Wondering how to rent out your garage space?
The value of having a private garage near one’s home is challenging to quantify but can certainly be lucrative. Investing in or renting a parking spot may alleviate a lot of stress for city dwellers, and the area can have many uses.
Because of the excellent return on investment and low maintenance requirements, garages have caught the attention of many investors. Therefore, they can make a fantastic passive income opportunity. Here are the benefits and how you can rent out your garage space.
In some areas, the monthly rent for a garage can be rather expensive. The average monthly income for a host with a two-car garage is $4,000. This sum can be doubled in high-demand areas such as the mid-Atlantic and San Francisco–Bay Area. Some upgrades, such as a smart door lock, climate-controlled heating or air conditioning, or surveillance cameras, can significantly increase the asking price of a property.
It may come as a surprise to find that garages and driveways may be rented for money, with some generating $1,000 or more annually. It is not uncommon for property owners to earn $1,500 or more annually by doing little more than keeping an eye on a vehicle parked in their yard or garage. This is especially true for RV or boat storing.
No Extra Maintenance
The fact that you usually won’t have to perform any repairs is a significant perk when you rent out your garage. Since it is a part of your own property, you are most likely already taking care of the infrastructure. Also, you probably already maintain your driveway by clearing snow in the winter, raking leaves in the fall, and so on. The people who will use your garage space will have expectations that they can easily access it via a clean driveway. But since it is also your driveway, you will have to put in little additional work to meet those expectations.
If there’s one thing you could do, it would be to set up a security system. Your garage will feel safer with the addition of an alarm, a camera, and a motion-activated light for after-dark. Even though it’s an extra expense at first, having a secure garage will bring in more customers. People are prepared to pay for the peace of mind that their vehicles and belongings are in good hands.
Preparing to Rent Out Your Garage
If you need to clear out your garage space before renting it, don’t worry, even if you have a lot of stuff. Learning how to pack a garage is now easier than ever. You only need to worry about where to put your belongings away since you won’t be able to use the garage as extra storage space. Instead of worrying about where you’ll fit everything, consider this an opportunity to declutter a bit. You can organize a yard sale, donate, recycle, or simply throw away anything you no longer use.
Convenient for Drivers
Accessibility is the most crucial factor in the success of a garage rental. If others in the area regularly arrive late to work because they had to circle the block many times before finding a spot, they may be tempted to use your garage if it’s vacant.
It’s a common sentiment among those who use these services that driving about aimlessly in search of parking would be a waste of time five days a week. Having a regular parking place reserved is also an excellent method to save money on the rising cost of gas. Your clients will save money on gas by not making unnecessary trips around the block searching for a parking spot.
Customers benefit from the time and money they save, and you benefit from the easy money you make. The return on investment of renting out your garage is always a plus!
Before You Rent
The benefits of renting out your garage are many, but you need to be prepared before you do it. Take these things into consideration before you start managing your garage for rent.
Garage as a Utility Space
Understandably, the legal preconditions for renting a garage are distinct from those for renting an apartment. Especially if renting a garage separately from your living dwelling. Make sure you are well-informed about leases and laws before you rent.
Some Items Cannot Be Kept in a Garage
You expected anyone can stow away everything they want, right? Remember that there are limitations and that a garage is often only suitable for storing a car and its associated items, such as winter tires or kid safety seats. Make sure your future renters know what they cannot lawfully keep in your garage based on local ordinances and regulations.
As a general rule, according to fire safety regulations, a garage should not be used for storing anything other than cars. Depending on the things your clients intend to store, this is an important consideration. Don’t allow them to store anything that could bring your property in any danger!
Humidity and Temperature
The garage environment may be hazardous to your client’s possessions. Garages were initially designed to store and protect cars. Thus, the environment within may not be conducive to preserving household goods. Mildew, mold, and rust may swiftly spread when air circulation is poor and humidity levels are high. So, you need to check the state of your garage before renting it out.
Changes in Temperature
Likewise, temperature swings are something to keep in mind while working with an exterior or detached garage. The climate and security of a rented garage may or may not be suitable for storing precious possessions.
In addition to providing a handy parking spot for yourself, renting out your driveway or garage may be a terrific source of extra income. You may rent out your driveway or garage to make thousands of dollars annually with little to no work.
Plus, the benefits of renting out your garage for those who lack space in their homes are endless. People needing extra storage will pay good money for your vacant garage. This is a quick and easy method to start generating money almost immediately.
If you have some downtime and want to put up a listing online, try using property management software like RentRedi.
RentRedi has a variety of uses that can help you collect payments for rent, list your garage vacancy, screen potential customers, and manage any maintenance issues that might arise. Put up a listing, and good luck!