Renting Out Your Garage or Parking Space

Renting Out Your Garage or Parking Space

You can earn extra income by renting out your garage or drive as a parking space or even your parking space if you live in an apartment or flat with allocated spaces.

Parking in a city centre, or even close by can be incredibly expensive these days (and costly on fuel due to negotiating rural traffic) so many commuters would rather leave their car somewhere safe and reliable and save time every day trying to find a suitable parking space.

If you own or rent a flat/apartment, ask your landlord/housing association or agency to see if your rent covers a parking space.

Asking Price

Depending on the location (closer to city – higher intrinsic value) and the city (more congested cities – higher value) your garage or parking space could be worth between £100 – £250 per month. If it is central to a big city, it could be worth much more.

The best way to calculate an asking price is to ask your neighbours (particularly in apartment blocks) look online for similar spaces and a trial and error method.

Advertising your parking space

Sometimes, a simple poster in an apartment can do the trick (some couples may have 2 cars, but only 1 space) or a newspaper ad.

The most effective way to advertise (and show images) is using the online property sites such as:

  • www.gumtree.com
  • www.rightmove.com
  • www.zoopla.com.

These all get large amounts of traffic per day and will also allow you to be competitive in a heavily competitive marketplace.

Things to remember when advertising your garage

  • Ensure it is clean and tidy and free from any items that look like they could be potentially damaging to someone’s vehicle.
  • Make sure the garage door opens freely and smoothly. If the property is alarmed – advertise that. Make sure the lock works well.
  • Hose down the garage before taking pictures and get rid of any cobwebs, leaves, dust and grime – it all adds up and makes your garage seem a more attractive place to rent.
  • Draw up a contract. Decide on a minimum term, payment date, payment method and a deposit.

Remember, treat it as a business and your customer will be more respectful. Don’t undersell or oversell, be realistic with pricing and give yourself some leeway with negotiating.

Most people will try to knock you down 10-20% so be realistic with what your space is worth and do the research so you can justify your claims.

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