Can I Rent my Garage to Increase Cash Flow?

As they say, cash flow is king and many of you may be surprised to learn you can rent your garage for extra income

As they say, cash flow is king and many of you may be surprised to learn you can rent your garage for extra income. Local zoning laws at times restrict street parking and for that reason there is significant demand in many markets for garages to house vehicles. While not a hot topic of discussion, savvy landlords have long known garages rentals can be a quick and easy way to add an extra 5-10% in annual cash flow to a property. Some go so far as to rent driveway space or even add additional carports or even modular garages to their properties for this very reason.

Self-storage, and by extension the garaging of cars, boats and motorcycles has been a booming industry for decades. In fact the self-storage market is so strong that there are more self-storage facilities than there are Starbucks and McDonalds combined in the USA. The show Storage Wars has brought self-storage to the mainstream with its very own reality tv show. Below we cover some key considerations for those thinking, “can I rent my garage?”

What Can You Earn Renting a Garage?

Garages can rent for considerable sums in certain markets. On average a two car garage earns a host $4,000 per year. In some markets like the mid-Atlantic or SF/Bay Area this amount can be doubled. Certain features like smart locking systems for the door, heating or A/C depending on your climate, or security cameras make the space even more desirable and able to command a premium.

Some are shocked to learn that driveways can be rented for income and often these spots can generate $1,000+ per year. RV storage in side yards and back yards along with boat storage are other common examples that can net a property owner $1,500+ per year for little more than keeping an eye on someone’s vehicle and parking it in your yard.

Is Renting Your Garage Legal?

Top of mind for many is the legality around renting a garage. What we can say is that platforms like Airbnb and Uber have paved the way for the sharing economy and that renting a garage is a very simple extension of this. Opening up a garage for rental is legally less burdensome than opening your home with less risk and less associated liability. For most renting out a garage on Stache is similar to watching a neighbor’s dog on a platform like Rover. You as the host are providing a service, accommodating someone’s things much like you might provide piano lessons or tutoring from home.

What do People Store in Garages?

Garage storage is popular with people moving for the short term and storing furniture, small business owners seeking storage for inventory, labor intensive jobs with larger equipment storage needs like floorers, painters, and general contractors. Finally garages are the perfect solution for people with vehicles. Car storage, motorcycle storage, boat storage, atv storage, trailer storage and RV storage are all common examples of the types of vehicles needing a home bay way of garage storage.

Rent Your Garage - Keep Spending Local

Most importantly there is significant demand for your space. Your garage presents a very real and infinitely more convenient solution for storage users looking for something closer to home. The reality is most storage facilities are miles away from where we live, often in industrial parts of town, and typically in locations most of us would consider far seedier than our neighborhood. Why not open up your garage to an apartment dweller with a car collection, a local college student, or an online business owner needing somewhere to store inventory. Painters, carpenters, mechanics and hobbyists also seek out more convenient storage locations and what better option than renting a garage nearby. Many love the idea of saving a few dollars and spending money within their community versus spending with a corporate storage company. The opportunity and demand is there to generate thousands of dollars from your garage.