Use Storage Space Solutions to Generate More Income
Multifamily property owners are starting to see the value in storage space solutions. The numbers do not lie. Out of all of the renters that were asked whether or not they prefer to live in an apartment building that offers on-site storage most of them absolutely agreed that they would much rather live where they can store their belongings close to them.
In addition to them preferring to have a secure storage solution in the place that they live, most of the people said that they would be willing to pay a substantial amount more money each month on top of what they are already paying for rent. What this means is that property owners could potentially bring in an extra $10,000 or more per month simply by installing secure storage bins.
Multifamily Without Storage
There are many things that can go wrong when an apartment owner fails to install an adequate source of secure storage options for the tenants. In many cases, the tenants will start to store their belongings in places that are not designated for storage purposes. For example, apartment buildings that have long, enclosed hallways are inclined to renters to store extra belongings in the areas along the wall of the hallway where people don’t walk. Not only is this very unsightly to look at, it causes fire and tripping hazards as well.
Renters will try to stuff their small balconies with extra belongings too. When they need extra room to store seasonal articles such as barbeques, tents, holiday trees, or whatever they will find places to put them that are out of the way and seem to be a good place. However, when people store too much stuff on balconies in apartments it causes a really bad fire hazard, and some pretty ugly eyesores from the outside of the building as well.
Another way that tenants creatively store their extra stuff is to put it in the extra little bit of space that they have at the top of their parking space in the garage. Although this seems like a fair place to store a couple of extra things, when everybody in the apartment building does it, problems begin to occur. Not only is the extra stuff in the parking areas ugly to look at, but it can also attract thieves and other pests like rodents.
Parking Space Storage Boxes
Another alternative to storage bins is over car storage boxes. The way that these work, is that an 80 cubic foot box is mounted on a pair of legs that allow the box to be suspended in the air over the car leaving enough room for the vehicle to park with the hood under the box. The great thing about this particular storage solution is that it allows the property owner to turn what would be thin air into a good-sized area that is both private and lockable.
The Bottom Line
As long as you don’t install ugly wire cage storage bins, you have a chance at not only bringing in an extra amount of income each month but also increasing the value of the entire property. In one aspect, the market property value will go up as soon as you add the storage bins because it is an upgrade, and another aspect is that people will be willing to pay a significant amount of extra money every month just to have an on-site storage solution. Higher income means much more value.
Secure amenities attract secure tenants that have enough money to continue to pay rent on time each month year after year. The more tenants that you have that fit that description, the better off you are. Since quality renters want on-site storage, go ahead and install it. Why not?