The cost of living crisis has affected nearly all areas of life, which has caused people for look for ways to make savings where they can, and where they can get some extra income.
There is one method that could see people potentially earn a decent bit of money according to a study from Comparethemarket.
By analysing the average cost of renting a private parking space in 30 of the most populated UK cities, Comparethemarket found Brits could earn just over £2,500 per year.
This equates to an average monthly intake of an estimated £209.
Access to a parking space adds an average of over £14,275 to the value of properties across the UK (4.7% more than average).
However, renting out that space could be a potential income stream to help offset the additional cost.
London is the most valuable city for parking spot rental, with people potentially being able to earn £587 a month on average, or £7,043 a year.
On the other end of the scale, those in Stoke-on-Trent would earn around £91 a month on average, or £1,089 a year.
Tips for renting out a car parking space
Comparethemarket recommends creating a contract with whoever rents out your space, to make it clear that you are not responsible for damage to someone else’s vehicle on your property.
Being aware if you need an extra permit for the space would also be helpful, as if you need a council parking permit you cannot rent that space, even if it’s allocated to you.
Also, if you’re a renter, it’s important to have permission from your landlord to rent out the parking space, as this is technically subletting and could go against your tenancy contract.
Your Money Matters
Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.
This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.
We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.
The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.
Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.
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