Renting a Garage - what do I need to know?

[Sarah Miller]

Hello BP!  Been awhile since I posted.  We have been very busy with our 2 duplexes we purchased within a week of each other! 

Anyway, our one duplex actually has a 4 car garage (2 2-car garages for each unit) and it also has an additional narrow garage along the back that goes the length of the building (approx. 12x45-ish... didn't measure, could be slightly bigger).  Anyway, we are going to rent this additional garage space out for additional income on the property.  Planning on charging $200/mo because of the size but what should I know about renting a space like this?  Do I really need to screen the renter?  Should I require a 3 month lease or is month to month pretty standard?  Should I require a deposit of any kind?  Do I need to draw up a formal lease for them to sign or can I find one somewhere?  Also any wise words would be nice.

Thanks!