I recently purchased a multifamily -- and I am looking to bring is some additional income by renting out the 2-bay garage on the property. Does anyone have any experience renting out residential garages by chance?
I'd love to hear more about your experience, lessons learned, and especially learn more about the lease you use.
First you need to check whether it’s legal to rent out garage in your state. And the easiest way to start is to check local ads to see if anyone in the area is renting garages.
There is one more important point. If garage is heated, then you and your tenant need to decide who is responsible for utilities.
I hope this help
@Alison Loiselle , I rented out my attached garage to my condo in Cambridgeport for the last two years. Since it was such a popular area, I just did month to month and found a simple lease online that sounded good. I found a couple where one person was doing their residency and really wanted to know they had a parking spot when she came back at 3 AM and didn't have to dig out her car at 5 AM. They leased for over two years until I decided to rent my entire unit.
While I was renting, I helped my landlord in Cambridge fill his parking space, all people who worked at a company around the corner.
Craigslist worked wonders for both. Shoveling of the driveway was included in both cases. I also had to put down a lot of salt in the winter as there was a dip right in front of my garage door, causing water to pool and freeze. This wasn't a huge problem since I lived on-site.
Great experience overall, you might just want to clarify exactly where they are to park.
If you have a 2-bay garage, and there is no separation between the bays, but you wish to rent only a portion to one or more people, you must be specific - like maybe even putting a line in paint on the floor to be absolutely crystal clear what is being rented and what is not being rented. Possibly even go as far as to label Side A and Side B so there is no confusion. It's ridiculous what grown adults will actually spend time fighting over...
If you're renting the whole thing to one person, obviously disregard.
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