An enterprising Londoner has turned his unused driveway into a lucrative cash generator, earning over £2,000 a year by renting it to strangers while he parks his own car on the street using a low-cost permit.
The Driveway Goldmine in East London
Satyan Dharamshi, a 51-year-old insurance account executive from Newham, East London, identified a simple money-making opportunity two years ago. Living in a prime location near major venues like The O2 and ExCel London, and with good transport links to the city centre, he realised visitors faced a parking headache due to strict permit-only street parking.
In December 2023, he decided to list his driveway on the platform YourParkingSpace. He set a price of £10 per day and was quickly inundated with demand, securing up to 20 bookings a month.
A Minimal-Effort Side Hustle
The beauty of the venture, according to Satyan, is its passive nature. "It's passive. I don't do anything, except take the occasional call from people checking they've parked in the right place," he explained. His customers are typically commuters, tradespeople, and people attending local events, with some parking during the day and others overnight.
He emphasised that the renters have all been well-behaved, and he has even built up a base of regulars. "It's good for them too - they get a convenient place to park close by, so they can come back to get their lunch," Satyan added.
The Financials: Low Cost, High Return
The financial mechanics of the scheme are particularly compelling. Because Satyan drives an electric vehicle, he qualifies for a heavily discounted resident's parking permit, which costs him just £30 per year.
In contrast, his driveway rental brings in up to £200 every month, meaning he recoups the entire annual cost of his own parking permit in less than three days of rentals. To date, this low-maintenance side hustle has netted him a total of over £4,300 in extra income, which he uses to help cover his monthly mortgage payments.
"Everything in London is expensive, every little helps," Satyan noted, highlighting the practical benefit of the extra cash flow. He also mentioned that he doesn't drive frequently, often choosing to cycle instead, which makes renting out the space a logical decision.
This story showcases a growing trend of homeowners capitalising on their assets to create passive income in the face of rising living costs, particularly in high-demand urban areas where parking is at a premium.
