Earn lucrative monthly income from your driveway via a simple side business: Here's how you can join in as well
In the UK, homeowners near major stadiums are cashing in on their unused driveways, with the potential to earn several hundred to over a thousand pounds per Premier League season. This lucrative opportunity is made possible by platforms like JustPark, YourParkingSpace, and ParkOnMyDrive, which simplify the process of listing and managing driveway rentals.
According to a recent analysis, homeowners near Riverside Stadium can expect daily parking prices ranging from a low of £1.80 to a high of £62.50, averaging £5.70. Monthly rates range from £30 to £106.25, averaging about £50.38. Near Bolton Arena, daily rates vary from £2.00 to £13.75, averaging £5.46, with monthly rates ranging from £25 to £125, averaging nearly £55.
The earnings can fluctuate based on proximity to the stadium, matchday demand, and local parking supply. Profitability is highest on matchdays for Premier League games when parking demand spikes sharply. For instance, during Beyoncé's tour stop at Tottenham Hotspur Stadium in London, homeowners can earn an average of £150.26 per day during her shows.
Residents near Leeds' Elland Road Stadium can make £22 per day, while those living near Wembley Stadium can earn £21 per day. Homeowners near Liverpool's Anfield and Everton Stadium can earn a respectable £13 per day, and for those near Scotland's Hampden Park and Wales' Cardiff City Stadium, the earning potential is around £21 per day.
If the earnings from driveway rentals exceed £1,000 annually, they must be declared to HMRC under the Property Income Allowance. Homeowners can choose when their space is available and receive automatic monthly payouts. It's also worth considering public liability insurance to cover accidents or damages while someone is using your driveway.
During big-name events, rental prices for driveways near major stadiums like Tottenham Hotspur, Elland Road, Wembley, and others can more than triple. For example, during Oasis at Heaton Park in Manchester, driveway rentals average £165.67 per day.
The luxury compact SUV Porsche Macan takes the top spot in a recent analysis of family cars for resale value, losing just 19.9% of its value over a typical three-year ownership period. Meanwhile, the Wimbledon Championships in London provide an average earning potential of £101.08 per day for residents near the All England Tennis Club.
Mike Thompson, CEO of Leasing Options, stated that homeowners have a real opportunity to turn their unused driveways into a valuable source of extra income. He advises researching current rates in your area and adjusting the price for special events or peak times to maximize earnings.
- Homeowners near football stadiums, such as Riverside Stadium and Bolton Arena, can potentially earn often more than £50 per month by renting out their driveways, especially on matchdays when demand is high.
- Alongside football stadiums, locations like the All England Tennis Club during the Wimbledon Championships offer homeowners the chance to earn an average of £101.08 per day by listing their driveways for rent.
