Could You Earn Money by Renting Out Your Garage?

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Any extra money you can find is always welcome, but did you know that you could have a potential source of income sat right on your driveway?

That’s because renting out your garage or parking space could actually wind up making you a nice little bit of extra monthly income.

Best of all, it’s very easy and straightforward to get started, and you might be surprised to learn just how many people are looking to rent parking space.

The Space

Firstly, you need to make sure that you actually have a space which people are actually going to want to rent.

For starters, you need to be in an area where parking space is fairly limited, or close by to something like a major shopping, sport or entertainment venue, so that there’ll be enough demand for parking.

Secondly, you need to make sure that the garage is in an acceptable condition, which means clearing out all of the junk which has likely accumulated in it over the months and years.

Make sure that you’re thorough when it comes to cleaning out the garage as you want to make a good impression to any potential renters.

For some tips on how best to clear out the space, check out this post from Budget Dumpster.

The Rent

Once you’re satisfied your garage is in a condition to be rented out, you’ll have to decide on what sort of rent you want to offer it for.

This will depend largely on the factors just mentioned, such as the location and condition of the garage, but it’s important to be reasonable.

If you try to charge too much, people will be put off, but check what sort of prices similar ones nearby are charging to ensure that you get a fair price.

It’s tricky to say exactly how much you could be making, but according to this article from Medium, a large city centre garage can make about £120 a month, while even smaller, more suburban ones could make between £40 and £80.

Advertising

While you could try and advertise and rent out the garage on your own, it’s best to go to a specialist managing agent, such as LockUpGarages.co.uk.

Doing so will take all of the hassle out of listing the garage and will ensure that it gets seen by as many people as possible.

You’ll also know that all of the legal side of things such as insurance have all been fully handled as well.

Just make sure that you describe the space in as much detail as you can and be sure not to leave out any important details.

An agent will also draw up a contract for you and the person renting your garage which will set in stone the terms of the deal such as the rental price and when it should be paid.

So, if you’ve got a garage space which is lying unused, why not consider having a clear out and seeing if it could be earning you some money?

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About the Author: Clare Louise