Garage?

Question

Jeff B. · Answer

I have 6-units with private garages - - I don't charge extra nor raise the rent.

I see them as a marketing advantage as storage lockers are worth ~$100/mo out here.

>>"Most homes in the neighborhood have at least 1 car garage"

so you are at a marketing disadvantage and all things being equal, you're neighbor's sfr rental would be more desirable than yours.  In my book, you need to catch-up.

Matt Holmer · Answer

I have a SFH in an area that all has garages, mine does not as the bank tore it down before I bought it.  It took awhile to get rented and I'm sure the lack of garage hurt.

I'm sure the lack of storage is a bigger deal then the lack of a place to park.  Since the tenant is responsible for lawn care, this summer I will probably put in a small shed for the mower and other lawn tools.

Josef T. · Answer

Was the original garage space transformed into additional livable sqft?  If so, the market advantage you may have is more living space than your competitor's rentals.  Yes, a tenant that is looking for a garage will most likely not want to live there, but that is based on preference and needs.  I know that I want a garage for various reasons, but that is my preference.

I have lived next to house for over a decade where, during the construction, the original owner opted for living space than a 2-car garage.  Since 2003, that house has had two long term and one short term renters with no more than two months between renters (from what I could tell).

JT

Bethany Conners · Answer

If you plan to build the garage eventually anyway, you may as well do it now. You would be able to charge more rent for a house with a garage and thereby start making your money back on that garage.

Garage?

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