If you have a garage space that you are not using, it could be an untapped resource! Renting out your garage space is a brilliant way to make extra money. This guide will help you earn some extra cash by renting out your garage.
Do your research
The best place to start is to research and see what other garages in your area are charging. Also, check the prices of local car parks to see what they offer as you do not want to overprice yourself. Garages can be rented as storage or for parking spaces, so you should look into what will make you the most money.
How much can I get for renting out my garage space monthly?
The price will vary depending on location. If you live in or near a city, the prices can range from $200 – $400. For example, the average cost of rent in New York City is $2,933 per month — which means that renting out a single parking space will likely net you more profit than renting an entire room or garage. In other parts of the country, however — particularly large cities like Los Angeles or Boston — garages tend to be more expensive than parking spaces (though they’re usually still cheaper than renting living quarters). So you can check out Boston parking spots for rent to compare the prices to make sure it is worth your while. This typically makes them better opportunities for potential renters who want some extra storage space and don’t want the hassle (or expense) of maintaining an apartment or house within city limits.
What are the laws around renting out a garage space?
The first thing to check is the laws in your area, it usually does not fall under the standard Landlord and tenants laws, but it is always best to double-check. You can contact your local Landlord and tenant services to check the regulations. It does not mean you can rent that space out if you are renting your accommodation and you have a garage. The Landlord typically owns the space. So it is always best to do your due diligence to learn your legal rights.
Top tips for renting out your garage space
- Decide what kind of space you have to offer – The first step to renting out your garage is to consider what type of space you have to offer. Is it a parking spot in your driveway? Is it a detached garage? How many cars can fit into the garage, and how much space do they take up? Do you have any other vehicles, like motorcycles or boats, that could also go in there? You should also check if the area around your property is tidy and clean. If possible, provide some photo documentation of how neat and tidy everything looks so that people know what they are getting themselves into before booking an appointment with you.
- Make sure you know your rights as a host – As a host, you have to pay taxes on the income you earn from renting out your garage space. You are also liable for any damage caused by renters, but not for damage to their car if it’s parked in your driveway.
- Let people know how much garage space you have available – Let people know how much garage space you have available. You can put a sign up on your lawn or make an ad on Craigslist to get the word out that your garage is for rent. Make sure that everyone knows what size, shape and price range of units are available before they come over with their belongings!
- List it – Get a thorough inspection of your garage space by a professional inspector to ensure that it meets safety standards and is structurally sound. Get proof of insurance, including auto liability coverage, in case someone gets hurt while using your garage space. Post pictures of your garage space and description on Craigslist or another similar platform. Don’t forget to include the price! Set up an online payment system so that you don’t have to worry about collecting cash each time someone rents out your space.
Renting out your garage or driveway could bring in some extra income
In addition to the cost of the garage, you’ll also have to pay for insurance on your property and for any taxes or fees associated with renting out space. Many people choose to rent out their garages as storage spaces or parking spots. While this is less expensive than renting out an entire home or apartment building, it could still bring in an extra $500 per month if you’re able to fill it up with enough customers!
You can make money by renting out the space in your garage. Renting out your garage is a great way to make extra money. The practice has been around for a long time, and it’s still going strong today. There are many ways that you can rent out your garage space:
- You could rent it to someone who needs storage space.
- You could also rent it to someone who needs a workspace. Maybe they want an office with lots of natural light (a rarity indoors), or perhaps they want a place where there won’t be any distractions from family members who share their home with them (this happens often). Either way, renting out part of your garage would be ideal!
- Last but certainly not least (that’s not even a word), you can rent out some parking spaces for people who need them—whether those people own cars or use public transportation such as buses and trains regularly.