How much is a detached garage space worth?

[Heidi Backer]

Hi Everyone, 

We are currently under contract to purchase our first duplex and the sellers want to become renters for a year and the purchase of the house is contingent upon the lease agreement (both parties to need to agree on a lease before the end of the inspection contingency). They want to pay extra per month for the entire garage versus sharing it with the other unit. How much more per month is a detached garage worth in a very cold winter climate and how much will we "lose" from the other unit by not having it available to offer? Any insight is much appreciated!

[David Barnett]

@Heidi Backer I have a property in St. Paul that has a two car garage and a property in Minneapolis that does not have off-street parking.  The St. Paul property with a detached garage rented in a couple of weeks, while the property in Minneapolis without off-street parking took many months to rent (I had it on the rental market, pulled it and re-listed and got a hit).  Does the St. Paul property have off-street parking in an alley?  I've found that on-street parking is a big challenge for many renters in MSP and is a dealbreaker.  I probably wouldn't rent out the whole garage to the tenant if there isn't off street parking.  If there is off-street parking, I would probably charge them an extra $100 for the one spot that goes with the other unit.  

Best of luck.