How to Rent Out a Garage Apartment
Garage apartments are becoming a trend. So much so that one developer in Houston says that 75 percent of his new constructions are built with unfinished garage apartments. And with the value of land today, it only makes sense to make the most of your property by renting out your garage apartment.
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Instructions
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Check your deed or lease agreement. Even if you own your own home, in some subdivisions they have deed restrictions against turning garages into apartments. So before you start spending money on remodeling your garage make sure you are permitted to do so. If you rent an apartment or condo that has a garage you want to rent out, check with the management to see if this is legal.
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Be aware of what local garage apartments are renting for. You want to make sure you list it at a price comparable to other units with the same square footage and amenities. If you list it too high you won't get any renters. Go look at these apartments, so you know what's being offered.
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Research your zoning regulations. In some areas, you must get approval from your neighbors. A notice is sent to anyone who has property within 500 feet of your dwelling, and they have a specified amount of time (often 30 days) to object. If no one objects, you are given a permit to turn your garage into an apartment, however, if someone does object you are denied the permit.
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Advertise strategically. Garage apartments are generally smaller in square footage so this limits the number of renters. Put up flyers or advertise in areas where there are a lot of younger singles and college students who are more likely to need less space.
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