Boise, Idaho – March 6, 2025 – Forge Building Company, the expert innovator in reliable steel building systems, today announced its continued nationwide expansion, now managing projects in 31 states, including Alaska and Hawaii. This milestone reinforces Forge Building Company’s position as the premier steel building expert in the self-storage industry. This growth is largely driven by its unwavering commitment to quality, innovation, and continuous improvement.
To stay at the forefront of industry trends, Forge Building Company offers customers a variety of options for designing or upgrading self-storage facilities to enhance profitability. These options range from traditional drive-up units and multi-story facilities to climate-controlled spaces and adaptive reuse projects, such as converting offices or big-box stores into storage units. The demand for pre-engineered metal buildings (PEMBs), flex space, RV/boat canopies, and high-end storage condos for boats and RVs is also on the rise. Additionally, Forge has continued to excel with its standing seam and roll-forming roofing solutions. With these diverse solutions, investors can tailor their storage model and mix based on budget, location, and community needs.
“We are excited to contribute to the growth of local economies in 62% of the country as we expand toward the East Coast,” said Hamish Bell, President of Forge Building Company. “Our transition from primarily operating west of the Mississippi to becoming a nationwide developer underscores our expertise in steel buildings and the self-storage industry, regardless of location. With our diverse product offerings, such as pre-engineered metal buildings, we are now able to offer our expertise to even more sectors than self-storage.”
Forge Building Company’s dedication to customer satisfaction and close collaboration distinguishes it from competitors. With this growth, the company is well-positioned for continued national growth and success.
Founded in 2007 by veterans Hamish Bell and Hayden Farrell, Forge Building Company has become a leading expert and provider of comprehensive steel building solutions. With over two decades of experience and a portfolio exceeding 500 projects and 50 million square feet of construction, Forge Building Company remains privately owned and headquartered in Boise, Idaho.
The self storage industry is evolving. As we enter 2025, this industry is well-positioned to adapt to the shifting landscape of increased mobility and shifting customer expectations. Facility owners and operators who invest in flexible pricing, innovative technology solutions, and targeted regional marketing will be better equipped to thrive in this evolving market.
In our previous blog, “2025 Self Storage Industry Growth Projections and Trends,” we looked at top trends and innovations expected to shape the construction industry in 2025. From an investment standpoint, Self Storage still provides great opportunities for investors. The US market alone is expected to jump from $44.37 billion to $49.88 billion by 2029. This represents a Compound Annual Growth Rate of 2.37%1.
Price Matters. Price is a significant factor when it comes to self storage. In the Storable survey, 83% of respondents emphasized that price is a significant factor when choosing a storage unit. Affordable, flexible options will likely remain a key selling point for facility owners. Convenience and location also rank high, with 68% of respondents emphasizing the importance of accessible facilities.This expansion has been fueled primarily by an increase in RV ownership and a rising population of boating enthusiasts, creating a demand for dependable storage solutions during periods of inactivity. Storage options may include uncovered storage, canopies (or covered storage), or storage condos (fully enclosed storage).
In our blog, “Investing in Storage Condominiums,” we address this sector of Boat and RV Storage as a great investment alternative.
Investors and facility owners should also consider the growing demand for short-term storage. With 79% of customers needing storage for six months or less, flexibility in rental terms and ease of extension could be a game-changer for attracting and retaining customers.
As more people plan moves, the demand for storage is projected to grow. Current facility owners must adapt by offering value-driven services while keeping prices attractive to stay competitive.
The global population is increasing. More people means more stuff creating a need to stash their belongings. With the increased cost of living, many young professionals are opting to rent rather than buy, living in apartments and condos with limited space.
Self storage is profitable. Revenue from self storage rentals and sales is on the rise. The US market alone is expected to jump from $44.37 billion to $49.88 billion by 2029. With high demand and significant cash flow potential, self storage is an appealing real estate investment.
The self storage industry shows no signs of slowing down, and recent trends explain why there are so many storage facilities. In our blog, “Self Storage is an Investment Alternative,” we discuss the primary reason investors look at this asset class is because it can be an inflation hedge. This is still true today.
