Renting Out Garage Space To Generate Income

Renting Out Garage Space To Generate Income

It may not be the rental situation that most people think of when renting out space in their house, but a garage could be an excellent source of cash flow. In most cases, people are looking for storage space and may not want to go to the trouble of leasing a more sophisticated (and expensive) storage space.

If this idea appeals to you, here are a few tips to help devise your garage renting strategy:

Make sure it’s legal in your area.

You may have to get a permit or special written permission to rent out your garage. Check with your local government, possibly the buildings department.

Calculate how much to charge.

This can get tricky, since there may not be a number of other comparable garages for rent in your area. However, think about your own budget and what advantage some extra income may bring. Allowing somebody to park their truck or store their tools may be worth a small charge month to month to both landlord and renter.

Target the most likely renters.

Take a good look at your space and imagine who would most benefit from it. It could be people with a hobby that requires lots of collection space, like record collectors or even antique toy collectors. Carpenters and other blue-collar workers need spaces for tools, parts, supplies and vehicles.

Find the right platform to spread the word.

When you’re ready to rent out your garage space, stick with a platform that will connect with people who are specifically looking for what you are offering. You can find interested people by advertising on Facebook, or appealing to local social media groups like record collectors, carpenters, painters and other craftspeople.

Get rid of the junk.

Don’t assume that the potential renter will picture your garage space clean and empty. Be proactive and clear and clean the space in advance, before receiving visitors. Remove all junk, tools, and storage items, and sweep/vacuum vigorously. If possible use a hose to wash away the caked-on grime and dust. Don’t even think about leaving paint or oil stains on the floor. The room should look good as new (and as clean and empty as if nobody ever used the garage before).

Add security.

A new tenant will want to be sure that the room is secure and safe, especially if the garage has a large, pull-up door that rises and falls vertically. If you use an electric garage-door opener, you may want to find one that requires a security code or a smart device that can be unlocked through an app. Be sure that the garage can be locked from the outside as well as the inside. In fact, this is a good security strategy at all times, even if you are not offering your garage for rent.

Are you renting out the entire garage or just a portion?

Your garage may be large enough that a tenant may only want to utilize a small section of it, most likely for storage. If that’s the case, you may want to consider a room divider, which can easily be purchased at any home improvement store. If you’re handy, you can build a wall to close off the space, creating privacy.

Bottom line

It seems that now more than ever, people need places to put stuff. As a result, the idea of renting out garage space is increasingly practical and appealing, especially if your renter is nearby and has easy access to the space. Remember that people will gladly pay for space that suits their goals and meets their budget.

This article brought to you by Karl Kennedy, Author of www.ProjectorTop.com