Brits make R421 million by renting out their driveways!

UK homeowners made £21 million (about R421 million) in 2020 simply by renting out their vacant driveways to motorists needing somewhere to park, new research by YourParkingSpace.co.uk reveals.

Indeed, despite various lockdown restrictions the online parking portal is actually reporting strong growth this year in the demand for rented driveways near workplaces as a result of Covid-19, because many workers are choosing to drive rather than take public transport.

Recent booking data shows that town and city centre bookings, many located near to offices, have increased by 19% compared to pre-lockdown towards the start of the year, compensating for a shift away from traditional driveway parking hotspots such as those near stadiums, airports and train stations.

Furthermore, the £21 million made from driveway rental in 2020 with YourParkingSpace.co.uk is, in fact, higher than in some recent years such as 2018 and 2017, when £15 million and £12 million was made respectively.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Rented driveway demand has remained strong in 2020, not least because empty driveways near workplaces have provided an attractive alternative to motorists who are avoiding public transport and need somewhere cheap and convenient to park their vehicle.

“We fully anticipate demand to remain strong in 2021, especially if many workers continue to drive rather than take the bus or train.”