Here’s what the Forge President and CEO have to say about “Self storage as an investment.”
Strong market fundamentals, smart investments in technology, and a growing customer base all point to continued opportunities for self storage facility owners and investors. The demand for extra space isn’t going away anytime soon. For people and businesses with too much stuff and not enough room, self storage provides an ideal solution.
References
1. Davison, M. (2024, July 4). Storeganise. Retrieved from storeganise.com:
https://storeganise.com/blog/why-are-so-many-storage-facilities-being-built
2. Storable. (2024, October 22). Retrieved from storable.com:
https://www.storable.com/resources/learn/2025-self-storage-industry-outlook-trends-to-watch/
3. Investinselfstorage.com. (2024). Retrieved from StorageUnits:
https://investinselfstorage.com/2025-self-storage-industry-outlook-whats-ahead/
4. Verified Market Reports. (2024, November). Retrieved from verifiedmarketreports.com:
https://www.verifiedmarketreports.com/product/rv-and-boat-storage-market/
Forge Building Company stands as the pinnacle of expertise in steel building construction, renowned as the industry-leading steel building expert. The company’s supremacy is underscored by its comprehensive structural engineering services, that encompass design-build solutions that consistently surpass customer expectations. While the company excels in supplying premium-grade steel, it understands that robust design and meticulous planning are pivotal for project success. Thus, one of the company’s key offerings is expert structural engineering support to seamlessly actualize a customer’s vision.
See what our customer, Mychal Gorden of Desert Land Group, has to say:
youtube.com/watch
The Forge engineers are dedicated to collaborating closely with their customers to translate abstract concepts into practical, innovative structural solutions. Whether your project entails a single-story drive-up facility, a multi-story complex, covered boat and RV storage, storage condos, a modern pre-engineered metal building, or a fusion of these elements, the Forge team possesses the expertise and creativity to materialize those concepts into the customer’s dream facility.
Leveraging cutting-edge software and technologies, Structural Engineering creates detailed drawings and plans that serve as the project’s blueprint that helps drive and determine costs. Utilizing the Forge Engineering team enables more cost-effective practices using our designs, saving the clients money. These designs include critical details essential for installation – from precise dimensions and material specifications to load calculations and structural analysis. Every aspect of the design is carefully documented to ensure accuracy and compliance with industry standards while also saving the client money.
Forge Building Company’s unwavering commitment to excellence resonates throughout the structural engineering process. Forge ensures that the customer’s project is not only visually striking but also structurally robust and compliant with the highest industry standards. Each customer can trust Forge to bring their vision to life with unparalleled precision and innovation, delivering results that surpass expectations.
See what our customer, Adam Pakes, CEO of LuxeLocker has to say:
With Forge Building Company as a partner, the customer gains access to a team of dedicated professionals who are committed to realizing their construction aspirations with exceptional expertise. Forge’s reputation for excellence precedes them, and they take pride in their ability to consistently deliver exceptional results that stand the test of time.
Contact us today to embark on a journey toward turning your vision of any sort of metal self storage building into reality with precision, innovation, and unmatched expertise.
When building a self storage facility, it is easy to get lost in the process. Many people get ahead of themselves and envision the features they want in their facility, or how they want it to look while overlooking one crucial step: the site plan.
Before construction begins, a conceptual site plan (CSP) should be completed. This is a visual representation or sketch that outlines the proposed layout and design of your facility. It typically includes key elements such as buildings, landscaping, parking areas, access points, utilities, power lines, terrain, and other features relevant to the development of your self storage facility. This will help you and other stakeholders visualize the potential development and make more informed decisions about the project before investing in architectural drawings1. This is why it’s key to work with the steel building experts at Forge.
At Forge Building Company, we start with a comprehensive evaluation of your project’s requirements, including site details, budget constraints, and timelines. Throughout this process, we are able to come up with solutions that ensure your project’s success.
Before ground can be broken on your self storage project, the site plan is a critical piece of the equation that will be used for the review and approval process by the planning department in your municipality. The planning department will review the site plan to ensure it adheres to all applicable ordinances and development standards.
