Do you have unused garage space, and have you asked yourself “Can I rent out my Garage?” Renting out your garage for storage is a great way to make some extra cash. Did you know that thousands of people who look for car or vehicle storage prefer renting from private garage owners versus the traditional storage complex? There are also many benefits to renting out your unused garage, one is the ability to make easy extra cash. Not sure where to start? Follow these steps and you will be ready to rent out your garage in no time.
Here are 5 steps to help you rent your Garage for Storage
Step 1: Clean Your Garage
First, you need to clean your garage. Renters will want to see a clean garage before they will commit to renting. Also, you are more likely to rent it faster and for a higher price, if the space is clean. Your renter could be a car enthusiast and collector. This type of renter is willing to pay a higher price for a garage that is safe and clean. For helpful tips and tricks, check out this article: 51 Ways to Organize Your Garage or this video Spring Cleaning Garage Tips.
If you want a really clean garage floor, check out our partners and friends at Denver Concrete Stain.
Step 2: Take Great Photos of Your Garage
You don't need to be a professional photographer to take pictures of your newly cleaned garage. A smartphone is fine for this. Just make sure you have at least 2 to 3 good photos. We recommend having a photo with the door shut, one with the door open, and maybe one with a closer look inside. You’re more likely to rent out your garage faster if you include various angles of the garage. It gives the potential renter a vision of how their item will look in your garage.
Step 3: Determine the Access, Price, and Rules of the Garage
As the property owner, you need to establish the rules for renting your space. Be sure to consider a few of these things:
What is the monthly price? If you are unsure what to charge, a good way to see the average market price is to check out similar listings on Craigslist. Or look at traditional storage prices and then cut your price by 25% since you probably do not offer all the same benefits as traditional storage.
What kind of access can they have? Be sure to state how often you will allow a renter to have access to their items. You and the renter must have an agreement on how often access is allowed.
How will they have access to the space? Let the renter know how they will have access to the garage. Will you provide a clicker, key, or access code?
Is there a contract or a minimum lease term? Does the renter need to commit to renting a certain amount of time or will you allow them to rent month to month?
To best protect yourself, we recommend having a contract and outlining the above in the contract. A contract will clearly outline the above points and protect you if your tenant does not pay or misuses the terms set in the contract. You can also include any deposits and other requirements for the renter like vehicle insurance.
When renting out your garage, requiring a contract is the best way to protect yourself.
Step 4: Market Your Space
The best way to find a renter is to list your space on various marketplaces. Craigslist and Facebook Marketplace are great ways to reach potential renters. Of course, you can certainly list your space on STOW IT as well. Just remember that hundreds of others list their space on these marketplaces, so it is important to be as detailed as possible. A renter does not want to have too many questions about the space.
Step 5: Move in the Renter
After you have found a renter and signed the contract, the last step is to move your renter in. If you have not met them in person and have only corresponded other ways, make sure to meet with your renter on the move to answer any final questions and build your relationship. This person is storing their personal item on your property, make sure you ease any worries.
That’s it. You’ve rented your garage. Now the only question is, what will you do with all that money?