Surprising Passive Income Ideas: Here’s How Much You Can Make from Renting Out Your Garage
As it turns out, there are a few different ways to earn extra money if you’re a homeowner. One of the best is to rent out your garage as storage space with Stashbee.
Today we’re going to unpack our passive income ideas, just how much you can expect to earn by renting out your space depending on where you live. We have a sneaking suspicion you’ll be pleasantly surprised by how much money you could make each month!
How Your Garage Can Generate Passive Income for You
If you’re already thinking “I don’t want to rent my space to live-in tenants”, we hear you. It’s tough, even when we’re not living through a global pandemic.
That’s why renting out your garage for storage is the perfect alternative. Still not convinced? Not to worry. We’ve got three examples that show exactly how to make money from home with your garage, so you can add to your piggy bank at the end of the month.
1) Make cash from families renovating or moving house
When a family downsizes or renovates their home, having access to enough storage space can be a problem. Many parents find themselves scrambling to store items like toys, books or clothes. In the hustle and bustle of modern life, these families need a secure and affordable option, often at the very last minute.
Here’s where you (and your garage) come in. These rentals are perfect, because they involve a set period of time. That means you know exactly how long you can bank on the extra income before moving to a new tenant.
2) Offer storage space for small businesses
Another option is to offer up your garage space to a small business looking for a safe place to store their merchandise or office furniture. With so many companies moving towards remote working during the pandemic, it might be an easier sell than you think.
Startups often rely on co-working spaces to avoid paying expensive rent (which means they don’t have storage space of their own). That’s where you and your garage can swoop in to say the day.
When your garage becomes a ‘pseudo-warehouse’ of sorts, you’ll be filling the gap for a CEO who could end up thanking you in their autobiography one day. Just imagine seeing [Your name here] saves the company! in print - it’s enough to make you clear out your garage on the spot.
And, of course, the extra money is a definite incentive too.
How you’ll look to that forever grateful CEO.
3) Become eligible for potential tax breaks
Free money! Okay, not quite. But as it turns out, renting out your garage can actually result in a significant tax break and savings.
Thanks to new laws from 2017, the first £1,000 in yearly earnings from property income is tax-free. This means that the first thousand pounds you earn from renting out your garage as storage space won’t be taxed, as long as it is the only income you receive from the property.
You could reinvest the extra money as savings, and you’ll be sitting with a healthy balance in a couple of years. Hey, now that we think about it, maybe it kinda is like free money.
How Much Can You Make from Renting Out Your Garage?
Now that you know how your garage can earn you a passive income, let’s get down to brass tacks. That’s right, the moment you’ve all been waiting for is finally here: here’s how much you could potentially make from renting your space out.
Our price estimator is our pride and joy (go on, make our day and check it out). It gives an estimate of the average regional listing price on our platform. Because it is location (aka postcode) specific, it means you’re getting an up-to-date quote rather than just a standard market average. Pretty neat, eh?
We’ve done some price calculations around four of the biggest cities in the UK so you don’t have to. Without further ado, here’s the potential monthly income for garage rentals ranging from small (120 sq ft.) to large (350 sq ft.). You’re welcome!
When you rent out a garage in Birmingham, you could be banking anywhere from £56 to £164 per month. That’s nearly £2,000 per year depending on how much garage space you have on hand!
The extra money could come in handy when adding to your savings or visiting your favourite cafes and pubs again (we can dream, can’t we?!). Rent out your space now, so you can enjoy these pleasures again when the pandemic has finally run its course.
Perhaps you’d like some extra pocket money to go watch Man U play next season. If so, how does an extra £131 to £382 per month sound? This is roughly what you could earn by renting out your garage space for storage in Manchester these days.
Making an extra £1,572 over the course of a year is not too shabby, if we do say so ourselves - especially when you consider that two thirds of that (the first £1,000 we were talking about earlier) could be tax-free. Can you say cha ching?
Loiners might be itching for an adventure at Kirkgate Market once the pandemic is finally over. If you’re hoping to line your pockets with money for when you can go, renting out a garage in the area could earn you anywhere between £104 and £303 a month.
Storage spaces are always in demand in the capital. Thanks to soaring rent prices (it had to be said), many families are being forced to downsize, and need extra space for their belongings.
Help them out by offering up your garage space, which can earn you anywhere from £325 to £948 per month. No, you didn’t read those numbers wrong! That’s up to nearly a thousand pounds per month for some garage spaces.
Start Earning from Your Garage Now
If you don’t live in one of the cities we’ve mentioned, we haven’t forgotten about you. You’ll be happy to learn that Stashbee connects storage tenants and renters from all corners of the country. And our website was designed to make it as easy as possible for you to become a Host and rent out your space.
By putting your postcode into the price estimator, you’ll get a better idea of exactly how much you could earn in your area. You can even enter a custom space size if your garage doesn’t fit our standard specs. All in all, this should only take a minute or two (about the same amount of time it takes to sign-up for a free listing as well). Easy as pie!
And as a bonus, once you’ve signed up and are waiting for requests to start coming in, we can help you make sure that your garage space is ready to go and looking spick and span. Tenants will love that you’ve put in the extra effort, and you may even end up with repeat customers!
With a little help from our blog, we bet this is what your renters will be saying to you.
Now go and enjoy your new passive income stream!
20th Jan 2021