- Earn R17 000 a year for doing nothing
- Parking premium makes driveways desirable
- 25 000 people rented their driveway in 2017
LONDON, England – Property owners – at least in Britain but why not in South Africa? – can boost their income as a wage squeeze there worsens. In 2017, apparently, 25 000 house driveways and empty spaces were registered.
Research by YourParkingSpace.co.uk has shown that income from renting out a driveway is outstripping the average UK wage growth. The UK’s average annual wage only grew by about 2.3 % in 2017 while renting out a driveway can boost the average by four percent.
YourParkingSpace.co.uk statistics showed that driveway owners in almost 30 towns and cities across the UK made on average more than £1000 (about R17 000) each in 2017. The average annual UK salary is £27 270 – about R38 600 a month.
R204-MILLION EARNED IN ONE YEAR
Harrison Woods, managing director at YourParkingSpace.co.uk, told The Corner in a media release: “It all means that shrewd driveway owners can beat the wage squeeze by using their driveway as a money-maker.”
Company data also claims that such parking made their owners £12-million (about R204-million) in 2017.
READ MORE YourParkingSpace features
Driveways in particular demand include those near to rail stations, transport hubs, shopping centres, popular local amenities, and sport and music venues.
Harrison added: ”You don’t need to live in one of the UK’s largest cities to do well; even less-obvious places such as Bradford, Stockport, Gloucester and Sunderland each made around £1000 a year.”