If you’re in charge of an apartment complex or other kind of multi-family property like a:
- Condo complex
- Townhome development
- Gated community
- Manufactured home park
There’s a good chance that you have some extra space sitting around that could be used for something other than parkingThat extra space could be turned into a storage area for your residents.
Parking space storage is a solution that many people look at, but what is it? It’s kind of hard to know if an investment is worthwhile if you don’t even know what it is.
So, let’s take a quick look at what parking space storage ishow it can benefit youyour residentsWe don’t want to steer you in any particular direction, we understand that money is important to you, so we’ll just give you the factslet you make the decision for yourself.
What Exactly is Parking Space Storage?
Now, before we can help you decide if this is the best use of that extra space you have lying around, we’re going to have to take a look at exactly what parking space storage isThis kind of storage has a few other names that people commonly use for it, for example:
- Drive up storage
- Outdoor storage
- Storage pods
- Self-storage units
- On-site storage
Whatever you want to call it, parking space storage is a solution that many people are turning to in order to make use of that extra space on their propertyIt’s basically just a storage unit that sits on your property, usually near the parking areaThis is convenient for your residents because they don’t have to go far to access their belongings.
There are a few different types of parking space storage units, for example:
- Metal lockers:
- These are the most common type of parking space storage unitsThey’re usually made out of steelthey have a lock on themThe benefit of these is that they’re very secure, but the downside is that they’re not weatherproof, so your belongings could end up getting damaged if they’re not stored properly.
- Plastic containers:
- These are becoming more popular because they’re weatherproofthey come in a variety of sizesThe downside to these is that they’re not as secure as metal lockers, so you’ll want to make sure that you choose a size that’s appropriate for what you’re storing.
- Storage sheds:
- These are also becoming more popular because they offer more space than plastic containersmetal lockersThey also offer more security than plastic containers, but the downside is that they’re not as portable as the other two options.
Each of those has its own proscons,many people prefer the metal lockers because they’re more secureBut, it really depends on your needswhat you’re storing.
If you’re just storing some holiday decorations, then a plastic container might be all you needBut, if you’re storing something valuable like a bike or golf clubs, then a metal locker is probably a better option.
The other thing to keep in mind is that parking space storage units come in different sizesSo, you’ll want to choose a size that’s appropriate for your needsFor example, if you’re just looking to store some holiday decorations, then a small unit will sufficeBut, if you’re looking to store larger items like furniture or bicycles, then you’ll need a larger unit.
Many people take a look at a lot of different factors before making a choiceHere’s a short list:
- Security:
- This is probably the most important factor for most peopleYou want to make sure that your belongings are safesecure.
- Cost:
- This is also a major factor for many peopleYou want to make sure that you’re getting the best value for your money.
- Size:
- We touched on this briefly,this is important because you need to make sure that you’re choosing a size that’s appropriate for what you’re storing.
- Location:
- This is also important because you want to make sure that it’s convenient for your residents.
There are a few other factors that you might want to take into consideration, but those are the four main onesNow that we’ve taken a look at what parking space storage is, let’s take a look at how it can benefit youyour residents.
The Benefits of Having On-Site Storage for Both YouYour Residents
If you’re not brand new to this industry, there’s a good chance that you understand the concept of “return on investment.” If not, that’s okay, we’ll explain it quicklyBasically, your return on investment (ROI) is the money that you make from an investment minus the money that you put into the investment.
For example, let’s say that you buy a storage unit for $1,000you charge your residents $50 per month to use itAfter 12 months, you’ve made $600 in revenueyour total investment was $1,000So, your ROI would be $600/$1,000 which equals 0.6 or 60%.
Now that we’ve explained ROI, let’s take a look at how parking space storage can benefit you financiallyRemember how we said that many people are looking for this solution because they have extra space on their property?
Well, if you have extra space on your propertyyou’re not using it for anything else, then why not put it to good usemake some extra money? It doesn’t matter if your property is big or small, there’s a good chance that there’s at least one spot where a storage unit could be placed without taking away any parking spots.
If you have 10 storage unitseach of them brings in an average of $50 per month, that’s an extra $600 per month, or $7,200 per year!
And, like we said before, the initial investment is relatively lowSo, you could see a very good return on your investment with this solution.
Additionally, if you’re thinking about selling your property in the future, adding storage units can actually increase the value of your property.
Potential buyers will see that there’s already a storage solution in placethey’ll be more likely to buy because they won’t have to worry about finding their own storage solutionThey might even be willing to pay more for the convenience.
Now that we’ve looked at how parking space storage can benefit you financially, let’s take a look at how it can benefit your residentsRemember how we said that many people are looking for this solution because they need extra space?
Well, if your residents need extra space but they don’t have any room in their apartment or condo unit, then where are they supposed to put their belongings? They could put them in a storage unit off-site, but then they’d have to drive there every time they wanted to access their belongings which is very inconvenient.
Or, they could put them in your on-site storage unitsThis would be much more convenient for them because they wouldn’t have to drive anywhere, they could just walk to the storage units whenever they needed to access their belongings.
When your tenants are happy about the solutions that you’re providing for them, they’re more likely to renew their leaseAnd, when your units are constantly being leased, that means that you’re not losing money because your units are empty.
It’s a win-win situation for both youyour residents! Your residents get the extra space that they needyou get to make some extra money.
Most people claim that they’re able to make their money back in as little as 6 monthsAnd, once you’ve made your money back, the rest is pure profit! If you’re looking for a solution that will benefit both youyour residents, then parking space storage is definitely something that you should consider.
While there are plenty of other alternatives, it’s hard to find solutions that are this practicalYou could install vending machines in the laundry room, for example, but that would require a lot more maintenance than parking space storage.
You could also add a dog park to your property, but that would require a larger initial investmentit might not be used as much as you think while not adding additional income immediately.
Getting The Most Out of Your Property’s Space
Spacemoney are both finite resources,we understand that you have to be careful with bothThat’s why we think that parking space storage is such a great solution! It’s a great way to make use of that extra space on your propertyit’s also a great way to make some extra money.
We hope that this article has been helpful in showing you the benefits of parking space storagehow it can benefit both youyour residentsFinding the right solution can be tricky but with timepatience, we’re confident that you’ll find the perfect solution for your property.