Storage units for apartments not only add security, privacy, and good looks, they also have the potential to generate a substantial amount of extra income for a property owner. Whether it is by upgrading an existing storage solution, or installing a brand new one from scratch, bringing a secure storage area into an apartment complex has many advantages, including a means to generate extra cash on an ongoing basis.
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What The People Want
According to some very comprehensive surveys, storage is in high demand for residents of multi-family apartments. Since apartment complexes vary in details from property to property, it is difficult to determine exactly who needs storage and who already has it, however, the general consensus was that most people would prefer an on-site storage solution where they could store their extra belongings without having to go off-site. Most of the people who stated that on-site storage was important to them also said that they would be willing to pay more in order to have it. Since most people would be willing to pay more, there is a pretty good chance that you will profit from it.
Private Storage Bins Provide Security
If you compare a solid storage bin to a wire mesh storage cage, you can instantly see the difference. Not only do the sturdy storage bins look better, but they also help to keep the thieves away. Having wire storage cages is an invitation for thieves to just come in and take whatever they want. In some apartment buildings where there is no adequate storage, residents will store their extra belongings in the parking space that is assigned to them. This causes even more problems because their stuff is out in the open. If a property owner is not careful about things like this they can get into serious trouble with lawsuits and other hazards. By installing a hefty set of storage bins, or over the hood storage boxes the whole property looks nicer, is much safer and the resident’s stuff is safe and secure behind a locked door.
Generating Revenue
It is obvious that having a safe and secure place to store extra belongings is important to tenants. Most multi-family apartment complexes are pretty big and house a lot of people. If, for instance, you own a property with 100 apartments and they are all full you have a lot of rent money coming in. More than 20% of the tenants that were asked about being willing to pay more money for storage said that they would be OK with paying $30 or more per month to have an on-site storage solution where they could safely store their extra stuff. That is $3,000 more a month. If the apartment complex has 1,000 residents that means an extra $30 K per month. That’s a substantial amount of money. If you look at it from this angle, it is easy to see that the whole project will pay for itself and nothing will have to come out of pocket.
Here’s The Kicker:
You will cut down on crime, you will make the whole place look fantastic, people will have a safe place to store their belongings, and everybody will be happy. What more can you ask for?
Conclusion
What it all comes down to at the end of the day is that there are plenty of apartment buildings that offer great on-site storage places for their residents. People are prone to migrate towards the things that are most important to them. So, if you don’t have a proper storage solution in place, your tenants will most likely find another place that does. Upgrading your current storage, or building a new storage solution from scratch probably does not cost as much as you would think. If you would like to learn more about how you can add value to your property, visit the storage experts at Bradyl Storage Solutions and get started today.