Is Renting Garage space worth the trouble?

Question

Hi All, I hope all is well. I currently have a duplex with a detached 2 car garage that is not being used. I recently started to look into if it is worth trying to rent the space for motorcycle winter storage for $75-$100 a month per motorcycle. I should be able to fit 5-7 bikes in there. It is a large 2 car garage.

Is there anything I should know or be aware of before trying to do this? Or, should I avoid it all together.

Nathan Gesner · Answer

The problem with that is multiple individuals with access to personal property of others. If Person A fails to secure the building and Person B gets their bike stolen...

In my market, $100 a month will rent a 10 x 20 storage facility. Something just large enough to store a single motorcycle is available for $50. I don't know your market but it seems unlikely that people would pay $100 a month for a shared space when they could rent a private space in a secure facility.

I would look around at storage units in your area. Find something of comparable size rents for and then find a single tenant based on a comparable price. You never know what the market supports until you try it!