The site plan also serves as a common operating picture and project roadmap for the development team. Capturing all major elements including site engineering and construction elements in a single plan will serve to keep the efforts of the engineers, architects, general contractors, and developers aligned. It will also help with project budgeting and provide the entire team with the elements needed to make informed decisions.
The site plan will provide you with a visual representation of your vision for your self storage facility. Seeing your vision on paper (or screen) will enable you to have a clearer understanding of what you are trying to achieve. This also provides you with the ability to assess the feasibility of your project and make any adjustments if necessary before going out to investors and lenders. Finally, it provides you with a document that ensures your project stays on course and aligns with your objectives.
Partnering with the experts at Forge Building Company will help ensure that your vision becomes a reality. When drafting a site plan, we oversee all aspects of the planning process to ensure that everything is up to standard and exactly how you envision it.
When creating your site plan, there are several elements that should be included2.
When you choose to work with the steel building experts at Forge Building Company, you can rest assured that all your site planning needs will be taken care of. Our team of experts will provide strategic plans that maximize space, improve your facility’s functionality, and increase efficiency.
Secondly, entrusting the team at Forge Building Company to complete your conceptual site plan ensures that every detail of your facility will be carefully drawn up and communicated with everyone involved in developing your facility.
Finally, by choosing Forge Building Company for your next project, you will experience firsthand the transformative impact of meticulous planning and years of experience to ensure that every decision you make is the right one.
Reach out to us today to discover how we can bring your vision to reality with precision, efficiency, and unparalleled expertise.
References
1. Hover Architecture. (n.d.). Retrieved from https://hoverarchitecture.com/: https://hoverarchitecture.com/csp/
2. MT Copeland. (2020, June 30). Retrieved from mtcopeland.com: https://mtcopeland.com/blog/what-is-a-site-plan-11-things-good-site-plans-must-include/
Your land has been purchased, permits have been pulled, your market feasibility study is complete, and financing is in order. Now, you’re finally ready to hire a self storage builder to develop your project. Choosing the right self storage builder can be a daunting task. After all, your future depends on having a well-designed facility that presents the image you want while providing the income potential you require.
This is a big investment. Cost, however, cannot be your only consideration — especially if this is your first venture into building a self storage facility. Contracting with the wrong builder can cause you all sorts of frustrations, time delays, and extra money. So, how do you choose a self storage builder? The following are some tips to help guide you in this process.
Before you schedule an appointment, make sure the builder you are considering is legitimate. They must be licensed, bonded, insured, and in good standing with the Better Business Bureau. If they claim to be a self storage builder, check with professional organizations such as the Self Storage Association. Furthermore, while the law provides some protection from fraudulent or incompetent contractors, it doesn't guarantee honest transactions or quality work. After all, your financial investment is at stake. Look at previous projects similar in scale to your project and check references.
Building your self storage facility is an investment that will bring substantial returns over time. With so much at stake, your builder's experience should be a top priority. It is not enough to be a great builder — the company you choose needs to be a steel building expert.
When building a self storage facility, construction requirements are very specific to the industry. An architect who doesn’t have extensive experience in self storage may miss these pieces in their design.
Forge Building Company is THE steel building expert. As such, we will supply your steel and provide an experienced installation crew for your project. Our installers pay close attention to every little detail ensuring your facility is built to the highest level of quality.
As the leading authority in steel buildings, we offer a comprehensive suite of services tailored to meet our clients' diverse needs. Additionally, we provide high-quality steel and deploy proficient installation crews. We also ensure that every aspect of your construction project is executed with precision and excellence.
Our extensive experience and industry-leading expertise enable us to offer a diverse range of steel products customized to match the unique demands of your venture. Whether your project requires structural beams, roofing panels, or specialized components, our seasoned experts are dedicated to guiding you through selecting the optimal materials. We prioritize using steel renowned for its strength, durability, and performance to ensure the longevity and resilience of your structure.
Our unwavering commitment to quality means we never compromise on excellence. We adhere strictly to industry standards and best practices, ensuring your facility is built with precision and craftsmanship. Whether it's a single-story drive-up facility, a multi-story complex, or a combination of various elements, Forge Building Company guarantees unparalleled expertise and excellence in steel construction.
