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. Have also posted on Household Finances and Kitchen Table.

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talley_sue_nyc

If I were renting it for my car, I'd want to pay based on comparable storage rates in the area, and how many vehicles I can put there. I wouldn't pay much attention to square footage, just to "how much can I store my car for"?

If I were renting it to store my stuff, then I'd worry about cubic feet, quality of shelves, etc., and I'd be comparing it to self-storage facilities. And I'd want the rates to be lower, because frankly the security would be lower.

    Bookmark   September 5, 2003 at 4:56PM
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AnnieIL

I would suggest a legal lease form, with specific directions on how the space is to be used, the length of time of the lease and the rent. Will your insurance company approve of this in the event there is damage to the garage or something in it? Will their insurance company cover the damage? (Get the name of their insurance co.)
We live in a condo, where some owners lease their spaces as they do not have a car any more; or they go out of state for the winter, etc. and they are extremely careful about leasing the garage space to others. AnnieIL

    Bookmark   September 6, 2003 at 12:15PM
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