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Parking for rent in front of the door – a million dollar business

BrotherRenting out a driveway to someone in need of parking has helped this nascent business raise a total of $35 million in 2021.

Page YourParkingSpace (UK) is an online commerce platform where landlords rent out entrances as well as empty spaces for people who need to park. Total income in 2021 from this business was revealed to be $35 million, higher than $28 million in 2020 and $32 million in 2019.

Owners of homes with unused entrances or empty spaces can rent them out for someone to park their cars. Photo: Rated People

London has the highest rental fees in the UK. Homeowners here grossed a total of $15.61 million last year just by letting someone else park in the driveway, or vacant space owned but not in use.

Their “colleagues” in other cities have more modest income, such as in Manchester $ 1.98 million, Bristol $ 1 million, Liverpool nearly $ 800,000 or Birmingham about $ 760,000.

“Places near busy locations such as airports, train stations and offices bring in more money than others. Parking is expected to continue to grow in 2022,” said Harrison Woods, chief executive officer of the company. YourParkingSpace comment.

The idea of ​​this business was launched by the website mentioned above and quickly put into practice. Money is calculated by the hour, day, week or month. Rates vary widely, can be as little as $2.7 per hour or up to $20 and even more expensive, depending on the region and needs.

On the online parking service, owners of homes with free space can register, address and describe the place to rent. They can also set the rental price as well as the time allowed, for example only when they are not at home.

The service also provides about 4,000 parking spaces for electric vehicles, which means charging is available. Owners of these parking spaces may charge a higher rental fee than usual.

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