Guide to renting out your car parking space!
Do you have a car parking space with your property but no car? Then you could be missing a trick by leaving it to go unused.
Did you know that you could earn up to £200 per month by renting it out, depending on where you live. Do you live close to the city centre or transport links? Is there a football ground or arena nearby? Then your space could especially be in demand.
Here’s how to start the renting process of your space.
Firstly you should find out the value of your space by using this simple parking price guide tool by Park Let.
- You will need a proper contract if you’re serious about renting out your car parking space. It may sound extreme just for a parking space but this will ensure that you aren’t responsible for the car in your space or any of the contents in it.
- You will need to inform your landlord and have written permission from them first, as the space will technically belong to them so It’s best to get that covered.
- You can only rent your space out if it is a private driveway or in a garage. If your space is on a road then you will not be able to rent it out.
- You may have to pay tax on the income. If it takes you over your yearly tax free limit then the income will be taxable.
Where should you advertise?
There are lots of websites out there who specialise in advertising spare parking spaces.
I have found some of the best websites to register your space to, all free to register. However they will take a small commission from the money you make.
Here are some of the more popular sites: