This article takes you through how you can rent out your garage space and make some additional passive income per month.
I recently decided to rent my garage out, as I only have a few belongings in there, using up all the storage space. I also wanted some extra income each month. After doing the research I decided to go through a storage site, to remove risks of having a direct deal with a stranger and to reduce time spent advertising online. I stumbled across the storage website Stashbee the “market place for cheap self-storage, garages and parking.” The company links people with spare garage, general storage space and attic space with those looking for cheap storage, essentially, they are a storage broker, like Airbnb is, in the accommodation space.
Below I will take you the steps I took to renting out my garage space and help you do the same:
Placing an advert
After cleaning the garage up first and removing my few belongings, I took several photographs of my garage on my smartphone and then uploaded them with a brief description of the space, as well as uploading my ID and bank details on the Stashbee profile (all data is secure). I set the price per month by researching the prices of lock up garages near me on the Stashbee site.
Time took = 15 minutes
Replying to Stashbee adverts
After a few emails back and forth from a customer, we exchanged numbers (all on the Stashbee platform) and arranged a time to show him space. He needed a place to store his personal items (as he was looking to move in a few months). The story added up (seemed legitimate) and the contract written by Stashbee settled any concerns I had. Stashbee ensured they have ID of everyone who hosts or is a customer, which makes the meeting as safe as possible.
Time took = 10 minutes
Meeting the Stashbee customer
I met the customer and showed him the garage lock up space. He was happy with the space and security, we therefore verbally agreed all was fine, so I gave him a spare key to start his move in a few days later. The next day, I spoke to Stashbee to confirm the move in date so payment would be aligned with this. I then phoned Stashbee directly about the timings.
Time took = 30 minutes
Signing the contract & finalising the deal
Both the customer and I received a contract online (as an email attachment) to sign online by Stashbee. In the contract, all the items he was storing were listed and were all covered up to £1,000 by Stashbee as part of their insurance policy. I also phoned Stashbee to confirm everything was already.
Time took = 10 minutes
The Contract Terms
Certain key terms included in the agreement:
• The “Duration” entered in the booking process is indicative only and The Guest must provide one calendar months’ notice in writing to Stashbee to terminate the agreement.
• The Host must provide a minimum of two calendar months’ notice in writing to Stashbee to cancel the agreement.
• The Guest must make sure the space is clear of all waste and rubbish at all times.
• Both Parties are responsible for informing Stashbee of any breach of Terms and Conditions
Once all signed, that was it! 50 minutes of my time. Both of us were happy with the garage lock-up arrangement and I am now getting £125 per month (with two months’ notice needed from the customer to cancel it). Overall it was an easy, safe, quick and an efficient process.
Get a £50 reward for renting out your storage space with Stashbee
If you have spare space, please join up and start hosting with Stashbee. Click here and we will both get a £50 reward for you signing up and renting your space out. The promo link is https://stashbee.com/refer/5ca28c61d6ece
If you have any storage rent tips, please share below.