You’re looking for a way to boost your bottom line this summer, and you’ve got your eye on real estate. But rather than investing in rental properties, you’re contemplating in investing in self storage.
Research shows that the self-storage market was valued at more than $87 billion back in 2019. And that figure is slated to reach more than $115 billion by 2025.
However, there’s often a little confusion with regard to self-storage. Fortunately, we’ve broken down the key points you need to know for worry-free storage.
Let’s get started!
A Self-Storage Primer
As a self-storage investor, you would rent out storage units to people who need additional space to store their belongings.
Perhaps they’re planning to downsize and will therefore need storage space for the items that won’t fit into their new homes. Or, maybe they need units for storing their boats, vehicles, documents, or even their seasonal college items.
Whether your clients need storage short term or long term, your units would provide them with secure space for keeping their things. And you reap the many benefits of self-storage, which include minimal overhead costs.
In addition, unlike investing in condo and office structures, self-storage investing presents fewer working costs, upkeep costs, and variable expenses.
How Storage Unit Rentals Work
If your future clients ask you how to rent a storage unit, you’ll need to explain to them that the process involves completing an agreement and providing payment.
The agreement should state how long your client plans to rent your storage unit — for a few months or indefinitely. In addition, it will spell out the size of the unit you’ll be providing for them. The agreement will also need to highlight how much your client will pay to use your storage unit.
As a general rule of thumb, payments can be made annually, semi-annually, quarterly, or monthly depending on your or your client’s wishes.
In addition, this pricing should cover not only the storage unit rental but also the security of your belongings and convenient access to them. It will also cover the maintenance of your client’s unit, which is your responsibility as a self-storage investor.
How We Can Help with Self Storage Investing
As your leading self storage experts, we are excited to offer you the tools you need to profit from this sizzling-hot sector of real estate.
With our help, you can be financially independent and not have to worry about the hassle of dealing with trash, toilets, and tenants as you would in traditional real estate investing.
In addition, we’re proud to offer a thriving community of investors. In our community, thousands of industry professionals unite from across the globe to support and celebrate one another’s success as self-storage investors.
Get in touch with us to learn more about how we can help you to increase your net worth in the years ahead through self-storage.