With so many self storage facilities popping up across the U.S., the thought of doing any sort of facility renovation causes many self storage owners and investors more anxiety versus excitement. Facility improvements offer many business advantages such as higher rental rates, increased property value, and happier customers that will stick with the facility once improvements have been implemented.
While the Self Storage industry is booming, there are a lot of properties out there that have aged with little or no maintenance, upgrades, or renovations to keep them operating at peak performance. This may include broken unit doors, leaky roofs and poor lighting or other safety hazards. When customers don’t feel that the items they are storing are being responsibly protected, they are more likely to seek out a facility that is newer, cleaner, safer, more sustainable or renovated.
All self storage facilities should have:
Forge Building Company can help you assess and improve your self storage facility to meet the needs of your customers while increasing rental income and property value. When determining what to renovate, Forge can evaluate your site, looking at the aesthetics and functionality to determine what areas should be upgraded or replaced – doors, hallways, roof, lighting, vehicle storage areas, and other equipment.
Many Forge customers are upgrading unit doors because their appearance and functionality impact site safety and security. Remember, curb appeal is the first thing a customer will notice. Also, replacing older doors can potentially lower your insurance liability and costs.
Replacement doors should be customizable, easy to operate and maintenance-free. This will result in minimal upkeep. Forge recommends dead-axle roll-up doors with factory-lubricated and enclosed springs that’ll be protected from harmful elements while ensuring smooth operation for many years. Samples can be seen here: storage building hallways and doors.
In a recent blog post titled Sustainability In The Self Storage Industry, Forge suggested several sustainability options, including:
Adding vehicle storage designed to house a car or other type of vehicle is another great upgrade. Think of it like a garage or parking space that you rent within a self-storage facility, with similar benefits depending on the storage company and unit that you choose, such as on-site security, gated access, and climate control.
There are four primary types of vehicle storage:
In a recent blog post titled Guidelines for Vehicle Storage, we discuss the various options for vehicle storage. One of the best ways to enhance your customer experience and grow your business is to offer RV and boat storage. Your customers will be motivated when they learn that they can store their RV or boat at the same storage facility as their other items.
Forge Building Company is a premier commercial storage builder that constructs not just self storage facilities, but also commercial RV and boat storage canopies. Because we partner closely with many self-storage business owners, we know what storage facilities require when it comes to their buildings and canopies. For samples of our vehicle storage projects, see Canopies RV Boat Commercial.
Many renovation projects can be completed without interrupting the rhythm of your business. The team at Forge can suggest a rollout plan to ensure your business continues to run smoothly during any renovations.
While the thought of renovation often brings concerns and questions over the financial burden, it is key to consider all of the benefits of the renovation. An improved facility will allow you to market all of the safety and sustainable new features to current and potential customers which will then allow you to charge higher rents, increasing your property value! It’s a win-win for both you, the property owner and your customers!
In addition, once the renovations are completed, there could be cost savings in utilities and insurance.
Cost seg (CSA, n.d.) is a tax-planning tool that allows you to write off discarded old materials as part of your federal tax filings.
Renovations aren’t just for older self storage facilities. They can benefit any site. If your occupancy rate is above 85%, consider upgrades. Making appropriate repairs and upgrades will provide your customers with a safe, secure and clean environment for their precious belongings enabling an easier justification for higher rental rates while increasing your property value.
Barnard, J. (2018, September 14). Retrieved from Inside Self-Storage: https://www.insideselfstorage.com/eco-friendly-storage/differentiation-through-sustainability-green-ideas-self-storage
CSA. (n.d.). Retrieved from CSA: https://www.costseganalysis.com/
U.S. Department of Labor. (n.d.). Retrieved from U.S. Department of Labor: https://www.dol.gov/general/topic/disability/ada