Self storage units are rapidly evolving to be the most lucrative asset when it comes to real estate. This is especially true considering the numerous advantages it offers both new and experienced investors. Find out in this post why building a self-storage facility should be your next real estate investment.
Benefits of building a self-storage unit
Here are the top five benefits of making a self-storage facility investment:
1. Low operating cost
Operating a storage unit costs extremely less in comparison to other real estate assets. In addition, those who Invest in selfstorage units make their money back sooner than those who invest in other real estate assets.
2. High demand
Almost every sector needs an extra space. People who have an extra load that can’t fit in their garage need self-storage units. Offices and companies that need to store items that are not frequently used also patronize these spaces. People who want to move out usually source for a temporary place to put their belongings before securing another apartment.
The list goes on. Hence, you do not need to worry about a lack of clients or tenants. Besides, losing some clients won’t cost you much as the turnover time is rapid.
3. Fast turnaround time
If any of your clients wish to leave at any time, one of the most vital advantages that self-storage owners take advantage of is the fast turnaround time. This means that it takes an average of fifteen to twenty minutes to prepare a freshly vacated storage unit for a new client.
All you need to do is clear out the old storage unit, sweep, and spray some paint if applicable, and the unit is good to go for another customer. The same cannot be said concerning houses, offices, and garages that take months to prepare.
4. Short-term lease
A large percentage of storage units are rented out temporarily. This implies that the lease must be renewed each month by both the owner and the tenant. This arrangement has several advantages.
On top of the list is that it makes it easy for owners to increase or review the rent fee monthly instead of waiting till the end of the year as applicable in other real estate properties. Besides, if you as an owner have a falling out with any tenant, you can do away with them at the end of thirty days.
5. Less maintenance
You need a few workers and staff members to build and maintain a self-storage facility. Typically, two people can manage a storage site effectively if their job descriptions are spelled out. In fact, some storage sites work with only one full-time employee on site who operates and monitors the facility. This makes maintaining the facility easy. Besides, the things you need to replace over time are more manageable than those in an apartment.
A final word
Aside from these obvious benefits, a self-storage unit is a flexible investment. You can make adjustments to the units as time and trends dictate. Besides, it’s an investment that’s devoid of a repetitive legal tussle between owners and clients.