How much should I pay to rent fully equipped shop space?


Nothing- it'd be too much hassle to have to worry about the liability. you're lucky you found such a trusting soul! But four years ago or so, I restored an apartment complex where the landlord was renting some unequipped shop space out behind the garages, and I believe he was charging $100 a month in St. Paul, MN. That was basically a shell with one or two outlets and poor lighting...

That would really depend on the renter, don't you think? What will you be doing there? If you're going to leave sawdust everywhere, pile wood up next to the building and make a lot of noise every day until late into the night, you need to make it worth the hassle to them. Maybe $400-500 a month- or more if you're in a city where space is at a premium.
OTOH, if you use it once a week for a couple of hours and clean up after yourself and the place would be vacant and unused otherwise, $50-100 a month sounds fair enough to me provided you maintain that equipment properly, and leave it in as good a condition as you found it.
Be honest with yourself about your habits before you negotiate the rate, then you can be sure that the space will remain availible!
It is a good resource, you lucky dog- it's taken me years to get mine to where it is.
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