Liverpool tops league table for most profitable area (outside London) to let a parking space

Property owners in Liverpool could rent out their driveway, garage or allocated parking bay for as much as 1,476 per year (or 123 a month) according to a new 2009 league table of parking space rental. The statistics produced by Park Let, the UKs largest parking space letting agent, show that Nottingham and Manchester are also particularly profitable areas for property owners with parking spaces earning 115 and 109 per month respectively.

The league table was produced by calculating an average of both current contracts and over 20,000 advertised spaces already listed on Park Lets website. Other lucrative areas include Brighton at 108 per month and Bristol at 100 per month.

2009 UK League Table (outside London).

Rental income per month.
Liverpool 123
Nottingham 115
Manchester 109
Brighton 108
Bristol 100
Leeds 98
Oxford 98
Birmingham 94
Edinburgh 93
Cambridge 71

The statistics exclude London to demonstrate how property owners around the entire UK could benefit from renting out their driveway, garage or parking bay. However, the most lucrative area in London for parking is Brompton (SW3) where a space can earn the owner upwards of 538 per month. An average of the top 10 areas to let out a space in London is 273.

Luke Kelly, managing director, Park Let commented: The fact that Liverpool is second to London for parking space letting may surprise some but the price is mainly dependent on the availability of spaces, or lack thereof. In fact despite Manchester being in third position in the league table, we organise a higher volume of contracts here than we do in either Liverpool or Nottingham which may mean that landlords can find tenants more quickly in this area.

Kelly continued: The areas where landlords tend to make the most income are usually better known for being commercial centres rather than residential areas and thats why London does so well. Similarly if you examine Manchesters figures, although the average is 109, we do have a parking space that is just a few minutes walk from Deansgate train station which will let for 200 a month. Indeed it's not just individual commuters who use our service: we've got some spaces that are available for a large number of commercial vehicles which might suit someone in the car trade perhaps. Even if the location cant 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."

Park Let calculates the rental price of a parking space in much the same way as a residential estate agent agrees the rental price of a property with a landlord. There is usually a maximum value for a space in a particular area or postcode and other factors can influence the price too, such as proximity to facilities or congestion zones. Security is another important factor: spaces or bays with key-pad entry, electronic gates or even CCTV can demand a premium.

To help property owners determine how much their own space could be worth, Park Let has launched the UKs first interactive parking space tool at http://www.parklet.co.uk/parking-rental-price-guide.aspx. To use the pricing tool, enter a location (postcode or city) or use the interactive map to select an area. The search radius can be set from a quarter of a mile up to five miles for a broader requirement. Results are shown as monthly amounts for all spaces as well as being split between parking spaces alone and garages.

About Park Let

Park Let has arranged over 10,000 rental contracts and has in excess of 20,000 parking spaces available to rent immediately across the UK. The company provides a fully managed letting service including matchmaking the tenant and landlord, preparing contracts and monthly rental collection. Park Lets rental prices are up to 20 per cent cheaper than other comparable season tickets and tenants can choose between a 5 and 7 day rental week.