Statistics indicate that US consumers are willing to pay almost as much per square foot for a rental apartment as they are for a storage unit. And the trend is making its way across the Atlantic as an increasing number of British residents find their possessions no longer fit in the space they have available in their homes.
But finding somewhere to store excess possessions is not always easy. In the US, town councils and zoning committees are reluctant to add acres of more windowless rectangles within city limits.
This drastic shortage of storage solutions can benefit landlords and investors alike because in comparison with residential and commercial homes and businesses, self-storage facilities are relatively inexpensive.
In many cities, self-storage properties are being filled as fast as they are being built. In fact, public storage company shares are at the top of the performance peak in comparison to other public real estate or property related businesses and firms.
But before you jump on the self-storage bandwagon, it is important to conduct adequate research into the area you are considering building. Certain communities have banned the construction of new storage facilities.
This is why an increasing number of new-build storage facilities are masquerading as apartment buildings, hotels and stylish office spaces; often blending in seamlessly with nearby retail storefronts.
While the aesthetic compromises and false additions have made these buildings more pleasing to look at, the overall community dislike for commercial warehouse space could still limit expansion possibilities.
Some proposed self-storage projects have taken more than a decade to receive adequate zoning approval.
Not only that, when the economy takes a hit so does new construction. Understandably, many projects are halted and abandoned prior to completion when a financial crisis occurs. The publically traded self-storage corporations saw a significant growth with their occupancy during this difficult time. Since numerous people had to downsize their living quarters or foreclose on their homes, there was a huge push in commercial and residential storage requirements.
From a residential perspective, more people find it convenient to rent or own an apartment that offers personal storage units on the property. Whether it is an underground storage solution or a separate building on site, the benefits are huge for both the landlord and the renter.
Numerous buildings offer their tenants extra storage for an additional monthly fee. Most tenants prefer the easy accessibility and peace of mind of having their personal items on the property. It can be a hassle to make arrangements to get into your storage unit on short notice or trying to gain access during non-regular business hours.
Similarly, many businesses have important equipment and paperwork that they desire to keep on-site. Extra stock or paper records that are accessible is much better than having to make a special trip every time you need something.
Self-storage solutions are only becoming more of a necessity in today’s society. A an example of a well-run and established Self Storage facility in the UK is Thornbury Self Storage, which is a family run business that diversified into Self Storage when they saw a market emerge in the local areas of Bristol and the South West.
That’s why it can be prudent to look into the storage component when choosing your next residential or commercial space. Overlooking this vital detail can leave you or your customer having to inconveniently drive across town, potentially costing your business down the road. Invest your time and money more wisely by making storage solutions a priority from the start!