DIY Garage Rental

Talk with city officials about renting the garage. Make sure local officials understand that you will lease the space on a four-to-12-month plan, for example. Find out if there are any restrictions on leasing your garage for storage. Ask if you must notify any neighbors. Be sure to get advice from your home insurance agency as well.

Make sure the garage is in excellent repair. Check the roof, foundation and walls for any leaks. Install new shingles, if necessary, because long-term income will repay the investment. Clean and paint the space, so that a new tenant will consider it extremely clean and neat. Use inexpensive white paint for walls, for example, to freshen up the garage.

Ask an attorney or real estate professional to help devise a lease. State the length of time you will rent the space to a tenant and the amount per month. Include a deposit required, if any. Charge a tenant the first and last month's rent, allowing the last month's rent to double as a deposit -- with no extra deposit required, for example. Make sure you stipulate that a tenant must obtain rental insurance on the garage storage content. State in the rental agreement that you, as the leasing agent, will not be responsible for damage to stored items.

Advertise the garage for rent. Place an ad in a local community newspaper describing the size of the garage and its general location. Wait for callers before you divulge the exact address, if you wish. Note the rent you are charging in the ad -- $50 to $200 per month, for example, depending on the size of the space.

Screen a potential tenant. Ask for references, place of employment and driver's license. Keep in mind that a person of questionable character might try to store illegal substances in your garage. Ask that your tenant list the exact items to be stored. Include a clause in the lease that states the tenant will not store any illegal items in the garage.