FAQ : What Price should I charge for my Space ?

August 16th, 2009

faqMembers regularly ask us what price they should be advertising their space for.

At the moment it is rarely possible for us to provide a definitive answer, because whether the listing is for storage, parking or office space, the value of the space can vary significantly depending on local influences and demand.  We plan (over time) to accumulate a database of listing rates for different types of spaces in different areas, and should then be able to provide better recommendations on pricing, but at the moment, we can offer the following advice :

Price depends on supply and demand

Pricing is really a matter of supply and demand, and you would have a much better idea than us on how scarce (or not) parking/storage/office space is in your area.  First you should try and determine what other options there are (and the prices for them) in your own local area. Take a  look at what the local alternatives cost, and base your pricing on that

Case Study 1 – Parking – If you plan to rent out your driveway for parking  –  if parking is readily available on the street it is likely that you would have difficulty renting it out, but if local parking is a big issue, then you would expect to get good rates for your space.  If you have a bus stop/railway station across the road (with quick and easy access to the CBD say), that also might add value to your space.  If metered parking is available for $15 a day, it may be reasonable for you to charge $60 a week for a guaranteed spot in your driveway.  If a  local parking station charges $35 a day ($175 a week) then $140 a week might be OK….

Case Study 2 – Storage – say you have a spare bedroom you would like to rent for storage  – if you have a self storage facility nearby, phone them up and see what they would charge for a similar sized space (we would normally recommend charging 50-70% of the facility rate).  If your space has 24/7 access you may be able to charge a little more than you would if access was by arrangement.  You may also be able to charge more for exclusive (rather than shared) access, or for higher security features.  Also see our storage space pricing guidelines for more information.

Initial Price

You could also try setting your price a little higher initially, and then reduce it if you get few enquiries… but if you are very keen to rent it out sooner, you may wish to set a reasonably low price but set a short rental term  (say 3 months) which may allow you to re-negotiate the price.

Also, to maximise your chances of renting out your space fast, make sure that you listing includes as much relevant information as possible – the better you “sell” your space, the more queries your are likely to get and the faster you are likely to rent it out.

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  1. june
    September 25th, 2009 at 19:35 | #1

    would like to rent out 1 acre of ours, was rented as nursery. would be open to idears? We have water lease and elect.

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