If you’re looking for a solid investment opportunity in 2021, you might want to consider self-storage. Experts predict the self-storage market to reach $115.62 billion by 2025.
You rent people extra space so they have somewhere to keep their mementoes, collectables, or gear for their hobbies. If you’ve ever seen Storage Hunters, you’ll know how much stuff people can fit into storage units.
Keen to learn how to enter the booming industry of self-storage? Read on to learn how it all works.
How Does Self-Storage Work?
You may have seen self-storage complexes beside the highway. They’re often huge buildings, broken down inside into a series of units.
Customers can rent units in a range of sizes, and secure them with their own locks. This gives them the peace of mind that the contents of their unit are safe.
They keep the tenancy of the unit for as long as they keep paying for it. Once they’re finished with the unit, they move out, and you rent the unit to someone else.
Why Would You Start a Self-Storage Business?
Self-storage is a popular industry because it appeals to both commercial and private customers. Businesses might use self-storage to store their document archives, excess equipment, or furniture.
Private customers use self-storage during a house move. It’s also useful when they’re downsizing a property or renovating their home. Over 40 million Americans move house each year, so you have plenty of movers as customers.
Self-storage is also an easy-to-run business. That’s because customers are self-sufficient in handling their units. You need a manager to run the building, and staff to liaise with customers. Add cleaning and security staff, and that’s about it.
It also offers a flexible business opportunity. You may even earn an extra income stream by selling packing and storage materials.
Our Self-Storage Blueprint for Success can help you get started in this booming market.
What Do You Need to Know About Self-Storage?
You will need insurance for the building. That said, customers will need their own insurance to cover their specific goods.
Invest in excellent security because it becomes a selling point when you advertise for customers. Cameras and gates for your premises are a great place to start. Check out both keyless entry and key cards, depending on your needs.
Other points to consider include access to units. Are they indoors, making them more secure? Do you offer climate control? Or can customers drive up to their unit? Consider including a mix of these features to suit the different needs of customers.
Decide if you want to convert an existing building or construct a new one. Existing buildings benefit from having the infrastructure in place. Yet new buildings give you the chance to offer different layouts or features.
Unlock the Potential of This Booming Industry
Self-storage is a booming industry, offering great opportunities for commercial and private customers alike. It’s also a great market if you’d prefer a more hands-off, passive form of income.
Contact us today to find out more about this thriving industry.