See what Adam Pakes, CEO of LuxeLocker has to say about working with Forge as its steel provider and steel erector: https://www.youtube.com/watch?v=mtNqxjbVyiQ.
When selecting your self storage builder, look at the different services the self storage builder has to offer. The team at Forge offers a range of services, including project management, site planning, and structural engineering/design-build, along with the installation and erection of steel.
Look for a self storage builder that can offer everything your self storage project requires, such as multi-purpose self storage buildings, customized structures, and boat and RV storage buildings and canopies. By working with one full-service company for all project elements, you will eliminate duplication of efforts and dealing with all the brokers, shipping companies, and subcontractors needed if you were not using a single-source supplier. Ultimately, you will have more control over budgets and deadlines.
See what Mychal Gorden of Desert Land Group and Havasu Riviera Marina has to say about working with Forge: https://www.youtube.com/watch?v=GcL433bfUu4
When selecting your self storage builder, it is key to work with a company that has a team of professionals running your construction site that will maximize efficiencies, foresee and solve potential problems before they cost you time and money, and who will keep you informed at each step of the project. Experienced self storage builders will have well-honed protocols to minimize surprises and keep a project on track. Talk with previous customers to ensure they had a good experience and take a tour of the facilities the company has designed and built. It is important to meet all the key people working on your project.
From meticulous project scheduling and procurement planning to comprehensive risk management and communication strategies, Forge Building Company offers a holistic approach to planning that guarantees the triumph of your construction venture. Our dedicated project managers oversee every aspect of the project, ensuring that milestones are met, budgets are adhered to, and quality standards are upheld.
Another key factor to look for in a self storage builder is one that understands the importance of meticulous planning. At Forge Building Company, meticulous planning serves as the bedrock of our operations. We know that the triumph of your construction project relies on thoughtful layout considerations and comprehensive site analysis. Leveraging our team of experts, we specialize in crafting strategic plans that optimize space utilization, augment functionality, and enhance efficiency. This ensures your facility is meticulously tailored to meet your unique needs and objectives.
Drive aisles, turning radiuses, door size, security, lighting, keyless entry, and more must be considered. An experienced self storage builder can advise you on these issues early in the design process and help you lay out your buildings to maximize the number of rentable units.
At Forge, our process begins with an in-depth assessment of your project requirements, including site specifications, budgetary constraints, and desired timelines. We conduct thorough site analyses to identify potential challenges and opportunities, allowing us to develop proactive solutions that mitigate risks and maximize project success.
Drawing upon years of industry experience and technical expertise, our team collaborates closely with you to translate your vision into actionable plans. Additionally, we employ cutting-edge technologies and innovative design strategies to create layouts that optimize workflow, enhance user experience, and foster operational efficiency.
Effective communication is paramount in successful project planning and execution. Thus, we prioritize maintaining open lines of communication with our clients, subcontractors, and other stakeholders throughout every stage of the construction process. Regular meetings, progress reports, and collaborative workshops ensure that everyone remains informed, engaged, and aligned toward the common goal of project success.
By fostering a culture of collaboration and transparency, we create an environment where ideas are shared, challenges are addressed, and solutions are implemented swiftly. This proactive approach minimizes disruptions and accelerates project timelines, ultimately delivering superior results that exceed expectations.
Finally, it is key to work with an experienced self storage builder that offers comprehensive structural engineering services. These services encompass designing/building solutions and are willing to consult with you throughout the entire project—from site development to building design to completed construction. These services will enable your self storage builder to work closely with your architect to design all the amenities, utilities, and structural requirements that are unique to self storage. In the end, this will save you time and money.
Forge understands that robust design and meticulous planning are pivotal for project success. Thus, we offer expert structural engineering support to actualize your vision seamlessly. Whether your project entails a single-story drive-up facility, a multi-story complex, covered boat and RV storage, storage condos, or a fusion of these elements, our team possesses the expertise and creativity to materialize your dream facility.
