Savvy students could earn thousands renting unused parking spaces

Published by Edmund Greaves on 19 September 2017.
Last updated on 19 September 2017

Savvy students could earn thousands renting unused parking spaces

Students in need of an income while studying could earn up to £15 per day just by renting their parking space or driveway.

Research from driveway rental site, Yourparkingspace, has found that student hotspots around the UK could provide a useful income for students with unused parking spaces at their digs.

The top spot for students is Oxford city centre, where the average space can be rented for as much as £15 per day. Over the course of a typical three-year degree, this means an Oxford-based student could earn up to £16,000.

Other student towns, such as Cambridge and Edinburgh, can also fetch up to £12.50 per day.

Harrison Woods, managing director at Yourparkingspace.co.uk, says: “Savvy students who live near universities or in a central location and have an empty driveway are potentially sitting on a parking goldmine.”

Of course, as students are likely to be renting they should check with their landlord before advertising a parking space. See the Moneywise guide How to make £1,000 a year from you empty parking space for more information.

 See the table below for how much you could earn from a parking space in one of the UK’s top 10 university towns: 

How much your university parking space could make

University*

Daily parking rate with Yourparkingspace.co.uk**

Potential annual earning if listed on Yourparkingspace.co.uk

University of Oxford

£15

£5,475

University of Cambridge

£12.50

£4,562

Imperial College London

£12.50

£4,562

University College London

£12.50

£4,562

London School of Economics and Political Science

£10.50

£3,832

University of Edinburgh

£12

£4,380

King's College London

£10.50

£3,832

University of Manchester

£10.00

£3,650

University of Bristol

£6.00

£2,190

University of Glasgow

£4.75

£1,733

*Top 10 UK universities listed, as detailed by The Times Higher Education World University Rankings.
**Yourparkingspace figures based on renting a space from 9am to 5:30pm, within one mile of the university campus.

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