Tips for increasing storage rental value
Storage units have been more in demand now than they have ever been. They might be one of the most important additions to commercial real-estate spaces. Their presence on the market is important because they can expand your space at an affordable price. And luckily, since there is a high demand for moving and storage companies, there is a high supply as well. Whether you are looking to join the storage business, or you are already a proud owner or renter, your goal is the same. You’ll be happy to see our expert tips for increasing storage rental value.
Nobody wants a filthy storage unit
Storage owners may forget to keep their rental spaces clean because it is so obvious they should. Most people think that they’re not renting living spaces, but spaces to throw their excess stuff in. Still, you need a clean and dry unit to leave your things in. And on that note, if you are unfamiliar with at least the basics of increasing storage rental value, the smartest move would be to hire special moving services to guide you through this. Especially in case, you own several and/or large storage spaces, hire professional cleaners who’ll skilfully take care of it. Take special care of your units before bringing in potential renters or buyers. Make your space tidy and you’ll increase storage rental value by just making it look super sleek and spotless.
Work on increasing storage rental value by targeting the right kind of customers
Sit down and really think about who do you want to attract to rent or buy your storage unit? What type of renters do you want to attract? Do you want renters that are searching for small spaces? Are you successfully targeting renters who want to store valuables or antiques? After you seriously think about the direction you want to go in, you will just need to know what is a binding estimate and you won’t venture in the wrong direction. The best business move you could make is to figure out who is your clientele and for what type of objects you’ll advertise your space. This is key if you are working on increasing storage rental value. If you focus on every detail, very soon you might be the top competition in your area.
Climate-controlled units are great choices for increasing storage rental value
Note that the air and temperature can be regulated in the storage unit. If you are wondering why that is important, climate-controlled units work great in preventing mold. Maybe you’re thinking – it’s not like a person will be living in that space, who cares about air conditioning it? Well, temperature control could be a very important detail. Understand that certain types of items could experience damage if the air conditions and temperature are not adequate. When a room is too moist, mold starts to form.
This is dangerous for:
- family heirlooms,
- wooden furniture (especially antiques),
- musical instruments etc.
In addition to mold, if the temperature is too high in the storage unit for a long time, furniture can crack. So, if you really think about it, this kind of investment could be increasing storage rental value significantly. Adding this feature to your storage unit is a great way to increase storage rental value.
Increasing storage rental value with climate control
When looking for safe warehouse facilities, make the process a lot easier on yourself and look for facilities that offer climate-controlled units. Increasing storage rental value with climate control means maintaining your unit, tidy and rentable much easier. In addition to this, some facilities allow renters to make additional improvements. It is also a good way to add value to your units if they allow custom alterations.
Choose various unit sizes in order to attract tenants with different needs
It is simple mathematics really. The bigger the storage space, the higher the rental price. However, when you are buying several units, it is wise to choose a combination of small and large units if you want to go in the direction of increasing storage rental value. That way you can advertise for renters with different needs.
Location is everything!
We aren’t talking about increasing residential real estate value or about office space. Still, when it comes to increasing storage rental value, the same rule applies. A great location will most certainly add to your storage unit’s value. Nobody wants to drive 2 hours out of town to have access to their storage space. So, you’ll have the upper hand on the market if your facility has a great location. This also allows you the opportunity to charge a suitable rent.
Increasing storage rental value with good security
You won’t likely get new (or stable) renters if you don’t have any security. Well, do yourself a favor and invest in increasing storage rental value with good security. Stored items will always vary in their value, but they’ll always be important to their owners. Every owner will want you to assure them that their things are safe and sound. Luckily, you’ll soon see that there’re many different ways to boost your storage facility’s security.
Types of storage security
When thinking about security options you can factor in the extra security as an additional expense to increasing storage rental value in your facility and its maintenance. At the same time, your potential renters will pay more if they add security as an option. Increasing storage rental value is easy if you use some of these security options:
- Special fencing (electrical might the best preventative)
- Limited access – no trespassing
- Individual security locks for every unit
- Video surveillance equipment
- Security guard
Insurance – The final factor to increase your storage rental value
Many potential renters will come with their own insurance coverage. However, sometimes it is not enough, because many packages don’t cover everything. In case some points are missing from their renter’s policy, you can offer additional coverage to them. This is truly a smart way to get a nice advantage over your competition and excellent for increasing storage rental value.