Mar 09
12
How Much Is Your Parking Space Worth?
The folks over at Park Let have just emailed us a link to a new tool on their website. Type in a postcode and it will calculate how much you could make per month renting out your parking space.
Apparently, I’d be able to make between £87-106 per month. Or at least I would be if I had a parking space to rent out!
Still, it’s a clever little gizmo and worth checking out at Park Let Rental Price Guide.
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I could get £88 to £110 for my place, but that would mean I’d have to cone off part of the public highway! I don’t see that going down too well with people.
However, I thought I could be sneaky and rent out one of the office spaces, what with being next door to a busy town centre shopping area and no-one being here at the weekends. But, surprisingly, the rental value came out less!
Back to the drawing board, Igor….
Cool tool, I can see how this would be useful in a large city.
Unfortunately, it doesn’t work too well in Brighton. I have to go to a 1 mile radius to start to get any data. Given the size of Brighton, a one mile radius can span over a few different parking Zones. It didn’t give me any data for my area so I’m at a loss as to what I could get - I think I’ll concoct a sum based around my weekly beer intake. That should do!
Also - is this based on parking zones where residents must pay annual charges? In my area it’s free parking which may explain why there’s no data..(maybe I won’t get away with charging for my parking space)
The tool doesn’t work on my mother’s postcode in London, says there’s ‘not enough data’ even though it’s in central London.. hmmm
Hi,
I’m the MD of parklet (www.parklet.co.uk), and thought I’d try and help address some of your queries.
The tool should work well in Brighton. The quality score is based on the amount of available data - anything over 3/10 is reliable. At 1/2 mile radius the quality score is 6/10 for most central parts of Brighton. You can also look at the spaces we have advertised in Brighton to help gauge the achievable price http://www.parklet.co.uk/parking/Brighton/8.aspx
The tool looks at a) spaces we currently have let, and b) spaces we have advertised, in the highlighted area. It is therefore a guide to the achievable monthly rental value for a private parking space or garage.
Central London - that has really thrown me. We have thousands of spaces both let and advertised in London, so the tool should work very well. Please remember a quality score of over 3/10 is ok.
Thanks,
Luke Kelly.