A SAVVY entrepreneur has boosted her income by £600 a year while barely lifting a finger.
Christiane Pearl has been renting out her parking space since 2018 and says it takes “very little effort”.
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Christiane uses the YourParkingSpace app and website to rent out the single space in front of her home in Cambridge.
She first started using the platform when her friend told her about it and thought it sounded like a straightforward idea.
Christiane told The Sun: “My main aim was to make some extra money as I was doing small part-time administration jobs being paid hourly, so the idea of making a small income but not actually having to do anything seemed like a lightbulb moment.”
She added that she felt like she had “won a prize” every time someone pulled into the space.
“I couldn’t help thinking about the dull admin task I had just undertaken in the same hour and all I had to do was look at a car in front of my house for the same amount of money,” she said.
Every month she makes between £30 and £50 using the site, but she said anything more than £0 is a bonus for her.
All she has to do is list the space with her pricing per hour, day, and month.
Christiane said that because she lives in a pretty pricey city, parking can be really expensive.
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This means visitors or commuters are eager to find cheaper places to leave their cars.
She said: “My space is a 20-minute walk to the top of the city centre but people still choose to park to be close to other amenities, such as visiting the university for conferences as well as courses.
“If the university advertises conferences or events, this usually helps increase my bookings as well as summer parking when people come to visit the city too.”
Christiane now runs her own business selling vintage clothing online so she said any extra income helps.
Through renting out her parking space, she is able to buy more items at auction to sell so it’s helping her business too.
She said: “I would recommend renting out your space as there is no need to have a big driveway, just one parking space.
“You can monetize an empty space for minimal effort – why wouldn’t you do it?”
How to rent out your parking space
You can lease any type of parking space you own or are authorised to lease including driveways, garages, off-street parking spaces, residential parking or commercial parking.
Christiane said: “Make sure you assess the space you actually have, and make sure it’s clear and easy for someone to park in.
“Don’t dismiss it if you are not near a town centre – people always need parking to go to concerts, schools, universities, hospitals, meetings, transport links and many more.
“Use this to your advantage – think local amenities not just central.”
Whether you want to lease your space 24/7 or set specific availability, the site’s calendar allows you to adjust your availability to suit you.
Earnings over £10 are paid out automatically at the start of each month into your bank account or PayPal account.
When listing your space, YourParkingSpace provides a suggestion for your hourly, daily and monthly rates.
This recommendation is based on the average market value of booked parking on the platform within a 0.5-mile radius of your location.
YourParkingSpace don’t charge any listing fees or ongoing maintenance fees on your listing.
Instead, it adds a 20% uplift onto your set price and advertises the parking space at that price.
The total price is paid by the driver, but providers get 100% of the rate they set.
Similar sites do exist offering the same service such as JustPark which is also free, or alternatively Parklet takes a small fee for each short-term booking.
It also takes a one-off setup fee and a commission each month for monthly contracts.
Of course you’ll make more or less money depending on where you live and how popular the area is.
People renting out their spaces in London last year earned a combined £12,193,182, while those in Manchester earned £1,693,735 and providers in Bristol made £1,135,927.
Here are the top cities for earnings in 2022:
- Birmingham – £763,083
- Liverpool – £610,362
- Brighton – £596,017
- Leeds – £526,914
- Glasgow – £402,119
- Edinburgh – £381,026
- Cardiff – £365,027
Tax rules around earning extra income
It’s worth remembering that anything you earn with an extra income like this can be taxed.
You can earn up to £1,000 without paying tax thanks to the trading allowance.
The odd jobs you can claim tax-free include money made at car boot sales, online selling or auction, according to HMRC.
It could also include money made from food delivery or by charging other people for using your equipment or tools.
Once you earn more than £1,000 a year, you need to complete a self-assessment tax return and start paying tax on your extra earnings.
How much that is will depend on how much you already earn.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
