Profile picture for aeweld

i have a private garage that someone is asking to rent out. how much should i charge per month?

  • September 28 2011 - Tempe
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Answers (9)

Contact a local realtor and see if they can find out what the market price is for renting out a garage.

  • September 29 2011
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Profile picture for PrescottAz
Even though you might not be interested in insurance your friend might be. . You might ask if his auto or home policy covers storage units. If your garage catches on fire the last thing you want is a law suite, that can wreck a friendship. [hot link deleted by Zillow moderator]
  • September 29 2011
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Profile picture for Sharon Lewis
Really depends on what part of the country you are and how difficult it is to find parking. In Tempe, I would think that if you called a local storage company and asked them what their rates are, you could get some ballpark figure, don't forget to contact your insurance company to get the thumbs up for it and find out what type of electricity needs this person will need. 
  • September 29 2011
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Lucky you! Ask them to pay the cost of the electric bill if they would like to use the garage for anything other than storage. I would google the cost of leasing a garage in your area and go from there. Do not forget about insurance. 
  • September 29 2011
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The best way to determine what you could get on a rental value there, would be to google what garage apartments are renting for. If you can't find it that way, you can base it on the square footage you are renting. Also, be certain to make the renter responsible for all utilities there. You don't want to have high bills based on what they are using. I have always had my renters pay those fees themselves. Most MLS systems will list what homes and units have rented for. It's also a good way to see what is fair in asking for a rental. Thank you for your question.
  • September 28 2011
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Profile picture for the_country_hick
If you rent it to them either have no electricity in it or have them put the electric bill in their name. That bill can add up when doing welding or other energy intensive garage things.
  • September 28 2011
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You may also want to do a quick search on google for garages to rent in your zip code and see what comes up.
  • September 28 2011
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Profile picture for aeweld
It's a completely separate garage with no door to any house, just the garage door to the outside. I would be renting it to a friend so I'm not too worried about insurance or them having any issues. Thanks for your help!
  • September 28 2011
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Dear AE:

A good way to look at this is for a price comparable to what a storage yard would charge in your area.
 
Depending if the garage is being fully or half rented a charge of $50/$125 per month is fair. You should consider security to your home and the possessions in your garage in this transaction.

Don't rule out the insurance consideration for theft or fire to your client.

Jeff Masich
HomeSmart Realty
Scottsdale


  • September 28 2011
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