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How to Lease Garage Space

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You don't have to be a mechanic to lease garage space. With so much high-rise housing in major metropolises, renting an apartment and renting garage space are two totally different matters.

Unlike in the suburbs, where there are assigned spaces to park in apartment complexes, inner city living does not offer such luxury. Rather, residents often have to fend for themselves, or car for that matter, when it comes time to renting garage space so they can keep their vehicle off city streets.

This guide gives information on what to expect when leasing garage space. With so many terms and clauses, it can sometimes be complicated to understand all you need to know. However, with a little knowledge and research you can find a home for your car.

Lease Terms

As with any agreement, a lease to rent garage space is no different, filled with confusing verbiage that creates paragraphs of content you barely understand. Bottom-line, you want a place to put your car since your new apartment rental does not offer garage space. Some important notions to make sure you understand before signing a garage space lease are as follows:

  • Use of Premises - Just as it sounds, this term refers to how the space will be used. In most garage space leases it usually reads that the tenant will utilize the grounds solely for the purpose of parking a passenger vehicle.

     

  • Dangerous Materials - Also as it sounds, the tenant is told they are forbidden from keeping any dangerous substance, flammable or explosive , on the premises at any time. If any substance causes an unreasonable increase of a fire or explosion, or is considered hazardous in any way by a responsible insurance company, the tenant shall not store the substance on site.

     

  • Maintenance and Repair - Unlike a residential lease, the tenant will most likely be responsible for repairs and for keeping the premises in good, clean and sanitary condition.

     

  • Security and Responsibility for Loss - In most garage space leases, the landlord does not provide a security system or alarm. Hence, the tenant must agree that their vehicle and any other possessions on the premises are there at their own risk. When signing the lease that notes this stipulation, the tenant releases the landlord from any loss or injury resulting from a casualty.

Lease Length

Since there are many types of leases, it is important to know what kind will best fit your needs. If you are renting an apartment for at least one year, you will seemingly want to lease a nearby garage space for the same amount of time. In large cities, this may be difficult to do, with no available parking or garage space in your neighborhood. When this happens to be the case, one must consider selling their vehicle and begin using the public transportation system if at all possible.

Cost of Lease

After finding a garage space to lease, affordability is the next issue. Depending on the city, some spaces can cost as high as $1,000 a month. In May 2010, the New York Post reported a $1 million dollar parking space on 66 E. 11th St., which is priced six times higher than the average American single-family home. Less expensive, most garage spaces for rent in a city will cost anywhere from $250 and up.

Finding a Lease

Again, depending on the location, finding a spot to store your car could be difficult or easy. Either way, you are going to have to do some research in the region you are looking to rent space. The best place to begin your search is on the Internet simply by using key words "garage space for rent" or "rent garage space." If that does not bring up a full list of local resources, play around with the keywords in order to refine your search. However, always be cautious when using the world wide web to hire any type of service, always using Craigslist safely. Though you may not find a spot right away like you do when you get lucky in a parking lot, after due diligence you are bound to find the perfect digs for your ride!

Staff Writer  Posted by Staff Writer on July 3, 2013

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