Self-storage has become a popular industry, and it has grown in popularity extensively over the last forty years. If investors are considering self-storage, there are many factors to look at. The best choice will depend on research and results.
Self-storage is a low-maintenance investment. It is a simple move-out process when one tenant leaves. After a basic cleanup process, another can come right on in. Unlike with residential units, the walls don’t even have to be repainted after each tenant moves out. New technology also helps. Online booking and payments along with keyless entry can help keep overhead costs down. Businesses can invest in security cameras instead of security guards to keep labor costs down as well.
Choose Smart Logistics
There is a great need and demand for self-storage facilities, but it is important to offer self-storage facilities in the right location for the best results. Tenants are interested in units that are located in high traffic areas. In addition, they also want self-storage units that are well-lit. Security lighting and cameras can be a great incentive. A clean storage unit is important as well. If business owners take care when choosing the location and important details related to security and maintenance, this investment can pay off.
Good Results Through Good and Bad Economies
Self-storage has proven to be a smart investment no matter what the economy looks like. Even when times are hard, people still need to have a safe place to keep their items. In the past, it has been shown that the industry tends to hold its value even during economic downturns.
Consider Your Options
If investors do not want to invest in self-storage real estate options themselves, there are several other options available. Investors can try out self-storage REITS. They can also crowdsource their real estate investment and hire an experienced operator to take care of managing their self-storage facility.
There are no guaranteed results when making an investment. What has worked in the past may not work in the future. Although there is always a risk of loss, it can be a smart risk to go with an investment that has been researched well and has a good track record of profitability.