A booming rental market – for car parking spaces

It’s enterprising, practical and meeting a need for both buyers and sellers: increasing numbers of homeowners are renting out their driveways and garages to commuters who are fed up with overpriced and crowded car parks. There’s an interesting article and video clip about firms springing up to link frustrated drivers with parking landlords.

The article explains how one company, Parklet began. The business now has more than 19,000 driveways and garages on its books. The cost of renting a driveway depends on its location - Parklet’s average monthly rental price is £121. Their most exclusive space costs an impressive £575 per month, and is a secure underground spot in central London.

The recession seems to have affected the market for both renters and landlords. More supply is available as people are interested in additional income and more motorists are on the look out for ways to save money.

Just the ticket (not a parking ticket, obviously) for everyone involved.

The video clip to accompany the article can be found here.