Garages are typically a place to store a vehicle and other items, but did you know that they can also be used to generate income?
If you are one out of the 61.1 million people looking to start a side hustle, renting out your empty garage space, especially to local business owners, is a great and effective way to make some extra income each month.
Getting into this business is quick and simple. There are resources already out there for you to start right now. If you haven't considered renting out your garage before, keep reading our "how-to" guide below to find out more!
Earn Monthly Income Renting Your Garage Space
If you are looking for a way to make extra money, renting out your garage may be the answer. Landlords have been doing this for years, and if it's not something that has crossed your mind before now, don't worry because many others haven't thought of it either!
Some small businesses need a smaller place to work from. Renting out your garage has become more common around the states as people are constantly looking for ways to make and save money.
With more new businesses starting every year, people need bigger and more affordable places that allow them to work without having to be locked into a huge commercial space or a year-long lease.
Individuals will pay for convenience, and if you have a spare garage they can rent, it's far more convenient than tracking down one of these storage places that may not be as handy or safe.
Hobbyists also are looking for affordable workspace. If you don't have the room for a mechanic or a woodworker who owns drills, compressors, or other equipment, you may have the perfect garage space to rent for an individual starting an Etsy shop or a painting studio.
Renting storage space for small business owners is also a great way to earn extra income off of your garage. A plumber and gardener, for example, will need to rent a storage space to store smaller equipment and keep their belongings after they have completed the workday.
These types of industry workers are mainly looking for bigger and more affordable spaces that allow them to store their materials after a workday. These less invasive and smaller-sized businesses who are just looking to rent storage space may be a better fit for your garage.
As small business owners know, owning their own company is a financial tightrope walk. Not only are the prices of commercial real estate spaces astronomical and usually require a commitment for long periods of time, but there's also just not enough available to go around at any given moment in most cities.
Moreover, this money would rather be given to an individual in the community rather than in the hands of corporate storage facilities or commercial real estate building owners.
Want more information on how much money you can annually make from renting out your garage? Don’t forget to read this blog post! The amount of yearly income you can earn off of your unused garage space is mouth-dropping.
Detached Garages For Rent
Detached garages are your best bet to maximize the amount of income you can make monthly. Not only does this eliminate the possibility of noise and security issues for you, but it also ensures that your garage remains a safe haven where car troubles don’t ruin anything else in life.
Most detached parking garages for rent are also the perfect amount of square feet for smaller business owners who are not looking for huge commercial real estate buildings. They also have easy access and are often accessible 24/7.
If you are not comfortable with renting out your detached garage 24 hours out of the day, no biggie! Design the work week how you see fit for the space.
Is your detached garage for rent climate-controlled? This is a great perk for those living in climates other than California and can also create a higher sale price.
Having a climate-controlled garage for rent can help protect an individual's belongings and will create a more habitable environment for the potential renter working in the space. However, having a climate-controlled space is definitely not a deal-breaker for those small business owners looking to save a couple of bucks. If you have a detached garage for rent, some small business owners may even pay rent for it because of the security and privacy!
Is Renting Out Your Garage Legal?
It's important to know what the law is when you're renting a garage or storage space. For example, you may be under a different jurisdiction than if you were renting an apartment.
Depending on your area, you may have more rights and protections as someone who rents out warehouse spaces rather than apartments because of how they are classified locally with zoning laws
How To Find The Perfect Renter For Your Garage Space
In an age where Craigslist is rife with scam artists, Stache.com is the preferred method for individuals to rent out their space.
Stache is a new startup that allows individuals with vacant space on their property to list it onto their platform. You will then be connected with small business owners in the area who are in search of extra space to those who have detached garages in their area.
In addition, Stache covers you up to a million dollars in liability insurance so you can have peace of mind and sleep at night.
This platform was designed to put money in the hands of community members rather than corporations. Just list your vacant space and let the team at Stache market it for you! Hassle-free!
3 Steps To Prepare Your Garage To Become A Rental Space
Step 1: Clean
In order to earn money off of your garage, make sure your space is empty and clean. Remove all personal belongings so that the small business owner can move in as soon as they get the go-ahead.
Step 2: Secure your space
You want to provide a secure facility for your tenant so you can feel at ease and allow them the freedom of their own space. A garage is usually provided with either an electric or manual door that opens vertically; however, some are easier than others to open manually, depending on what type they have been made out of.
Installing and/or providing a garage door opener will allow flexibility for potential renters to get in and out of the space without having to bother you.
Step 3: Take good photos
Marketing is very important when trying to find the perfect renter. You don't want to be bombarded with individuals constantly asking questions about the space.
Make sure you take good exterior photos of your garage, along with a photo showing the interior of your garage. Airbnb showed us the importance of photos and so renting your garage often comes down to providing good quality photos.
For those of you who are wondering if renting out your garage is a good idea, consider this. You might have other large open spaces that could be rented, such as basement storage or even spare rooms in your house!
There really isn't any limit to the amount of money you can make with these types of opportunities. It's worth exploring how much you can make with your empty space before deciding whether renting them actually makes sense for financial purposes too!
For those that aren't interested in renting out your garage, many people are looking for a clean and secure spot to store their classic cars, trailers, and RVs when not in use. Renting out your garage to those looking to just store items can also earn you a pretty penny each month!
If you have unused garage space and don’t know what to do with it, renting out your garage can be an immediate source of income. By using a company such as Stache.com that includes insurance, you can rent out your garage without any fears of liability.
Only have a small space? Rent it out to a smaller size business owner who is looking for a smaller amount of workspace or a business owner such as a gardener who is mainly looking to store their belongings overnight.
By renting out your garage, you can earn thousands of dollars in additional income every year! Put that unused space to work and let it pay off your mortgage!