How to Make Money Renting Out a Garage

[Matt R.]

If your tenants don't need them here is another way to increase roi. 

I have rented my garage and rented others garages for my business. When I rented out my garage, I posted a craigslist ad for classic car storage and a gentleman rented one half for his Lotus - $100 per month and that lasted about 6 months. Next was a guy with a crap load of refrigerators for about a year. Then a guy with a classic BMW. He paid some upfront as he was leaving the country and did not know when he would be back from filming. He was gone for well over year. I actually moved and towed his car to a new house. Well eventually he fell behind out of neglect. I put a storage lein on and when he came back he paid up and drove off. I really never wanted his bmw but that was my protection.

I currently rent a single gated carport in Santa Monica for my business and pay $125 per month. He has a tri plex and he collects an extra $675 per month for a single, double and carport. I am not sure what the regulations are but there could be more possibilities with hobbiest, collectors, unique storage the list is endless. I am sure this could apply to rv and boats for outside parking too. Good luck with your garage rentals!

thanks,

Matt

[Colleen F.]

you have to be in the right area. We have some garages we are going to rent to tenants but it hardly seems worth it.  you can only charge like $50 a month around here and adding the door alone will only get paid for in a couple of months.  Only doing it because they keep asking.