Storage is an essential facility that all tenants consider when moving homes. Residential property owners have responded to the demand by tenants by providing self-storage facilities onsite. According to a report, the self-storage space in the US reached approximately 60 million sq. ft. in 2020.
Of the total self-storage acquisition, 51.5% was attributed to private buyers. If you are a residential property owner wondering if storage unit buildings would be a good investment, the article will attempt to answer the question.
Why is There a Demand for Onsite Residential Storage Units?
Most independent houses have rooms such as the garage, attic, and basements that can double up as storage spaces. But with apartment buildings and complexes, storage becomes a challenge. There is hand-me-down furniture, seasonal clothes, or other memorabilia that tenants may not want to part with.
Storing these items in far-away storage units may not always be feasible. However, as property owners, you can close the gap between supply and demand with onsite storage unit buildings.
Benefits of Installing Storage Units in Residential Property
Provide Value to Residents
Storage units at a residential property are a differentiating feature that will attract new tenants. For large families looking to move into an apartment, additional storage space could be a deciding factor.
You could provide residents with a convenient and comfortable living experience. For example, they could take a trip downstairs instead of driving across town if they need something from storage, like their favorite vinyl record.
Keep Tenants for Longer
With all their belongings in one place, tenants have the flexibility of using them as and when required. They also get the freedom to indulge in their hobbies. For example, storing skiing equipment in an apartment could be a hassle, but an onsite storage unit solves the problem.
Staying at such a residential property helps improve their quality of life, and thus, they might like to stay longer, put in their roots, and enjoy the sense of community.
Generate an Additional Income Source
You could have storage units built using pre-engineered materials like steel to reduce costs, time, and labor required during construction. Such buildings can be customized and altered over time. They are sustainable and also have low maintenance costs.
Onsite storage units at residential properties are an investment that provides a good ROI. You could either charge a higher rent amount or lease the units to tenants as per their requirements. The vacancies at your property could fill in quicker, especially if it is a crowded area with limited storage.
Help Facilitate Cleanliness and Maintenance
In the absence of enough storage, you might find your tenants’ personal belongings right at their doorstep or pile up in balconies. This is not a pretty sight for potential tenants; it might push them to see other properties.
With dedicated storage units, tenants can organize and store their belongings better, making it easier for you to maintain the property.
Final Thoughts
Storage unit buildings at residential properties are a facility that will set you apart from other properties in the area. With low-cost and durable building construction options available, you could create an additional long-term income source for yourself.