Leveraging cutting-edge software, technologies, and premium-grade steel, our engineers carefully craft detailed drawings and plans for the project’s blueprint. These documents transcend mere visual representations, encapsulating critical details essential for flawless installation. Every design aspect is documented to ensure accuracy and compliance with industry standards, from precise dimensions and material specifications to meticulous load calculations and structural analysis.
See what Mychal Gorden of Desert Land Group and Havasu Riviera Marina has to say about working with the Forge engineering team: https://www.youtube.com/watch?v=pPX7A1eZ88A
In the competitive landscape of self storage construction, choosing the right builder is crucial to your success. With the team at Forge by your side, you’re not just hiring a storage unit builder—you’re partnering with a team of dedicated professionals committed to excellence in planning, design, engineering, construction, and project management.
No matter what type of self storage project you envision building, choose Forge Building Company as your one-stop shop for all your self storage design, construction, and expansion needs. What sets Forge apart is not just our commitment to building storage facilities but also our dedication to crafting solutions tailored to meet the unique needs of each project. Our clients expect projects delivered on time and on budget. When you choose Forge, you are choosing quality, reliability, and innovation every step of the way.
Finally, with our proven track record of delivering superior results, you can trust Forge Building Company to bring your vision to life with precision, efficiency, and unmatched expertise. Contact us today to discover how we can elevate your next steel construction project to new heights and success.
See why Elevate Self Storage selected Forge as their self storage builder: https://www.youtube.com/watch?v=BMCRBEwlMIM.
Contributing Editor: Phil Warchol, Forge Building Company
With the rapidly growing market for boats, RVs, classic cars, and other “toys,” developing or Investing in Storage Condominiums can be lucrative for both the investor and buyer of the individual units. These types of storage units appreciate in value due to the low supply and high demand, allowing owners to capture a full return on investment and more. Plus, there are many tax breaks because it is commercial real estate.1
A storage condo, like it sounds, is much like a residential condo except it is a storage unit that you own. These units are designed primarily for the rapidly growing market for boats and RVs (see our blog https://forgebuildings.com/where-is-boat-rv-storage-headed/), but can also be used to store items like classic cars, business inventory, and more. Each storage condo unit is part of a storage complex that has some shared amenities for which owners typically pay monthly dues to maintain in a similar manner as a traditional Homeowners Association.
While these types of condos share the same basic purpose as other storage units, condo-style vehicle storage differs in significant ways from the standard rental model. First, vehicle-storage condos share many characteristics with office-warehouse or flex condos, including high and wide doors, high ceilings, wide aisles between buildings, climate control, and security features. They may also be in an industrial park or on land zoned for light industry. A big difference is that the storage condo complexes usually offer services specific to boats and RVs, such as dump stations, wash stations, maintenance, and repair.
Irrespective of market conditions, storage condos appeal to buyers and developers for a variety of reasons:2
In today’s market, most storage condominium units range in cost from $55,000 to $200,000.4 They sell for around $125 to $150 per square foot. In addition, owners can expect to pay $30 or more each month for maintenance fees such as snow removal and lawn care. Also, like other real estate properties, the storage condo is also subject to local property taxes.3
How large are they?Storage condos are built primarily with the owners of large RVs, boats, and classic cars in mind. They typically range between 35 to 50 feet in depth and 10 to 25 feet in width. They also typically have 14-foot-high ceilings. The average storage condo covers about 600 square feet in total.
Because owners typically store their boats, RVs, and classic cars storage condos are usually very well-insulated, climate-controlled, and outfitted with electrical service. They also usually offer dump stations and wash areas for RVs, along with 24-hour access, and enhanced security features (due to the cost of the boats and RVs being stored).
There are many factors to indicate that the storage condo business is worth the investment, including local market conditions. Many areas of the country lack vehicle storage or places where boats and RVs can be stored securely. Limited inventory equals a great investment opportunity for both the developer and buyer of the individual unit.
There are currently over 25,000,000 boat and RV owners with another 9,000,000 expected to join the market in the next 3 years. Economic and social trends indicate that this is likely to continue throughout this year and beyond. As the sales of RVs and boats increase, the demand to store these vehicles is also likely to grow. Traditional self storage facilities have limited space and amenities to store RVs and boats, which means that demand for RV/boat condos will likely grow as RV and boat sales rise.
