need fair price opinions on space rental

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Sam_Fear

Brother Rat
Joined
Oct 11, 2008
Messages
12,478
Location
Dixon, IA
I'll be moving and plan to rent my current garage. Have no idea what's fair to both of us. 24x24 uninsulated unheated garage with 220v and electricity paid. Access to garden hose if needed. :p

Insurance will be dealt with seperately.

I should add that the price will come out of what I rent the house for. So it really isn't a question of how much can I make off it, it's what will be fair split of rent between the two.
 
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$75 sounds more than reasonable but I have no idea what's fair in your market. Here, a similar garage rents for $150/mo. A decent 1200 sq ft. house runs 1200 - $1500/mo. Indoor (cold) storage for a car or boat, $100/mo.

Does $75 make or break the deal? I understand reducing the rent helps the tenant but personally, I would prefer one tenant for the whole enchilada. Two tenants (in my experience) can be difficult to the point where an empty garage is better than a 24 hr headache.
 
I'd suggest checking the going price at area storage buildings, then come up with a lower rate based on that. Those rates must vary considerably for different areas, but I think that $50.00/month gets only an area a bit smaller than a one car garage around here. (We are far from any large city - other areas are probably a lot more.) I would also think that the security level would be another determining factor as well.
 
Thanks for the input fellas. Here's the kicker - I'll be renting it to myself. We are going to sell our current house to my Sis-in-law on contract, but I won't be able to build a shop at the new property until spring so I'll have to at least use my old garage for storage and hopefully have time to work there some too.

I think I'll go with $75 a month a 2$ for every day I work in it.
 

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