Garage rental and how you can make money

by Sarah
September 9, 2023
Cheap storage near me, Garage
0

Have an unused garage? Wish to make some extra money? All the fortunes are in your favor!

Leaving your old garage unused for an extended period of time is a major waste of the existing space and ample lucrative opportunities. Eventually, all garages are available in large-sized rooms that are adapted to storing a wide range of items -including vehicles and other personal belongings. Nothing can stop you from implementing a garage makeover and turning it into a lucrative source of passive income.

As you conduct some research in your area, you will be surprised to know the number of homeowners who have converted their garage spaces into profitable ways of earning extra money. Garage rentals are quite famous amongst landlords. If you are doing it for the first time, or maybe you are not a landlord or have not thought about renting out your real estate, you will be pleasantly surprised when you search for ‘ways to make money from my garage.

How Much Money can I Make from My Garage Rental?

It will ultimately depend on your location. If you are in an area wherein the overall supply of self-storage is low, you can easily look forward to earning around $500 every month. Neighbors can go ahead with renting our small spaces for a few dollars every month. On the other hand, larger spaces can be rented out for hundreds of dollars every month. Ultimately, it will result in thousands of dollars in the form of passive income.

The best aspect is that leading peer-to-peer self-storage marketplaces like PeerStorage allow you to rent out your garage space for lucrative rates. You can set your own rates for garage space listings. However, it is regarded a great practice to provide competitive prices in comparison to the standard storage services to ensure that your garage area is always booked. Eventually, a service fee is also added for every garage booking. It will contribute to the $10k Host Guarantee, customer care support, and other aspects that will keep the deal functioning.

In addition to the location, some other factors affecting the price of garage rentals every month will also vary depending on the overall size and incorporation of security measures like lock and camera systems. As per a survey, it is estimated that different sizes of garage rentals will make up different incomes, including:

A garage space of 200 sq. ft. can make around $300 per month
A garage space of 400 sq. ft. can make around $500 per month
A garage space of 800 sq. ft. can make around $700 per month

Is Renting Out My Garage Safe?

Yes. Usually, as the property owner, you have the right to rent out any part of the property within your possession -including the property you own and the property you are renting yourself. Irrespective of the fact that you own or rent the space, it is recommended to check the state laws and regulations to ensure that you are following all specified rules applied to renting out a garage space to be utilized for storage or parking.

As far as the overall safety of the deal is concerned, you can be assured that with the help of reliable peer-to-peer self-storage marketplaces like PeerStorage, you have maximum security and safety of your premises. Reliable garage rental providers like PeerStorage conduct ID verifications of prospective tenants. In this way, you can be assured that you are renting out the garage space to authenticated individuals. Moreover, before you make the garage rental, it is recommended to always meet the renters prior to accepting the rental request.

How Does Garage Rental Work?

Depending on your location, renting out an unused garage space is a dependable form of earning extra revenues every month. It is particularly true with respect to the overall high demand for long-term parking in urban areas. Whether you consider opening up the unused garage in your property as storage space for potential renters, investing in the property with the garage, or simply wishing to maximize the existing assets, you should understand the overall functioning of the game.

When you rent out your garage area to potential renters -to be used as a self-storage space or for any other purpose, you can maximize profits by reaching out to a reliable peer-to-peer self-storage marketplace like PeerStorage. On this platform, individuals with unused garage space can look forward to renting out the available space to potential renters in a particular area. Some easy steps to follow while using this interactive platform are:

Add your garage listing within two minutes on the peer-to-peer self-storage marketplace of PeerStorage. You can add the garage listing by using the link https://peerstorage.co/add-listing/.
As you continue with listing your garage property, you are expected to answer some standard questions. These questions can include queries related to your garage to help neighbors and potential renters come across your property.
As you move ahead, proceed with adding photos, the location of the property, and a proper price for the garage rental (preferably price per month). Then, you can submit your listing on the peer-to-peer self-storage marketplace.

As you submit your listing, the team of professionals at PeerStorage will start with the marketing process while connecting you to potential renters in the given neighborhood.

PeerStorage allows garage owners to conduct free listings on the platform. The team here specializes in marketing to help you find the right renters. As soon as the right renter is found, you will receive the booking request in no time.

