Homeowners in Birmingham are turning a profit in the depths of the recession – by letting their unused parking spots for up to £125-a-month.
Statistics from Park Let, the UK’s largest parking space letting agent, showed property owners in Birmingham were netting a monthly average of £94 by renting out unused spaces and garages.
Ayeisha Akbar, aged 30, of Selly Park, nets £48.50 a month by renting out a parking space her tenant in Wolesley Road, Bordesley, never uses.
“It’s about making the most out of what you’ve got and being creative,” she said. “With the property being quite close to the Blues ground I thought there was a possibility people would want to use it.”
Birmingham’s most central locations include St John’s Walk, advertised at more than £100, and lots in Berkley Street, Gas Street, Waterfront Walk and Rickman Drive at £120-plus.
Birmingham Chamber of Commerce spokesman John Lamb said: “It sounds like a perfectly valid business enterprise. If people don’t have use for the parking space then why not?”
London was the most expensive for parking rental locations. Spaces in upmarket Sloane Square fetch an average of £538 per month, Mayfair attracts £348 and Leicester Square £298.
Luke Kelly, managing director of Park Let, said: “Areas where landlords tend to make the most income are usually better known for being commercial centres rather than residential areas and that’s why London does so well. Even if the location can’t demand a particularly high rent, it’s still nice for the owner to have a small additional income if the space was previously lying idle.”
