With the cost of living crisis still gripping the nation, Britons are doing everything they can to save money in their everyday lives. This is proven by the over 12,000 Google searches for “side hustle” in the last month alone, include using their parking spaces.
A woman, from Cambridge, has shared how she makes between £30 and £50 a month simply by renting out her parking space online since 2018.
Christiane Pearl spoke about how she was able to passively earn money from her own parking space from online portal YourParkingSpace.
She explained: “A friend of mine told me about it – it seemed like a simple idea with very little effort involved.
“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.
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Although it was a 20-minute walk to the city centre, she said people still choose to park there because it’s close to other amenities like the university.
If the university advertises conferences or events, this usually helps increase her bookings as well as summer parking when people come to visit the city too.
Christiane added: “I typically generate £30-£50 a month and made over a few hundred pounds in 2022, but anything over £0 is a bonus to me since I’m normally paid hourly.
“I would recommend renting out your space as there is no need to have a big driveway, just one parking space.
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“You can monetise an empty space for minimal effort – why wouldn’t you do it?”
She urged drivers who are interested in the scheme to assess the space they actually have and make sure it is clear and easy for someone to park in.
Motorists also shouldn’t dismiss the idea if they are not near a town centre, with Christiane saying: “Use this to your advantage – think local amenities not just central.”
People will always need parking whether it is for concerts, schools, hospitals, meetings, transport links and many other reasons.
Commenting on Christiane’s success, Harrison Woods, CEO at YourParkingSpace, he highlighted the major benefit of bringing in the extra income.
He said that while it is known that having a driveway or a parking space in a great location can add value to a property, it can have additional bonuses.
Many people are choosing to take advantage of their spaces by renting them out in order to make some extra income.
Mr Woods added: “The cost of living crisis has never been more of an issue, with bills, food, and car parking charges rising in certain areas across the UK.”
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