With your garage rentals, you have full control over who is allowed to rent the available space. You can even message renters directly to get to know them better. Once you have accepted the garage rental booking, you can go ahead with scheduling a dedicated time for the renter to drop off the respective items. Eventually, you can sit back comfortably and enjoy the desired amount of rent or revenue every month.

Who Will Rent My Storage?

Houses all around are continually decreasing in the overall size. A recent survey reported that rooms of modern houses are getting smaller. As such, the rise of peer-to-peer self-storage marketplaces comes at no surprise. Self-storage garage rentals offer extra storage space to potential renters while allowing them to organize their homes properly. At the same time, these opportunities also provide garage rental owners to come across a steady source of passive income every month.

If you are giving out your unused garage space for rent, you can expect some common groups of individuals to sign up for the booking. These include:

People who are moving out and need to store furniture and other personal belongings
Car enthusiasts who wish to store and safeguard their vehicles and classic cars
Local small businesses looking forward to storing inventory for running their businesses

As you come across the right group of individuals interested in your garage rental deal, you can consider listing your unused garage space for rentals. PeerStorage a pioneering peer-to-peer self-storage marketplace, allows you to ensure seamless listing of your garage space to rent it to potential self-storage seekers. Here are some steps to follow with this platform:

List for Free: Use the peer-to-peer self-storage platform to list your garage space for free. Listing your space will only take around two minutes by providing some basic information.
Respond to Interested Customers: Interested renters will communicate with you through direct messaging. Before you sign any contract, you can go ahead with meeting the individual to understand why they need the garage space.
Improve Revenues: When you get a successful booking with the help of PeerStorage, payments are guaranteed every month.

Garage Rental Agreement

To be fully protected when you rent out your garage, you must ensure that you have access to a comprehensive legal document that guarantees ample protection. If you plan to create a garage rental agreement or contract, you can count on PeerStorage for necessary assistance. With a reliable peer-to-peer self-storage marketplace like PeerStorage, you can be convinced that you do not have to go through complicated paperwork. As a landlord, you do not need to ask the renter to fill out any form while signing the garage rental agreement.

PeerStorage provides the necessary rental agreement between the owner and the renter. With PeerStorage, all you are expected to do is to list the garage. Eventually, PeerStorage will take care of the rest.

The garage rental agreement is a crucial legal document for renting out unused garage space for storage use or parking a vehicle. The agreement is made between the garage owner (landlord) and the renter or tenant. These agreements or contracts are of immense importance to garage owners as the clauses stated in the legal document will help protect them and the entire property. If the renter does not abide by the specified rules, the landlord can always present this contract as relevant evidence.

Top Ways to Make Money with Your Garage

One of the easiest ways to earn money from your unused garage space is by renting it out as a vehicle storage or repair area. Here are some more lucrative ideas to help you out:

Vehicle Storage

Most individuals renting your garage space will be willing to pay a minimal fee when guaranteed a secure and protected area to leave their valuable vehicles when they are away. When you live in a decent neighborhood, and the garage has no extra junk, you can consider making huge amounts of money by renting out the old, unused garage in the form of an overnight or long-term vehicle parking area.

Workshop

Another effective way is to leverage the old garage by transforming it into a small-sized workshop area. You can rent out your garage to allow others to utilize it in the form of a workshop. In the garage area, you can design a large-sized, well-lit workspace to be a major advantage. This will allow renters to work more efficiently while maximizing their profits.

Self-Storage Unit

Another lucrative way to make money from your available garage space is by renting out the same in the form of a self-storage unit. If you live in a popular neighborhood and someone faces the problem of a limited storage area, you can leverage the opportunity of storing extra items of others in your unused garage area.

It is an extremely useful way to generate extra income -especially if you have a large-sized garage. With a large garage, you can also look forward to converting your garage area into a storage unit for storing vehicles. It is crucial to note that when you rent out the garage area for self-storage, you must ensure it is safe and clean. This implies that you should eliminate all personal items while ensuring that the storage area is free of pests. You can also think of installing cabinets and shelves in the garage-turned-storage area to optimize the overall use of the existing storage space.

Conclusion

If you have an old, unused garage, there is no reason to let it go as a waste. You can effectively convert your old garage into a brand-new storage area with minimal effort. It serves to be your reliable source of extra passive income. Once you have arranged everything with the help of a reliable peer-to-peer self-storage marketplace like PeerStorage, you can look forward to earning more monthly revenues.