Is it worth it to convert Garage into a rental unit

[Randall Re II]

I have a property in Port Charlotte Florida. The garage is seperate from the house and 720 square feet. What's the best way to figure out if its worth it to convert it or not? I see the market rental going through the roof to $2200 a month to up to $3500 a month and currently have a 5 bedroom, 2 bath, 1600 square feet plus the garage on a huge lot and have to bring in more money because of insurance and taxes increases. 

[Nathan Gesner]

Quote from @Randall Re II:

5bed/2bath and only 1,600 sqft? That sounds tight. And it still rents for $3,500?

It depends. You need to do the math and compare the cost vs. value.

You may be able to increase income by converting it to a game room, man cave, hobby shop, or some other use that is worth charging higher rates. Or maybe it doesn't increase your rent rate, but it attracts more attention and reduces vacancy time.