Garage Rental

AdnemraSeptember 5, 2003

Have a detached, two-car garage and I'm thinking about renting half of it. If any of you do this, do you charge by square footage, comparable storage rates in the area, or use other factors to determine rental fee? Do you and/or how often do you raise the rent, and if so by how much? Only plan to rent the space for storage only - not as a workshop.

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Are you in a safe area to do this. I would not do it unless I personally knew the person/people. You never know what people put in storage. Would this person come and go as they wish and would your stuff be in the other half. Also you might check with your insurance company because of the liability.

    Bookmark   September 5, 2003 at 4:00PM
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Yes, I'd want to think over the potential problems with what someone could put in there, and also the possibility of them coming and going at odd times, leaving the door unlocked and exposing you to having your own stuff stolen, etc.

To fix a rate, check with "mini-warehouse" places in your area and see what they charge for a storage facility that has roughly the same square footage as what you're going to be renting out.


    Bookmark   September 28, 2003 at 10:03PM
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Perhaps, if you have time and there are some other garages near you, check with the owners to find whether someone has rented theirs, what fee they charged, what their experiences were, etc.

Your rental fee will be substantially influenced by the fact that you are only renting half and can't offer sole access.

Have you considered building a partition down the middle? If considering it, is there a window that would give light in each side during the day? Are there two doors, to allow each user private access?

You might be able to recover the cost of building the partition (plus window and door, if required) from the extra fee that you could charge by offering sole access to the renter's portion. Plus interest on your cost of contruction during the period until it was all repaid.

You might consider that this would take so long that the construction was not worth the trouble.

Further - if you were to change your plans and use the whole garage yourself at a later date - not only might you have not recovered the full cost of the construction - but the wall might be in your way and you end up several years from now wishing that it were not there (or removing it).

Just some ideas to consider.

Good wishes with your quest.

joyful guy

    Bookmark   November 29, 2003 at 12:47AM
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