Revealed: This is how much extra money you can make by renting out your garage
Self-storage experts have calculated the average monthly amount Brits can make by renting out their garage space.
Londoners can earn £228 per month on average by hiring out their garage space to other vehicle owners.
In South Yorkshire, garage owners can add over £1,500 to their annual earnings by renting this space.
New research has revealed how much money Brits could make per month by simply renting out their garage space, with Londoners able to earn the most, charging £228 on average for a 124 square foot garage.
The study, conducted by self-storage experts Space Station, who analysed 369 garage rental advertisements on Gumtree to work out regional average spend for this type of space, also found that in Scotland, garages can rake in £177 per month on average in Aberdeen and £169 per month in Edinburgh.
The top 10 locations to rent out your garage space
- London - Average monthly cost £228 (£2,736 per year)
- Surrey - Average monthly cost £216.54 (£2,598 per year)
- Blaenau Gwent [Wales] - Average monthly cost £198 (£2,376 per year)
- Oxfordshire - Average monthly cost £187 (£2,244 per year)
- West Sussex – Average monthly cost £186 (£2,232 per year)
- Aberdeen – Average monthly cost £177.20 (£2,126.40 per year)
- Essex – Average monthly cost £174 (£2,088 per year)
- Cambridgeshire – Average monthly cost £171 (£2,052 per year)
- Edinburgh – Average monthly cost £169 (£2,028 per year)
- Lancashire – Average monthly cost £159.50 (£1,914 per year)
The Welsh can also do well from a garage side hustle with garages being marketed at £150 per month on average.
In South Yorkshire, garages averaging 145 square metres can be rented out monthly at an average charge of £137.
The research illustrates that there is easy money to be made from renting out garage space if you can make room for another person’s car. One garage in Surrey is currently being advertised on Gumtree for £444 a month despite the dwelling having no electricity.
The team at Space Station are now urging Brits to consider clearing out their garage, working out what can be recycled, re-used, thrown or stored away from the home in order to rent out their garage and add over £100 to their monthly income.
Space Station’s Vlatka Lake said:
“Renting out your garage is a really simple way of making extra income. In the South especially you can earn upwards of £200 a month by renting out this space. For so many of us, garages are a bit of a dumping ground for items we never use or rarely use.
“If you took the time to comb through your garage belongings to work out what you actually need or want, you’d probably find that over 80% of your garage contents can be recycled, disposed of, given away or brought back into the house to actually use.
“Clearing out your garage is hugely rewarding and can be very cathartic and once done you’ve got the option to bring in a little extra money in the run-up to Christmas.”
Space Station has put together some tips on how to clear out your garage, click here to read more.
Published: 10 November 2021