Wondering what other people have charged for garages to go along with units? I have a detached garage right next to one unit, and another garage below the other unit. The old owner used both of them personally, but wouldn't mind renting them for an additional amount. Should I offer it to them, or just tell them it goes with the unit. Thanks in advance!
@Sean Connolly do you desire the use of these garages for your personal needs? If not I think having a garage is a priority to tenants and therefore your units can be priced to include them. I will be interested in comments by others who are more knowledgeable than myself. Tom.
Hey Sean, depends on the area some times I would offer with rental if I was having some competition with other landlords. Then there were times when ball was in my court and I would charge $50 for one car $100 for two car extra.
Garage rents will depend on the area; I have one one-car that gets over $100 per month. You have to determine whether there are any utilities used in that garage, and whether they have been properly separated so that other tenants do not foot the bill for the garage - at least you have to do that in PA because PA has foreign load utility billing that puts the entire utility bill on the landlord even if just a tiny bit of the utility is shared.
You also have to beware of the use that a garage tenant wishes to have; I had one person looking for a garage so that he could butcher hunting kills there ...
See if any garages are listed on CraigsList to get an idea of potential rent amounts. And try to get a garage lease that is more like a storage unit lease than a housing lease, if that is allowed in your state.
Turn them into a better marketing bonus for your apartments.
"Normally I rent the garages separately for $75/month, but I'll give it to you for $50/month if you sign your lease right now."
Thanks for the advice everyone
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