An easy way to boost your income every month is to rent out your garage or parking space.
At a time when parking is limited and storage space as well, more and more people are keen to rent a garage for parking for their daily commute, for storing a motorbike or for extra general storage space.
Here’s our step-by-step guide on how you go about renting your garage.
To be ready for renting the garage should be clean and organised. Remove all of your possessions and hose down the floor.
You should make sure that the garage door opens smoothly and that any door openers you have function properly.
Making the garage clean and tidy can add 10-20% to the price.
Make sure that you have permission from your landlord (if applicable) to rent out your garage.
Many garage rental websites (e.g. www.parkatmyhouse.com) will provide you with a guide on what you can charge, based on your postcode.
Neighbours may also give you an indication of what they would be interested in paying. Do take into consideration what local commercial car parks in the area are charging as you don’t want to overcharge.
Garage in large cities usually rent for £50-100 per month, but it depends completely on location.
Many websites let you advertise your garage rental. These include:
They will put you in touch with any potential tenants. Make sure that you answer any enquiries as truthfully as possible.
If the potential tenant is trying to negotiate on price, be prepared to give them a £5-10 discount per month. You could give them a 10-15% if they pay for a whole year in advance.
You should always get the agreement in writing. The contract should outline payment terms, when the rent is due and for how long. It should also include a notice period. Lawpack’s solicitor-approved Garage Let Agreement template can be downloaded instantly and includes all these terms.
Published on: July 26, 2011