Owners of other types of vehicles, such as collectible and antique cars, motorcycles, and commercial vehicles, may also be in the market for storage condos. Owners of all these vehicle types will not only want a unit for storage, but for maintenance and light repairs as well – a secure place where they can pursue their hobby.
Want to know more about investing in storage condominiums ? Check out our latest video with LuxeLocker to learn more about the Storage Condominium market and why they chose to work with Forge Building Company. Then let’s connect.
References
1. The Storage Guy. (n.d.). Retrieved from thestorageguy-madison.com: https://thestorageguy-madison.com/storage-condominium-your-home-away-from-home/#:~:text=Storage%20condominiums%20appreciate%20in%20value,the%20value%20of%20a%20property.
2. Stratton, J. (2007, October 1). Inside Self Storage. Retrieved from InsideSelfStorage.com: https://www.insideselfstorage.com/vehicle-storage/entering-storage-condo-market
3. Roberts, D. (2023, August 6). Guide Home Blog. Retrieved from GuideHomeBlog.com: https://guidehomeblog.com/how-much-do-storage-condos-cost/
4. Harris, A. (2020, May 26). SpareFoot Blog. Retrieved from Sparefoot.com: https://www.sparefoot.com/self-storage/blog/23966-what-are-storage-condos/
FOR IMMEDIATE RELEASE
Boise, Idaho – September 6, 2023 – Forge Building Company, a renowned nationwide storage builder, proudly announces its nationwide expansion with projects in eleven additional states. This significant milestone solidifies Forge Building Company as the leading expert in the self storage industry.
The nationwide expansion includes projects in Delaware, Michigan, Ohio, Kansas, Missouri, Maryland, Tennessee, Pennsylvania, Hawaii, New York, and Florida. With a focus on providing tailored and up-to-date solutions, Forge Building Company offers a diverse range of designs, including single-story and multi-level self-storage facilities, boat and RV canopies, storage condos, flex buildings, and conversions of large-scale retail spaces into self-storage facilities.
“We are excited to contribute to the development of local economies as we expand our company towards the East Coast and Hawaii,” said Hamish Bell, President of Forge Building Company. “Our transition from primarily operating west of the Mississippi to becoming a nationwide developer demonstrates our expertise in the self storage industry regardless of the location.”
Forge Building Company's commitment to customer satisfaction and close collaboration sets it apart from competitors. With 100+ projects already in the pipeline for the remainder of 2023 and throughout 2024, the company is well-positioned for continued growth and success on a national scale.
In the growing self storage industry, choosing the right builder is crucial to your success. With the Forge team, you’re not just hiring a storage unit builder; you are partnering with dedicated professionals committed to excellence in planning, design, engineering, construction, and project management.
About Forge Building Company
Founded in 2007 by veterans Hamish Bell and Hayden Farrell, Forge Building Company has become a comprehensive steel building expert and provider. With over two decades of experience as a nationwide storage builder and a portfolio of over 500 projects spanning 50 million square feet of construction, Forge Building Company, the self storage experts, remains privately owned and operated in Boise, Idaho.
Americans love to travel and have been purchasing RVs and boats for years. According to numbers shown from industry trade groups and places like Statistica1, Camper FAQs2, and Go Rving3, growth in ownership and usage of RVs and boats is growing. There are currently over 25,000,000 boat and RV owners with another 9,000,000 expected to join the market in the next 3 years.
The RV industry alone has seen consistent growth every year since 2009, and with the popularity of van life coupled with the pandemic, there was a huge spike in Gen-Z and millennial RV owners that wanted to travel and have recreational experiences without crowds. Many also found that they could work from remote locations, which meant they can live in RVs and work, not just use them for travel. This helped the outdoor recreation industry to reach close to a trillion dollars.
One other development advantageous to RV/boat exclusive storage demand is the growth in Airbnb-type online apps, which allow RV owners to rent vehicles that are parked in storage facilities. The RVIA notes that median annual usage of RVs is 25 days a year, which means that many vehicles are in storage most of the year. Renting stored vehicles can generate significant income for owners.
