How Much Should You Pay for a Rental Self Storage Unit?
Are you renting a self storage unit? Click here to find out how much you should pay for your rental self storage unit and be sure you’re not overpaying.
Is the high cost of self storage a concern? Are you tired of paying someone else to store your belongings?
The annual revenue in the self storage sector in the U.S. is 39.5 billion dollars. You could be a part of that industry with a small investment.
Consider investing in rental self storage.
The Cost of Renting a Self Storage Unit
What you pay to rent a self storage unit depends on several things. The size is one consideration. Larger units cost more to rent than smaller ones.
If you need heated storage, it will cost more than a unit that doesn’t provide that service. The length of time you want to use the unit is also a factor.
Drive-up storage units are easier to access. You’ll pay more for that accessibility. Location is also a factor. Rental self storage in cities is more expensive.
The Hidden Cost of Renting
Savvy real estate investors know there is a hidden cost to renting. When you pay rent, you are giving someone money every month. In return, they provide a service.
When you pay for a rental self storage unit, the owner uses that money to pay their mortgage and other operating costs. Over time, the renter has nothing to show for their money.
The landlord has earned a nice little passive income from rental payments.
Passive Income the Easy Way
Storage units are an easy option for people who need more space. They use them when they downsize or if they’re staging their homes for sale.
Often someone will rent a storage unit during a time of transition in their life. They may store the belongings of their loved ones when the family home is being sold. It’s a way to buy some time.
Storage is a great option when someone isn’t sure if they will need the items in the future. Instead of deciding to sell their stuff, they choose to rent a storage unit.
Once belongings move into a storage unit, they tend to remain there for a long time. People are reluctant to sort through their things and often prefer to pay the rental bills instead.
Are There Risks to Investing in Rental Self Storage?
Every investment carries some measure of risk. If you research the deal carefully, you can reduce the uncertainty.
Learn how to perform due diligence on your deals before money exchanges hands. It’s proven to be resistant to recessions with relatively high returns.
Investing in a good location with reputable management are two factors that can reduce your risk. Studying the industry will help you make the right decisions.
Rental Income With No Tenant Problems
Renting self storage is a hidden secret of real estate investing. It’s relatively low maintenance and there are fewer hassles.
The best part of renting a storage unit is you don’t experience the same kind of problems as you might with a rental apartment. No one will complain about noisy neighbors or dripping taps.
Discover All You Need to Know About Investing in Self Storage
Contact Self Storage Investing to learn more about investing in the rental self storage industry.
They have the tools you need to be successful. You will discover a network of supportive, like-minded people while you develop your self storage business.