money renting your driveway

Maria McCarthy / 12 June 2018 ( 31 May 2022 )

Homeowners with their own driveway can now easily rent out unused spaced, making it easier for people to find parking spaces in popular areas.

A house with a large, empty drive that could be making money by renting to people who need to park their car

Parking is one of motorists' biggest bugbears. Not only is it expensive, but in popular locations such as busy railway stations, airports, hospitals or city centres it can be difficult to find any free spaces at all.

And if you're a homeowner in a built-up area your driveway is probably an under-valued asset, because even if you keep your own car on there may well be opportunities for you to generate some much needed cash with only a little bit of effort.

We look at how you go about renting out your driveway or booking a space at someone else's house.

Pre-bookable parking

Parking in popular areas is being improved by the rising popularity of pre-bookable parking websites.

The idea is to connect drivers with anyone who has available parking  – for example, home owners with an unoccupied driveway or private parking space, pubs, churches, schools, or regular car parks.

The websites divide into two types.

Those such as ParkonMyDrive enable parking space owners to advertise their space, and then they and the drivers make payment negotiations and arrangements between themselves.

The other, more popular option is offered by websites such as YourParkingSpace or JustPark where bookings and payments are all made online via the site.

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200,000 spaces available

JustPark is the largest company of its type with over 200,000 spaces available in the UK. Motorists can type their preferred location into the website or app and view possible parking spaces.

The price is displayed together with a description so they can check that it's suitable for them.

For example, some parking spaces might be quite narrow and hence unsuitable for a 4x4 or campervan.

If the driver has any questions about the space, they can message the owner via the website. 

It's also possible to read reviews from motorists who've used the space previously.

Book in advance or last minute

JustPark has an app that can be downloaded onto Android or iPhones, making finding parking on the go much easier.

There are spaces that have to be booked hours in advance so the owner can ensure the space is free, perhaps by opening up a driveway gate or moving their own vehicle elsewhere, whilst others can be booked only minutes ahead.

Save on parking

The cost of parking on private residential driveways tends to be less than half that of traditional 'pay and display' car parks, and motorists won't run the risk of getting a parking ticket if they are running a bit late.  

JustPark also offers spaces in public car parks. Motorists usually benefit from a discount when booking these via JustPark and also know they have a guaranteed space reserved for them.

Plus, if they are delayed in returning to these locations, the JustPark app will prompt them to extend their booking and avoid getting a ticket.

Safe and secure

When it comes to theft or damage to your car when parked in the space, motorists are covered by their insurance in the same way as when they are on the public road. However, it is always advisable to check with your insurer in case you need to make a claim as a result of a someone parking on your drive (for example, a liability claim against you by the renter).

The parking rental websites tend to have a legal agreement designed to protect both parties, which both drivers and space owners enter into when using the site. They are available to download so you can study it beforehand.

Do you need council permission to rent your driveway?

You do not need planning permission as there would be no material change of use. Council tax is levied on the value of the house, and allowing other people to use your driveway will have no effect on that so the council tax will not change.

Renting your driveway

Don’t forget that any income you make must be declared. You should also check with your mortgage company that it doesn’t have any objections. it would be sensible to check that your neighbours don’t have any concerns too, especially if you share a driveway with them.

You’ll also need to make sure that you have a contract in place with anyone who is paying to park their car on your property, and must make it clear who is responsible for any damage caused while their car is parked on your property. Check the parking company websites to see which one best suits your needs.

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Disclaimer

The opinions expressed are those of the author and are not held by Saga unless specifically stated. The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.