Garage Rental: 4 Ways to Rent Your Space

Discover how to turn your unused garage into a profitable business by renting it out as storage or a workspace. Learn tips on preparing your space, listing it on popular platforms, and managing the rental process to maximize your earnings.

By
Nichole Stohler
|
Last Updated
March 18, 2024
Garage Rental: 4 Ways to Rent Your Space

If you have an unused garage or spare room that could be generating profit, renting out a private garage might be the perfect solution for you to earn additional income.

In this article, we'll explore the concept of garage leasing and how it can benefit you as a homeowner or landlord. We'll discuss how private garages work, where to list your available space, and tips for attracting potential renters.

By renting out your extra space, you can provide affordable storage or workspace options to people who need a place to store their belongings, vehicles, or equipment. Let's dive in and discover how you can make the most of your unused space!

How do private garages work?

Private garages are residential or commercial spaces that property owners can rent out to individuals or businesses that need workspace or storage. These spaces range from small, detached garages to larger, multi-car attached garages. The beauty of renting extra storage space this way lies in its flexibility: it accommodates different needs, from storing personal belongings to housing vintage cars or even serving as a studio area.

Where to list garage spaces

With the increasing demand for flexible storage solutions, several platforms have emerged to connect those with private car garage space to those who need it. Here are some popular options:

1. JustPark

If you have a garage or parking spaces available for rent, consider listing them on JustPark. This site even offers the option to list your EV charger for others to use.

2. Neighbor

Neighbor is a popular service that facilitates peer-to-peer garage leasing. It lets garage owners list their available space, while renters can browse different options and book spaces that meet their needs. Neighbor is open to a wide range of space types, including street parking, basements, and driveways.

3. Stache

Stache's website is also open to a wide range of space types. You can list or find closets, basements, spare bathrooms, living rooms, garages, or even space under lofted beds or dining room tables. If you decide to be a host, the site gives you pricing recommendations per square foot based on market rates.

4. Stow It

Stow It is currently open to renters seeking storage space, including garages, barns, parking lots, and land. However, note that the platform is not accepting new host listings at this time. If you're looking to rent out your space, you may want to consider alternative listing sites or check back with Stow It in the future for updates on their hosting policy.

Preparing your garage for rent

As a rental host, attracting potential renters to your space requires some preparation. To make your garage appealing to renters, consider the following factors:

  • Location: Renters prioritize convenience, so be sure to highlight the advantages of your private garage location, such as proximity to public transportation or major highways.
  • Size: Provide accurate measurements of your garage space to help renters determine if it can accommodate their specific needs, whether it's for storage, workspace, or vehicle parking.
  • Security: Implement and emphasize safety measures, such as sturdy locks on the garage door and adequate lighting. Renters will appreciate a secure environment for their belongings.
  • Amenities: Clearly list any additional features your garage offers, such as EV chargers or vehicle access ramps. These amenities can set your space apart from competitors.
  • Cleanliness: Declutter and thoroughly clean the garage before listing it for rent. A tidy space will make a positive first impression on potential renters.

Collecting rent from your garage

When you rent out your garage space, managing rent payments and maintaining accurate records can be challenging, especially if you list your space on multiple platforms. To simplify this process, consider using Azibo's comprehensive solution for collecting rent and handling accounting.

With Azibo, you can set up automatic rent payments, track expenses, and generate reports, all in one place.

Rent garage space with ease

Renting out your unused garage space is an excellent way to generate passive income while providing a valuable service to those in need of extra storage or a workspace. To achieve success, focus on preparing your garage to meet renters' needs, effectively market your space, and streamline your rental management process.

With the rise of peer-to-peer rental platforms, finding or listing a garage space has never been more convenient. If you're interested in making passive income with unused space and providing garage storage solutions in the process, give this growing trend a try.

Garage for rent FAQs

What is the meaning of garage rent?

Garage rent refers to the act of renting out a garage space to individuals or businesses for storage, parking, or other purposes in exchange for payment.

Can I let out my garage?

Yes, you make more money from your property by letting out your garage for storage or parking purposes. Be sure to check local zoning regulations and homeowners' association restrictions, as there may be rules or laws governing rental arrangements.

Nichole Stohler

Nichole co-founded Gateway Private Equity Group, with a history of investments in single-family and multi-family properties, and now a specialization in hotel real estate investments. She is also the creator of NicsGuide.com, a blog dedicated to real estate investing.

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