Could You Earn An Income Renting Out Your Garage?
In this day and age, lots of us are looking to make some extra money in some way or another and the most popular way of doing this is often by renting out a part of our property.
In fact, it’s so popular that an estimated 1.75 million of us here in the UK have turned to renting as a second form of income, whether it’s a spare room or a full property (if you’re lucky enough to have one going spare!)
However, for those of us who don’t have the luxury of the spare real estate, there is another option that you could consider: your garage.
Often an unloved and overlooked aspect of our property, the growth of companies specialising in renting out garages could help you to make the most of this asset and earn some extra pennies.
Here, we’ve found you the low-down on earning an income by renting out your garage.
How much could I earn?
When it comes to potential income from renting out your garage, there are lots of things that might affect how much you earn.
Your earning potential will usually be greater if your garage is located in a strategic location. For example, garages near to city centres or transport links will bring in more money due to being in higher demand, whether it’s as a cheaper alternative to car parking for commuters or an easily accessible workshop space.
Alternatively, you could earn more money if you’re close to points of interest. For example, if your garage is located close to a football stadium, museum, or concert hall, people will look to use your garage for an alternative parking space on a one-off basis, providing a steady stream of clients.
Rental prices tend to range from around £50 a week for prime locations through to around £10-£15 for a garage in small towns, with the best spots having a potential earning of up to £17,000 a year.
So, wherever you are, there’s money to be made!
What sort of things can a garage be rented for?
Lots of people rent garages for a number of different uses, so if you tap into some of the more common trends you could be a winner!
The most obvious use is that of traditional car parking. With high prices in key cities like Manchester and London, many commuters turn to renting out a garage on a yearly or monthly basis for cheaper alternative parking. The good news is you don’t have to make any alterations to your garage to start making some money!
Other uses include storage space for those with a few too many belongings, which is another easy need to accommodate, or a rehearsal space for up and coming bands. In this case, you might need to make a few alterations to appeal to these budding musicians such as installing electricity or soundproofing, but this investment can pay for itself in the long run!
For more possible uses for your garage, and some more key trends to tap into before renting it out, check out this post by Flooring Inc.
How do I do it?
The easiest way to rent out your garage is through specialist companies such as Lock Up Garages.
These management companies take care of all the work for you, including managing any potential renters and sorting out the logistics such as contracts and payment, giving you a hassle-free way to make some extra income!