According to MoneySavingExpert.com, many city-centre residents are earning up to £200 per month by renting out their car parking space and demand has increased during the COVID-19 pandemic.
Luke Kelly, managing director of ParkLet, a UK parking space letting agent, commented: “Working from home is simply not possible for everyone and therefore those who do need to go out to work are trying their best to do so in the safest way possible. Due to the pandemic, many public transport services are operating on a reduced timetable, and so buses and trains can be overcrowded or not running at regular times. This means that driving to work is a safer and more convenient alternative.”
ParkLet initially experienced an 82 per cent slump in demand at the beginning of the UK’s lockdown period, but has since seen a 47 per cent rise above normal April and May volumes, as many of the country’s employees continue to avoid using public transport.
Employers renting spaces for employees
As well as seeing increased demand from individuals, letting agencies are reporting an increase in enquiries from employers looking for spaces on a long-term basis for their staff. During the lockdown, some companies have been using taxis to transport key members of staff into the office at significant cost. In comparison, renting out multiple parking spaces so that employees can commute safely is financially attractive.
In fact, with many large employers currently operating rota systems to maintain social distancing, the parking spaces can also be rotated amongst colleagues with one employee perhaps using a space on Monday, Wednesday and Friday and another on Tuesday and Thursday. Following the introduction of new working patterns and a staggered rush hour, using a car to commute may be the only option some people have.
How to list your parking space
Choosing to list with one of the bigger sites is likely to provide more visibility and higher demand, meaning you could charge more. Even if you don’t live in a city centre, your space could make you some extra income if you live next to a major transport link such as an airport or railway station, or to a football ground for example. Try one of the postcode calculators on a letting website to gauge demand and prices.
It's worth noting that we’re talking about off-street parking spots on your own property here. It breaks almost every council’s rules to simply sell on your resident parking permit.
The most lucrative locations to let out a parking space outside of London are Bristol, Manchester, Birmingham, Brighton, based on calculating an average of both current contracts and over 20,000 advertised spaces.
Major letting agencies include Park On My Drive, Your Parking Space, ParkLet and JustPark.
Factors that affect parking space pricing
Some price guide tools include details of which security measures are in place including key-pad entry, patrols, CCTV and electronic gates. Spaces with an electrical charging point are more recently highly sought after, as drivers switch to electric vehicles.
Free parking for NHS or emergency service workers
NHS hospital car parks are currently free for NHS staff, social care workers and NHS volunteers, while NCP is offering free parking to NHS and emergency services workers. For a current list of NHS freebies & discounts, visit MoneySavingExpert.com NHS Discounts Page.