Although there are landlords and property owners that are not aware of it, installing secure storage solutions into apartments for the tenants can be an extremely lucrative way to generate a substantial amount of revenue each month. Who would have guessed that with just a little ingenuity and some investment, a property owner could add thousands of dollars per month in recurring income just by installing storage facilities on-site?
Renters Want Storage
Although it is pretty obvious that people anywhere would prefer to store their extra things in a facility that they did not have to travel across town to access, studies have proven that the people that live in apartments would much rather have on-site storage. In fact, they would be willing to pay more each month in order to have storage.
If you think about how much money renters pay out of their pockets each month to self-storage facilities, it only makes sense that the property owners of apartments could easily get that money instead. Some renters pay upwards of $200 per month for a storage facility that has only a small amount of room and is far away from them. Not to mention, could be extremely inferior when it comes to security.
The Cold Hard Truth
Now that on-site apartment storage is becoming more popular, there are more apartment complexes for people to choose from when they are looking for a place to live, or when they are looking for a better apartment complex to live in. When property owners fail to keep up with the times and the rising needs of the renters, they are at risk of losing many of their good tenants. Tenants that have the money and the integrity to pay the rent on time, every month, have choices of where they would like to live. When they would prefer to live in a complex that has its own storage solutions, they are likely to move out just to get it. On top of that, the people that are looking for new apartments to live in have the power to choose which ones they want. That means if there are not enough amenities to make them happy, they will move on to the next place.
The Upside
The upside of the storage dilemma is that property owners can install state-of-the-art storage boxes or bins on their properties. It is not a problem to have an assessor come to the property and show the landlord all of the places that could be used to install the type of storage solution that will work best for the building. Sometimes the property owners are amazed at how much space they have just sitting around that can be used for storage units. Whenever there is a will, there is a way. People that provide and install storage bins, boxes, and lockers for a living will be able to provide sensible solutions for just about any type of apartment complex.
The Money Math
In the event that a property owner installs some storage bins for the renters, say 100 bins to start with…just a number…if you calculate the earnings from that it is insane. Charging $100 per month for extra storage space for each tenant will bring in an immediate increase of $10,000 per month. This is ongoing and does not end. It will only be a matter of time before the whole operation will pay for itself and the money that comes in for the storage bins will be a pure return on the investment. Talk about a win-win.
Conclusion
What it all boils down to is that it would be in the best interest of every property owner to install storage bins on their property for their renters. Not only will it bring in more money, but it will give new tenants a reason to rent an apartment at the facility, and it will help to keep the renters that are there right at home where they belong.