Empty Garages Can Be Lucrative: How to Make Money Renting Out Your Extra Space in Chicago

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Are you seeking ways to increase your passive income? If you own a home, it’s doubtful that you’ve ever considered it an asset that may help you pay off your mortgage. Have you ever considered what can I do in my garage to make money? Your extra garage space is the ideal section of your home since it can be utilized for several purposes, such as living quarters, a place of business, storage, parking, a workstation, a studio, and more! Living in a major city like LA, Seattle, New York or Chicago requires a lot of room. Any Chicagoan would gladly tell you Chicago monthly parking options can be difficult if you work or live in the city. As a result, if you have extra space and are looking for a method to generate money quietly, here are some ideas to get you started.

It might be leased out for storage

Given that one out of every ten American homes have storage space, the storage sector is one of the most profitable. It’s one of the cheapest businesses in terms of the amount of money you can earn per square foot of area. In America, you can often generate $1 per square foot with little to no upkeep or utility bills. Deciding to rent your garage for storage is the best way to generate money since all you must do is let someone else’s possessions remain there while you make monthly payments. Heating, power, and security are not extra costs for the landlord that you would not spend if you lived in your residence. When you have an empty single or double garage, there are various methods to make money to put back into your mortgage.

By renting it out as a parking space

 There aren’t always rental spaces available, but if you have an underutilized garage space on your property that is accessible by car, you may want to consider renting it out for a bit. charging a fee for those seeking an alternative option, as many cities have limited parking in popular areas such as downtowns, sports stadiums, or venues close to home!

Parking is always in great demand, especially in large cities where space is at a premium. Due to an increase in thefts in 2020 and 2021, many prefer to park their cars in a secured garage rather than on the street. Those who rent out their garages are now earning more money as demand for parking spots in garages rises. Right now, deciding to rent out your extra space for $200-$300 per month is a fantastic idea.

Make it a woodworking workshop

For hundreds of years, people have enjoyed woodworking as a hobby, and 2022 will be no different! When I was a kid, I used to make small chairs, figurines, toys, and even a baseball bat out of wood in my garage. Think about whether a neighbor who is interested could use the garage you rarely use, or if a curious child could use it as a place to build things. You might create passive income by renting out your unused garage to your neighbor and his kid so they can pursue their hobby. Never has it been so easy for artists to share their work with the rest of the world. People may easily sell their hobbies online so that many others might benefit from them. Who knows, maybe they’ll come up with something special for you in the process!

Image Credit: Unsplash

It may be rented by a small business owner

Many small businesses were forced to shut down due to the lockdown, forcing them to rely on online sales. The facility was not only closed to the public, but the facilities and shops were also closed. As a result, business owners were forced to change direction and begin selling their products online. Your whole living space may be needed to package, ship, and store products, even though your family can still live there.

Allowing a local business owner to operate a shop or keep products away from their house in your spare space or garage might be quite helpful. Many small, regional businesses are still in operation and need storage space for excess merchandise. Retail apparel, antiques, kitchen supplies, phone accessories, and even storage containers are great for storing in a garage. Whatever the sector, there will always be a need for storage, and property owners with empty garages may take advantage of the opportunity to help a struggling local company.

Image Credit: Unsplash

Rent it out as a content studio

Social media will flourish in 2020 and 2021, and people will be looking for venues to record movies or take photos for a career. As influencers create more polished content, the need for photographers who don’t have a space to shoot inside has grown. You could accomplish this by converting your garage into a nice, small studio that photographers could use for photo shoots.

Make it a second home

The objective of a house should be to give a safe and pleasant place to live and sleep, not to keep your car warm. Homeowners may easily convert their garage into a large living space or bedroom that can be leased out to extra renters. This might be a vacation short-term rental or an additional bedroom in a rental home. Your three-bedroom home might become a four-bedroom house, earning you more value on your home. You’ll need to put in some work to convert your garage into a bedroom. Here is a list of items you should consider purchasing or modifying to make the perfect bedroom: install carpeting Buy furniture such as a bed, dresser, couch, television, and other goods. Fix roofs that are leaking, put in a heating and cooling system, repaint the walls, and cover any exposed utilities.

Conclusion

You may utilize the empty space in your garage to increase your monthly income in a variety of ways. All you must do is spot the opportunity, conduct your research, and act! Nothing beats having your own property pay for itself time and again while you do practically nothing.

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