Indoor space is always in high demand. Given the cost of rent in many places, people tend to have less room than they would like – so renting out additional space is often an appealing option. The demand for this type of service can be seen clearly in the explosion of the self-storage market in recent years. Storage facilities have been showing up on seemingly every corner because so many people wish to rent out space to store their things.
So, can you rent out your garage for storage? Yes! And, if you have a garage on your property that isn’t currently full, the opportunity in front of you is obvious. With space available in your garage, and a market full of people that are willing to pay for storage space, you are suddenly faced with a passive business opportunity. In this article, we’ll take a look at the idea of renting out your garage and whether or not this might be a good choice for your situation.
To add a garage on your property that you could rent out for storage, or simply use for your own purposes, turn to American Carports, Inc. for help. Explore our free Build & Price tool to experiment with sizes and design options. If you need any help along the way, contact us at American Carports. Our team is always here to help!
Start with Legal Matters
While it might not be that much fun, it’s best to start this process by focusing on laws in your local area. There is a good chance that you’ll be able to rent out your garage space but check with local government agencies just to be sure. Also, think about what you might need to have in place in terms of insurance.
What happens if the property of others is damaged while being stored on your property? A quick call to your insurance agent could save you a lot of headaches and frustration down the road.
The idea of renting out your garage is appealing because there are so many different possibilities within this space. On the one hand, you could offer it as enclosed, protected parking for a vehicle. This would be helpful to someone who would otherwise need to park on the street – and street parking might not always be available. By renting out space in your garage, they would know that secure parking is always waiting for them when needed.
But parking is not the only use for a garage. Alternatively, you might offer the space up as storage for boxes, furniture, etc. For instance, someone who has recently had to move into a smaller home or apartment for a while might have extra furniture that they want to keep but can’t currently use – and your garage could make for a great home for those pieces. Whatever the case, business is all about solving problems, and your garage can do just that for people in need of space.
How Much Money Can You Make?
What you can charge monthly for your garage storage offering is going to vary wildly from place to place. If you live in an expensive area where space is hard to come by, you should be able to charge top dollar – but rents will be much lower in rural places where space is cheaper and the demand is lower. You might be able to pull in a few thousand dollars per year in a good market, but you will have to get out and shop your space around to figure out what it is worth to someone in your area.
Finding Potential Renters
Perhaps the best way to start looking for renters is to ask around with friends and family. You might find that someone in your circle of connections needs some additional storage space, or they know someone who does. This method is great because you’ll know the people and there will already be some trust established before you get started. If this doesn’t work, you can use any number of different local classified ad options – both digital and traditional – to put the word out.
Build the Perfect Garage with American Carports
So, can you rent out your garage for storage? Absolutely! The idea of renting out your garage is at least worth a closer look to determine if it’s a good fit. If it does work out, you’ll have a mostly passive form of cash flow that could help to offset your expenses and open up other opportunities.
To add a metal structure to your property that would serve as a great space to rent out – or to use for yourself – contact us at American Carports, Inc. today! There are so many ways to design your structure, whether you want to build a 2-car garage or even a 3-car garage. Our stainless metal structures come with a 20-year warranty. Windows, skylights, and doors can all be added on. The sky is the limit!
Explore our Build & Price tool to get started. If you need any help along the way, contact us at American Carports. Our team is always here to help.