How Can I Rent My Driveway With Stashbee?
Can I Rent My Driveway Out?
The short answer is yes! In fact, renting your driveway out is a great way to make a passive income and help out someone in need. Once you set up your listing, you barely have to lift a finger again. Then, you can just wait for the bookings (and extra income) to roll in.
However, if you have a parking space that’s not on your driveway, there are a few things which might hinder whether you’re allowed to rent it out at all. But we’ll run through these now, so you’ll know if you can make money from your parking space.
Can I rent out my parking space if I have a resident’s permit?
If you have a council permit then the answer is no, you can’t legally rent out your parking space.
However, if you have any other kind of permit for your parking space, it may be possible. In some cases, with non-council permits (like churches and schools) you may be allowed to rent out your parking space, so please ensure beforehand that this is the case.
Can I rent out my driveway if I’m not the legal owner of the property?
Great question! If you’re not the legal owner of the property you currently live at, you may be able to receive permission from your landlord or property manager to rent out your driveway. Most of the time, landlords will be completely fine with it, but it’s always worth asking in case they want a cut of the income themselves.
Do I need planning permission to rent out my driveway?
No. Some local councils may ask for a planning application fee, deeming renting out your space a ‘change of use’ to your property. However, the Government’s guidelines around renting private residential parking space are pretty relaxed: “It should be possible to rent parking spaces without planning permission, provided there are no substantive planning concerns such as public nuisance to neighbours.”
If your local council does ask you for a planning application fee, the government encourages you to challenge it and refer the council to the Government planning guidance.
Do I have to pay tax on the income I make?
Any income earned from renting out your space up to £1,000 is exempt from income tax. However, if your total annual income from renting your parking space is over £1,000 then you may need to fill in a tax return.
Can I rent out my driveway if I have a mortgage?
If you’ve got a mortgage, there’s a bit of confusion as to whether you need permission to rent out your driveway. If you’re unsure, check the rules and regulations with your mortgage lenders beforehand.
How Much Should I Charge to Rent My Driveway?
The great thing about listing your space with Stashbee is that we also recommend how much you should set your earnings to. Our recommendations are based on the location of your parking space and any extra features you may have in place, such as lighting and security. Of course, you don’t have to listen to us - you can set your earnings to whatever price you want. But remember: how much you charge is a big factor that Renters consider when looking for parking spaces to rent.
Ultimately, it’s up to you, but there are some things to bear in mind before you decide how much you should rent your parking space for.
What If I Have a Fob or Key to Access My Driveway?
That’s completely fine! In order to rent out your secure space, you’ll just have to make sure that either a) you will be available and on-site when people want to park in your space or b) your Renter will be able to have their own fob or key to access the space themselves. You could meet with your Renter beforehand to exchange keys or fobs, or use a service like KeyNest to arrange key exchanges easily.
What Are the Laws About Driveway Parking?
When it’s hard to find a parking space, some drivers may resort to parking on driveways without permission.
It’s not always technically illegal to park in front of a driveway, but it’s common courtesy to leave the space clear for people who will need it to get in and out of their property. However, it is definitely illegal to park over a dropped kerb, which is not only in place to allow vehicles access from the road to their driveway, but also for emergency vehicles to access private properties.
If you’re unsure, make sure to brush up on the parking laws in the UK before taking chances - you might end up with a parking ticket!
It’s easy enough to rent out your driveway and earn some extra income, but those who rent out their driveways often have more affordable prices than car parks and on-street parking. Find a parking space with Stashbee and you might be parking on one of our Host’s driveways soon!
28th Feb 2022