Property Managers need to offer a range of amenities to keep up in an increasingly competitive market and are challenged with determining what is optional and what is necessary. These trends often evolve with changes in demographics and population requiring an exhausting level of insight. Apartment storage units are one such amenity that has rapidly evolved from a luxury offering to a basic need. Newly developed apartments and buildings in the development pipeline are all including resident storage in their amenity offering, forcing existing properties to remain competitive by offering it as well. Multi-family storage solutions provide safety and generate extra income.
High-quality storage units in DC Metro area apartment buildings have been reported to generate up to $4.73/square foot for previously unused space, that is simply a number that can’t be overlooked.
- If you are currently offering storage, it’s time to review where you stand. Are you giving your storage away at no cost, losing the opportunity to generate more revenue? Do your storage units measure up in quality, now that simply having them isn’t as unique? Do residents feel that their belongings are secure?
- If you are not currently offering storage, it’s time to think about how to add this high-demand amenity to your property.
Are you on the fence about adding resident storage?
Consider the demand and the need to provide an amenity that residents are asking for when apartment shopping:
- Baby Boomers and the Silent Generation rank extra storage as their third most-wanted amenity according to J. Turner Research.
- Students rank storage just as high and have even stated that they’d be willing to pay $101 more every month for extra closet and storage space.
- Apartment search engines like ForRent.com offer “extra storage” as a filter option- don’t lose potential residents by being filtered out.
- Convenience is a key demand driver for both long-term and transient residents – especially pertinent to city dwellers! Car ownership is dropping, thus shifting even more focus to on-site storage.
Practical tip: Advertise the new offering of on-site storage to create a waiting list for storage units.
You already have enough space; take full advantage of your infrastructure!
- Remember that trend toward fewer cars! Those unused spaces in your parking garages can be monetized with resident storage.
- Awkward parking garage dead corners are perfect for adding enclosed storage while maintaining privacy and cleanliness.
- Empty basements and other overlooked space for storage are prime candidates for generating additional top-line revenue.
- Individual units can be used as premium bicycle storage for your clients seeking an alternative to the “common bike room.” This will help minimize the costs you incur from bicycles damaging your hallways and elevators.
- Storage units are a low-cost item with a rapid payback- a virtually maintenance-free profit-generating amenity.
Practical tip: Examine your property for any underutilized spaces. Below-ground parking garages are a prime opportunity for adding storage units.
Add beauty and value at the same time
Whether you are implementing storage initially or upgrading, consider that to fully realize the significant value of offering storage as a residential amenity and differentiate you from the competition, there are some critical elements to ensure attractive, secure space. From a resident’s perspective, storage areas must be attractive, well-lit, and secure to make the residents feel safe and make the investment worth it.
Make the storage spaces feel as inviting as the rest of the property and not as an afterthought. You would be surprised at the difference a fresh coat of light-colored paint and some bright lighting can do.
Once you’ve taken the step to offer storage, here are some tips and tricks from the experts to optimize your space:
- Consider what type of storage unit to offer. Chicken wire and 2x4s are insecure and outdated. Wire mesh storage units are often sold in-stock sizes and are sturdy, however, they are unattractive and lack privacy. Residents may feel less secure utilizing these spaces due to their contents being exposed. Enclosed storage units can provide the high-quality appearance and privacy that you and your residents are looking for. They are also customizable to the space you have available, accommodating awkward angles and site obstructions.
- Consider the size of the storage units you offer.
- Larger sizes tend to be in higher demand, whereas sizes such as 3×3 are more difficult to sell and utilize.
- A 4×6 storage unit is a very high demand size. The size of a small closet, it fits a dresser, a small mattress set, and several small to medium-sized boxes. This space is also perfect for seasonal decor and sports equipment. You can also roll a bicycle right in along with plenty of other belongings.
- Consider double stacked storage units to maximize space.
- Consider how to prepare and upkeep your storage areas.
- Prepare your storage space with a fresh coat of paint and adequate lighting. Bright white walls and a coat of paint on the floor can transform a dingy dark room into a spacious inviting one.
- Have your maintenance staff check your storage rooms regularly- they are often overlooked.
With attention to detail for your new or upgraded resident storage offering, you will be able to take advantage of this opportunity to better serve your residents and improve your bottom line.
Bradyl Storage Solutions provides multi-family storage units that last, taking away the need for wire mesh storage units and providing an alternative that residents prefer. Generating additional rental income for your apartment or condo multi-family units is easy with Bradyl. See what Bradyl Storage has to offer and how they produce positive NOI almost immediately after installation.