Thursday, June 30

How Apartment Storage Can Generate Revenue

It may not seem like it, but apartment storage is one of the most coveted amenities for renters across the country. In a recent study, a high percentage of the renters that were asked if they would rather live in an apartment complex that had on-site storage available said that they absolutely would rather have a storage solution that was right in the same place that they lived. Who could blame them? 

The next question that they were asked gave a whole new perspective for property owners everywhere. When the tenants were asked if they were willing to pay more every month in order to have their own on-site storage solution, the majority of them said yes. On top of that, many of them said that they would be willing to pay upwards of $100 extra per month in order to get a dependable, reliable, on-site storage solution.

Renters Prefer Storage

It is easy to see that people that live in apartments love the idea of having a place to store their extra belongings close to where they live. On top of the tenants being willing to pay more for on-site storage bins, a step further is that they would be willing to move to another property that had storage in place if they were able to afford to do it.

In wake of the pandemic and the unemployment aid, plus the stimulus packages many tenants are now able to take advantage of the funds, and the opportunity to live in an apartment facility that is better suited to meet their needs. When we say better, we mean apartments that provide adequate on-site storage solutions.

In addition to renters acquiring extra funds, many of them no longer have the need to live in an area that is close to where they work because of the ability to work from anywhere now. The combination of extra funds and the need to live in an apartment facility that is equipped to give them what they want. What this boils down to is that apartments that do not offer on-site storage solutions for their tenants, could end up losing their renters.

The Gain of Installing Storage 

In addition to giving the people that pay the rent there an extra amenity that they can use, installing secure storage solutions onto a property automatically increases the market value of the property. On top of being able to charge anywhere between an extra $35 to upwards of $100 per month per tenant, the whole value of the property goes up. 

An Investment that Gives Back

Unfortunately, many property owners fail to see the value in installing secure storage lockers onto the property. They believe that it will cause more trouble and cost more than it would be able to do good. This is an inaccurate assumption. In most cases, the amount that landowners can charge the tenants is more than enough to pay for the whole package of installation and storage bins put together. For example, if you were to install 100 storage bins and charge 100 tenants an extra $100 per month, the endeavor would bring in $10,000 per month. That is a lot of money. More than enough to cover the expenses over installing and building. It ends up being an extra $120,000 per year. On top of whatever you are already making in rent.

Conclusion

As the competition continues to become more aggressive, and so many apartment owners are choosing to install secure storage for their tenants it is easy to see that the best thing a property owner could do is take a look into investing in some storage bins. The need for storage is there, and the potential for a huge ROI is right there with it.