With space being at a premium in many metro (and even suburban) areas, renting a garage in your home is an idea for making extra cash with a space that may be currently underutilized. The ideas below will help you get started in creating and marketing a space that renters will love.
Who Will You Rent To?
A variety of people may be interested in your garage as a rental space. Some may just use it for storage. Others will create a studio for their own hobbies or work projects; think about how valuable a garage space could be to an artist or someone who works on motorcycles. Bands may also want to use a garage space as a practice area. In some cases, you might find a tenant who is interested in renting the garage as an office space or even a studio to live in! The point is, think about who your target tenant is; it will help you figure out what kinds of upgrades you need to make.
Clearing Out Your Own Stuff
Your garage may be full of random junk at this point. Some of these items can obviously go to donation. Others may be ready for recycling. If you can rearrange your indoor closets to hold more items, some of that stuff might go in your existing storage spaces. Sometimes, a self storage facility is a good idea; if you can rent the space out for more than what you'd pay for a monthly self storage rental, you can still come out ahead.
Considering the Design of the Space
For storage purposes, you might not need to think about the design and quality of your garage space. But if it's now becoming a space where someone will spend a good portion of their time, there are probably some changes to make. Swap out an old, rickety garage door with one that's insulated and attractive. You might also need to insulate the side walls of the garage if you plan to offer heating and cooling in the space. Does the garage have adequate electrical hookups? If not, talking with an electrician may be in order.
Marketing the Space
Finally, choose a few different types of publications, both online and in the newspaper, to advertise your space for rent. Depending on who you're targeting, you may want to place flyers in certain in-person venues, such as coffee shops or art spaces.