Insurance News Archive

Parking space rentals 'can generate extra income'

Property owners who have parking spaces in prime locations are being advised by an expert to rent them out in order to make some extra cash.

Al Elliott, owner of the Homeowners Advice Centre, says: "This is a great idea for homeowners who have space in prime areas, particularly city centre flats, where parking is at a premium."

He states that properties near major sporting stadiums, such as Headingley or Manchester City FC, are likely to benefit the most from potentially year-round revenues.

Mr Elliot adds that once-in-a-lifetime events such as the London Olympics in 2012 will also generate opportunities for short-term returns.

Anyone with property in these areas could also gain from renting their houses or flats to tourists visiting for the Games.

Recent research by YourParkingSpace found that the people in London can earn up to £3,632 from letting out their driveways, £1,749 in Liverpool and £1,540 in Leeds.

26 Feb 2009