Londoner makes £7,000... by renting out his parking space

A Londoner who works in a bank says he has made £7,000 simply by renting out his parking spaces.

Alessandro Rossi, 35, started renting out two unused parking spaces at his home in Dalston, east London, six years ago as a way to earn some extra cash.

He advertises the spaces for £100 a month each and has already made an estimated £7,000 through the side hustle. The money has helped him pay for a string of European holidays.

He said: “When I bought the flat it came with two parking spaces that I didn’t need because I’ve never had a car and I still don’t. For me it was just a really good opportunity to get some money.

“To be honest, having that income from the parking space has been really useful.

“I use it to pay the service charge for the block of flats, and then I can use that money for something else. It’s the kind of money that pays for a few extra little trips during the year.”

He added: “My family is from Italy so I can go back there relatively often - the last time was over Christmas.

“My partner’s family is from Spain as well, so renting the space means we can go back and see both of our families more often.”

Mr Rossi, who doesn’t own a car, uses the YourParkingSpace website to rent out his space, which is gated. He rents it out monthly, simply listing the space online and doing very little else.

Those who use the space vary from neighbours who need an extra spot to people commuting into the area from further away.

He said: “Interestingly it’s been a nice opportunity to get to know my neighbours. I’ve been renting it out to a doctor who lives in the next block and now we’re friends.

“I was also renting it out to an owner of a small chain of restaurants that I really liked - we got talking and he gave me some vouchers.

“Initially I was mostly renting out to residents in the area, but I was soon surprised to see how many people wanted a parking space to commute into from far away, and then walked to work from there.”

He added that it’s a ‘low maintenance’ task and urged others to do the same if they have the spot to rent.

“I charge £100 but other people in the area charge far more than that for spaces that aren’t even in a gated car park,” he said.

“The cost of living has never been more of an issue in London, and the extra money can make a huge difference.

“If you’re lucky enough to own something you can rent out then I’d absolutely recommend doing this.”

SWNS