£1,600 a year: Sheffield number one place in UK to make cash from renting out your drive for parking

You could earn 1,600 a year renting out your drive for parking.
You could earn 1,600 a year renting out your drive for parking.

Sheffield has been named as the number one place in the UK to make cash from renting out your drive for parking – with new research suggesting people in the city could make nearly £1,600 a year.

People with a spare parking space in the city can rake in more than those living in London, according to new research from Direct Line Car Insurance.

Those in Sheffield can make £1,539 – putting it in front of London where homeowners can bag £1,525 by letting out their driveway to those in need of a parking space.

READ MORE: Drivers slapped with fines for bad parking in Sheffield suburb

Demand for spaces largely comes during the week from those eager to find cheap and easy places to park close to work and train stations, while at the weekend and in evenings parking is popular near football stadiums, sports grounds and big music venues.

On average in the UK, driveway owners letting out their space take home £1,090 a year, adding almost 4 per cent to the UK's average earnings.

The report even claimed that currently, 3.5 million people in the UK are renting out their parking space, collectively earning people £3.8 billion.

READ MORE: Parking your car wrong way round in Sheffield could land you £1,000 fine

Renting out your driveway has grown in popularity over the past couple of years and is commonly used by commuters looking for spaces near railway stations.

Sheffield locals earn the most at, on average, £160 a month, providing them with an additional 5.7 per cent income. 

Leeds completes the top three with average earnings of £142 a month.

Steve Barrett, head of car insurance at Direct Line, commented: 'With the cost of parking so high and spaces in such short supply, it is not surprising that so many people are discovering alternative options. 

READ MORE: PICTURES: Are these the worst examples of parking in Sheffield?

'Given that the sharing economy has already changed the travel and hospitality industries, it is inevitable that motorists and homeowners are looking for mutually beneficial solutions.

'For homeowners, renting their driveway to others is a great way to supplement their income and for drivers, it's a cheaper alternative to increasingly unaffordable town and city centre car parks.

'It also provides people with a guaranteed parking space and frees up vital spaces in high demand car parks.'

There are currently a number of websites that help people rent out their parking space and those looking for one.

Most, if not all, driveway rental sites will charge a fee of some sort, often taking a percentage of the earnings from the driveway owner.