Q: We’d like to rent out our studio space during the daytime. How do we determine the pricing for this and what should we be aware of?
A: We have found it very beneficial to rent our studio to ballroom groups, music teachers and certified teachers in Zumba, Pilates and yoga. We not only earn extra income during off hours but also familiarize new people with our dance programs as a result.
There are some important steps to take before you promote your studio availability. If you lease or rent, check your lease agreement to confirm that you have the right as a tenant to sublet or rent. If the lease covers a broad enough definition for your permitted use, there shouldn’t be a problem.
We’d recommend setting your rental fee in the $15–$50 per hour range, depending on your floor size and location. Your price should take into consideration the expense of turning on the lights, the utilities usage (such as air-conditioning or heat) and whether a staff person needs to be there to let your renter in or monitor the studio.
To attract freelance teachers looking for a space to hold their own classes, you can post photos of your location on your website, along with descriptions of your amenities and negotiable fees. Another option is to use free listings such as Craigslist. Offering a discount on consecutive hours booked or a special monthly rate can be an extra incentive.
Once you find a renter, we suggest you set clear expectations on the use of your facility: locking up, setting thermostats, how to use sound equipment and signage. Always state payment terms and the usage conditions in writing.
Kathy Blake is the owner of Kathy Blake Dance Studios in Amherst, New Hampshire. She and Suzanne Blake Gerety are the co-founders of DanceStudioOwner.com.
Photo by B Hansen Photography, courtesy of Suzanne Blake Gerety