Isn’t a garage a place to store your car? For 1 out of 4 Americans this isn’t true because the space is so full of other stuff, they can’t get their car in it. Do they need more garage space?
Do you need more income? You’d be amazed at how much extra income a garage for rent can bring in each month. Read on to learn all about how to put your garage up for rent.
Your Garage for Rent
Have you got what it takes to rent your garage? You’ll need more than a garage, but a garage is a good start.
A paying customer expects a minimum standard from a garage for rent. It must be clean, in good repair, and secure. After all, a renter will be storing their property in the garage and expects their property to be safe and not deteriorate in the garage.
You should also check that you have permission to use your garage as a garage for rent. If you don’t own the property you may need your landlord’s permission.
You also have to be prepared to do some work. Renting your garage may be seen as a means of earning passive income, but there’s still work to be done. If you’re not prepared to do that work, you’re probably not going to earn much from your garage space.
Fix Up Your Garage
Check out the condition of your garage. Is it suitable for renting? Perhaps you need to spend some time fixing it up to appeal to a potential renter and maximize the rent you can expect to earn.
Clean the garage inside and out. Remove any junk and aim to leave the space completely free for the renters use.
If the floor is not in good condition apply a protective floor coating. This will help it look great as well as stop dust rising from a concrete floor.
Make sure that the door is in good working order. Check that it is secure.
Check that there are no safety risks. Remove any protruding nails. Use warning tape on the floor wherever there are trip hazards.
Decide the Rent
You’ll need to do some research to find out what the market rate for a rented garage is in your neighborhood. Check garage renting websites and Google for local garages for rent. Be realistic about comparisons.
It’s all about the location. A large downtown location might attract the highest rent, but you might also find that a neighbor would pay well for a convenient additional space close to their home.
Decide on your rent.
You have a choice to make when it comes to marketing your garage space. You can use a garage space rental website or choose to do the marketing yourself.
Direct marketing can take some effort. If you are lucky you could find a good long-term customer. If not, you may have to spend a lot of time, finding customers, doing administration, and even chasing debts.
A garage rental website operates like Airbnb for garages. They handle the marketing, administration, and manage the payment. Of course, they take some of the revenue for providing this service.
Go for It
Decide if you are committed to the idea of your garage for rent. Once you make that decision, start work on your garage. With a little effort, you could be earning more very soon.
Talk to us about upgrading your garage floor by making contact now.