If you’re looking for new ways to make money from properties you own, then how about renting out a garage or parking space?
Both garages and parking spaces, particularly in prime positions, can attract considerable rental returns on both a weekly and monthly basis. If you have a garage that is located away from a property, such as in a garage block around the corner from the house, then it would be ideally located to rent separately, rather than included in the cost of the property rental.
Many people don’t worry so much about putting their cars into the garage each day, yet there are other people who welcome the benefits of garage space, for storing equipment, using as a workshop or for extra vehicles. Likewise, in towns and cities where parking is at a premium, many people value the chance to rent a parking space on a weekly or monthly basis, instead of having to compete for limited spaces within the town or city centre.
With parking spaces, you do need to ensure first and foremost that space is left available for your tenants to park their car, but if you have multiple spaces available, then it’s definitely worth considering renting some of them, especially if located in a desirable area.
To get an idea of the type of price you could charge for garage or parking space rental in your area, then have a look through the rentals in your local paper or search online. Alternatively, speak to a local estate agent, as they should be aware of how much garage rentals are in your area. This is something you could use a rental agent for, or you could manage the rentals yourself.
Have you had success with renting out a garage or parking space? Share your experience in the comments.