A homeowner in East London has found a unique way to supplement his income by renting out his driveway to strangers, earning up to £2,000 a year. Satyan Dharamshi, a 51-year-old insurance account executive, lives in Newham, a prime location near major venues such as the O2 Arena and ExCel London. Since December 2023, he has been listing his parking space on YourParkingSpace for £10 a day, capitalizing on the area's permit-only street parking that limits options for visitors.
Passive Income from Parking
Satyan purchased a reduced-price residents' parking permit for just £30 a year, thanks to his electric car, and now earns up to £200 a month from the venture. The permit cost is recovered in just three days. Over the past two years, he has netted over £4,300, which he uses to help pay his monthly mortgage. He describes the arrangement as low-maintenance and passive, requiring minimal effort beyond occasional calls from customers confirming they have parked correctly.
High Demand Year-Round
Satyan notes that demand is consistent throughout the year, attracting a diverse customer base including commuters, traders, and event-goers. Some park during the day, others at night, depending on their needs. He says, 'Newham is permit parking only but it only costs me £30-a-year for the permit. It's passive. I don't do anything, except take the occasional call from people checking they've parked in the right place. It's an extra income. Everything in London is expensive, every little helps.'
Satyan realized the value of his driveway two years ago and quickly saw high demand, with up to 20 bookings a month at £10 per day. He rarely uses his car, preferring to cycle, and has never had any issues with renters. 'I do get some regulars, some traders and events people, or people involved with housing projects. It's good for them too - they get a convenient place to park close by, so they can come back to get their lunch,' he added.
