One tactic that many homeowners are implementing is the conversion of garage space into an income-generating apartment. It’s a mutually-beneficial solution — homeowners are able to offset some of their mortgage costs and renters have an affordable garage apartment to stay.
What is a garage apartment?
A garage apartment is exactly what it sounds like — a garage that’s been converted into a living space. Such apartments can be in a free-standing garage on a residential property or in the garage space connected to the main house.
How big are they?
Garage apartments vary in size, depending on the size of the garage. Some are one-car, 300-square-foot apartments, while others may be larger — even nine- or 10-car garages that are more than 2,000 square feet that have been turned into living spaces.
Pros and cons of living in a garage apartment
As with any living situation, some parts of the garage apartment renting experience will likely be less-than-ideal. Here are a few pros and cons that you should consider before making your housing decision.
Pro: Generally a lower price
Rental rates in many parts of the country are getting seriously out of hand. A recent Apartment Guide report found rental rates have increased by at least 10 percent in seven of the 100 largest cities in the country over the past year. Some have even increased by more than 20 percent, which is truly absurd.
One of the biggest pros of living in a garage apartment is being able to forego this trend because they were not created with the intention of profitability. In fact, they could possibly decrease home value for the homeowner in the long run.
Instead, most were created simply to offset the cost of a homeowner’s mortgage. Because of this, rental rates for garage apartments will likely remain within reason for your given market.
Pro: More privacy
While apartment complexes have multiple units side-by-side, a garage apartment will likely not. Since the unit is likely attached to or near a single-family home, the only neighbors you’ll have will be your landlord.
It also beats renting a room in an apartment with roommates — you can choose to have the whole place to yourself for the same price as you would for a private room with other shared spaces.
Pro: Access to better locations
Some apartment buildings are located on busy streets and in loud parts of town. If you’ve ever wanted to live in a quiet or specific neighborhood, but can’t quite afford to purchase or rent an entire home in the area, a garage apartment is the best of both worlds. If you can find one in the part of town you like, you won’t have to pay the price of a typical rental in the area.
Pro: Fewer additional fees
A typical apartment building can offer a lot, but it also comes with additional fees each month. This can be for anything from maintenance to amenities to parking fees, which you might be paying for, whether or not you use them.
Garage apartments may not offer quite as many of those extra perks, but you also won’t be paying extra for them.
Con: Entrance area might be busy
You should think about your entrance situation and how you’ll get in and out of your apartment. Every garage apartment conversion will be different. Some will have a separate entrance for you and your guests — and some may not.
If a private entrance is something you’re expecting, you’d be unhappy to find out that you must enter your apartment through someone else’s home.
Con: Renters insurance might not be available
Another consideration you should make is for renters insurance. Depending on the insurance company, you may not be able to insure a garage apartment. Some companies will likely require additional documentation, which can be a hassle and may not be worth your time.
Con: Lack of amenities and features
If you like having additional amenities and modern features, like a fitness center, pool, dishwasher or even air conditioning, you’ll be thoroughly disappointed with most garage apartments.
While some landlords do have updated areas with everything a normal apartment would have, many don’t. To add a dishwasher or washer and dryer hookups requires re-routing water pipes. Directing air conditioning and heating to a garage means adding more ducts. Investing in some of these features is expensive and can be difficult and end up causing damage, so most homeowners avoid it.
Con: Few and far between
Garage apartments, though often affordable, can be hard to come across. In reality, most people use their garage for its intended purpose and few people convert them into living quarters.
When people do turn their garage into rental space, the apartments are rented out quickly as people are waiting and watching to jump on one that’s available. If you find one that’s open, you’ll want to get on it as soon as possible.
How to find garage apartments for rent
It isn’t easy to tell if a garage has been converted into an apartment, so finding one can be difficult. Since we live in the 21st century, your best bet is to look online.
You should also ask around and see if anyone in the area or your friends know about any garage apartments for rent — you might be surprised by what comes up!
