Renting out a Driveway!

Letting agencies claim that renting out driveways in the capital of England, especially if they are located in the SW3 postal code, can bring their owners thousands of pounds per year. For instance, the letting service called Park Let claims that renting out such a driveway can bring about £6,500 a year in profit. The table of parking space rental, compiled by Park Let in 2009 suggests that renting out of driveways, located in the Brompton area, tops the money-making list; areas of Mayfair and Leicester Square also prove to profitable by providing yields of £348 pcm. Luke Kelly, Park Let managing director said that although the most profitable driveways are located in commercial, rather than residential areas, he is determined that homeowners anywhere can earn some extra money by renting out their driveway or garage. He added that driveways located in the popular area of Lavender Hill in Clapham could bring their owners as much as £129 a month. Homeowners, renting out their driveways and garages on Highbury and Islington tube station can earn £110 and £200 per month accordingly. If homeowners are interested in renting out their parking space, they are welcome to use the service of Park Let, called Parking Space Tool, which is an interactive programme, showing the average price for the rent of a garage or a driveway in a given area. Mr. Kelly added that renting out a driveway or a garage that is not being used by a family is a great way to save some money for paying out a mortgage, a loan or, finally, to go on a holiday. The table, compiled by Park Let for 2009 is as follows: * Sloane Ave - £538 pcm * Mayfair - £348 pcm * Leicester Sq - £298 pcm * High Holborn - £291 pcm * Liverpool St - £223 pcm * Cardinal Place - £222 pcm * Old Street - £205 pcm * Canon St - £205 pcm * Pimlico - £202 pcm * Fulham - £194 pcm