Renting out basement space to tenants for storage

[Jeremy Host]

Hello,

We are closing on a duplex in St. Paul, MN next month. The basement is pretty large and unfinished, I plan to put in laundry down there for the tenants but will still have plenty of additional space. I was thinking about sectioning off two areas (one for each unit) and offer additional storage space for a fee to each unit since there is not a lot of storage in the units themselves and there is no garage either. Has anyone had experience with this and how much you charge?

Thank you

[Joe Schaak]

It's a great idea, @Jeremy Host. I own several duplexes in St Paul and the East Metro and always look for this opportunity. The amount depends on the size of the storage unit but mine range from $15-25/month. I'm sure you could ask for more but I want them to be utilized fully. If it's possible, I also enclose the furnace and water heater so that they aren't readily accessible (the tenants have access). Hope this helps!