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Some people absolutely hate living with roommates, and so decide that renting out a room is not for them.  If that’s the case for you, how about renting out space in your garage for storage?  Take a look at these two web sites:

www.sparefoot.com

www.rentmygarage.com

They are very similar to the roommate subscription sites where you create profile, but rather than describing yourself, you are describing your storage area and what you will allow them to store.  When someone browsing profiles for storage space deems your profile a good match, they will contact you.  As of this writing, rentmygarage.com does not charge any money to post an advertisement or to respond to a listing.  I found that homsite.com seems to advertise larger storage facilities, whereas rentmygarage.com is geared toward homeowners who want to rent out their garage for parking or long term storage.

This can be an ideal opportunity for you to make some cash without dealing with roommates.  However, the human element is not completely gone.  You will still have to meet people to show the storage area, and you may have to be present periodically to help renters access their storage space.

The utility cost for renting out storage space is non-existent, unless the renter decides to hook up an appliance.  In that event, it is usually best to simply factor a flat amount into the rental price.  Your asking price for rental storage might vary depending on the following variables:

Location of Storage Space – Like housing, the location of your storage place will determine convenience.

Size of Storage Space – The cubic volume of the storage area

Climate controlled – Heating or Air Conditioning to protect against changes in weather

Drive up access convenience – Garage space will likely get more money because you can drive right up to the storage space and unload your stuff.

Security –How secure is the storage place?  Do you have an alarm system?

Final Thoughts

Renting out storage space is no different from renting out a room, with a few exceptions.  I would not allow my renters to store chemicals or liquids because I would not want to be liable for environmental regulations and concerns.  Some chemicals, gasoline, and fireworks may even violate the terms of my fire insurance or cause my rates to increase.  I would definitely have a security deposit to cover 2 months rent, or just set up an automated deposit, as the lack of face-to-face time may make it harder to collect a monthly rent check.

You should still have a written lease spelling out the due date, manner of payment, and late fee, and declaring the contents of their storage area as additional collateral for payment of rent.  The lease should allow you to padlock their area if the rent remains unpaid for an extended period.  You should also be allowed to sell or dispose of the contents of their storage area if it is abandoned and unpaid for 60 days.  If they are parking or storing a car, you might require it to be operable and not to leak oil or other fluids.

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