Recreational vehicles and boats are definitely growing as a genuine part of the American family experience, and economic and social trends indicate that this trend is likely to continue throughout 2023 and beyond. As the sales of RVs and boats increase, the demand to store these vehicles is also likely to grow. Traditional self storage facilities have limited space and amenities to store RVs and boats, which means that demand for RV/boat exclusive facilities will likely grow as RV and boat sales rise.
According to Yardi Matrix, Denver leads metros in RV/boat exclusive storage in acreage with 596.8, followed by San Francisco (420.4), Dallas (345.7), Houston (302.9), and Phoenix (299.3). Denver also leads with 47 properties, followed by Houston (45), San Francisco (39), the Inland Empire (36) and Los Angeles (35)4. Currently, there are only 3,000 RV and Boat Exclusive Storage facilities in the US. If you do the math, that would equate to each facility being required to support 2,000 boats and RVs to make up for current the demand.
While boat and RV exclusive storage facilities remain relatively small compared to other niche segments of commercial real estate, the industry registered a record-high capital flow in 2021 – $157.7 million of RV/boat exclusive facilities were sold in 2021, almost triple the previous annual high. These numbers are expected to continue throughout 2023.
The key to any successful self storage project is finding the right parcel of land in the right market for the right price, and then build the right facility on that land. Given the growth of the boat and RV market, if you’re thinking about the best way to add these storage units to your existing facility or building a new boat and RV storage facility, then give the team at Forge Building Company a call. We know all the ins and outs of building these sorts of facilities. Check out our Boat & RV product page and check out our recent video for our customer, SE Boise (https://www.youtube.com/watch?v=HmAcEcb4I-E&list=PL7FdrDM_tL-wtL-oZhF6Jk4CRIXQjkCKU&index=2).
Boat and RV exclusive facilities might be constrained by the cost of land, the amount of acreage needed to house vehicles and the fact that the facilities are geared toward specific objects as opposed to general usage. Drive aisles will need to be larger, and the costs and timelines may differ.
Generally speaking, for a facility to be profitable, you would need a parcel of seven to ten acres. Full lease-up should occur within 24 months, with breakeven occurring in the mid 14-16 months5. Typically, a ratio of 50 percent coverage yields approximately 217,800 to 304,920 square feet under roof when built out. The average unit size for an enclosed RV unit is 14-by-40 feet or 560 square feet.
Another reason for the increased land requirements is because the drive aisles need to be wider to give tenants room to maneuver boats with trailers and RVs. Aisles of at least 50-55 feet wide are recommended when accessing spaces that are 40 feet deep.
Boat and RV Storage Worth the Investment?Proper due diligence will help any investor assess how much you can afford to pay for a piece of land, based on the amount of rent per square foot of space, and your anticipated construction costs. However, the growing demand from RV and boat sales combined with the limited amount of supply means the segment’s fundamentals should remain healthy, even in volatile economic times making this a very worthwhile investment.
Works Cited
1. Statista. (2022, December 9). Retrieved from Statista.com: https://www.statista.com/statistics/1155988/us-recreational-boating-vessels/
2. Camper FAQs. (2023). Retrieved from Camperfaqs.com: https://camperfaqs.com/rv-statistics-trends-facts
3. Go Rving. (2022, June 16). Retrieved from gorving.com: https://www.gorving.com/newsroom/rv-industry-association-manufacturing-statistics'
4. Fiorilla, P. (2022, March 21). Yardi Matrix. Retrieved from yardimatrix.com: https://www.yardimatrix.com/blog/demand-for-rv-boat-storage-rising-as-sales-hit-record-highs/
5. Swingler, S. (2020, May 9). Inside Self Storage. Retrieved from InsideSelfStorage.com: https://www.insideselfstorage.com/vehicle-storage/decision-develop-boatrv-storage-differences-traditional-self-storage
As 2022 winds down, the team at Forge wanted to make our customers aware of new laws that will go into effect in the new year that may impact their business. Many states have been busy updating self storage legislation this year. This affects the way facility owners handle lien sales, rental agreements, vehicle towing, employees, ADA compliance on websites, and more. Here are just a few.
