While renting out spare rooms and full homes through sites such as Airbnb is becoming increasingly popular, something that you may never have considered is renting out your unused garage space.
So, why might someone want to rent out their garage? Here are three reasons why it might be something to consider.
Income
The most obvious reason you might want to rent out a garage is, of course, the extra income that it can generate.
The exact amount that you can make will depend on a number of factors such as the size of your garage, what sort of area it’s located in and what other parking solutions are located nearby.
According to LockUpGarages.co.uk, large garages located in a city, or near to a sports or music venue could earn as much as £150 a month, but even smaller ones in suburban locations can expect around £50-100 a month.
Of course, it’s up to you what you decide to charge for the use of your garage, but if you do get greedy and charge too high, you’ll struggle to gain much interest.
Make a fair judgement based on all of the factors above though and you could wind up making yourself a nice little bit of income on the side.
Demand
You might be sceptical as to how much demand there is for garage space such as your own, but you might be pleasantly surprised.
The fact is that people are accumulating more and more ‘stuff’, and the majority of the time, this ‘stuff’ usually just clutters up our homes, whatever it may actually be.
In fact, the UK actually accumulated more clutter than the rest of Europe, according to this article from House Beautiful.
Storage space is limited for a lot of people and you can provide them with an easy solution, they’ll be happy to take the space off your hands.
And it’s not just random clutter either. Whether it be power tools, vehicle parts or, of course, a vehicle itself, people have all kinds of things that they need to find a home for.
For those who commute into work, renting out a garage close to their job for the day works out a lot cheaper and easier than getting the train or bus every day, which is even better for you as it means you still get your garage at evenings and weekends.
Wasted Space
Of course, if you’re using your garage every day, then renting it out isn’t going to be feasible.
But if the space is simply laying there gathering dust, it’s simply wasted space and when you think about it, it’s costing you money too.
Renting the garage out doesn’t just bring in some cash and help to make somebody else’s life easier, but it’s also a super easy way to deal with all that wasted space that you’ve been putting off for so long.
So, if you’re sitting on a garage that you’re not using, why not see just how much you could make by renting it out?