Last year, at least 13 states modified some portion of their self storage statutes that address one or more of the following items.1 This will likely hold true for 2023.
The safest way to protect yourself and your business is to compare your lien-sale procedures and rental agreement against the current law to ensure any necessary language additions or removals have been made. As an example, some states allow self storage operators to send lien notices via email, however, they may also require some sort of formal disclosure and acknowledgement by the tenant before you can legally send notices that way. Another example is when states allow you to use online auctions for lien sales, they may require additional language in your rental agreement or sale notice, so tenants understand sales are no longer conducted on property.
Recently, there has been a significant increase in website accessibility where plaintiffs claim that they cannot access websites because they are incompatible with assistive technologies. In such cases, plaintiffs usually cite American with Disabilities (ADA) Title III violations.
Ironically, websites are covered by the ADA. The U.S. Department of Justice has interpreted Title III of the ADA to include websites as places of public accommodation, while Title I requires employers with 15 or more employees to comply. A website that is fully accessible is not at risk of receiving a demand letter claiming ADA violations.2
US Courts and the Department of Justice have cited the Web Content Accessibility Guidelines or WCAG 2.0 (Level AA) as the reference in lawsuits as the standard for website accessibility – and therefore ADA compliance.3
Who is covered by the Americans with Disabilities Act?
ADA compliance refers to WCAG compliance, a way of designing websites, tools, and technologies so that everyone, including people with disabilities, can use them as easily as possible. These take into consideration those with different types of disabilities such as:
How can you avoid legal risk? There are two main steps:
1 Check your level of compliance by performing an accessibility audit of your website usage.
2 Install a high-level web accessibility solution on to your website.
How Does This Help the User Experience?
The nature of accessible web design allows content to be shared across a variety of devices. This in turn ensures that every web user benefits from accessibility considerations.
As a matter of fact, one billion people globally have some kind of disability. This population has a spending power of more than $6 trillion. Statistics have shown that 80% of people with a disability will take their business elsewhere because of poor web accessibility.4 By building an accessible website, you are widening your audience and increasing your prospective customers.
Labor and Employment BillsAs we turn the calendar, you also need to be aware of many new labor and employment bills that will go into effect.5 For specifics, check with your state law details. These include:
When concerned about new laws, legislative updates, and compliance, please make sure that you are looking beyond your state’s self storage statute. Those statutes do not necessarily contain all regulations that pertain to your business.
One example is with the sale of tenant insurance. These provisions are normally placed in the state’s insurance statutes. In states like New York, the lien-sale advertising requirement can be found in a different section of the state statutes. Other laws in the various states control things such as what you are able to charge a tenant for submitting a bad check as payment.
These are just a few of the new laws that the team at Forge is aware of. Of course, any time you have questions or concerns, it is best to contact your attorney to ensure you are aware of the latest and most important statutory developments. This will help protect your self storage business and keep it in compliance with the current laws.
Works Cited
1. Greenberger, J. (2021, October 22). Inside Self Storage. Retrieved from InsideSelfStorage.com: https://www.insideselfstorage.com/legal/what-you-need-know-about-recent-changes-state-self-storage-legislation
2. Ronen, R. (2022, January 21). Forbes. Retrieved from Forbes.com: https://www.forbes.com/sites/forbesbusinesscouncil/2022/01/21/ada-compliance-for-websites-getting-it-right/?sh=386010f148c0
3. Siteimprove. (2022). Retrieved from Siteimprove.com: https://www.siteimprove.com/glossary/ada-compliance-checker/?utm_campaign=us_fy20_ppc_accessibility_bing&utm_medium=ppc&utm_source=bing&utm_content=ada-requirements&tad_id=84250407544633&adgroup_id=1348002241464864&campaign_id=413363497&msclkid=79f79cda3d
4. Michelle Yin, D. S.-M. (2018, April 17). AIR. Retrieved from air.org: https://www.air.org/resource/report/hidden-market-purchasing-power-working-age-adults-disabilities
5. California Employers Association. (n.d.). Retrieved from Employers.org: https://www.employers.org/events/private-webinars/2023-labor-law-update-sponsored-by-california-self-storage-association/01/26/2023/
