Are you thinking about adding self storage to your rental property?
This is a smart decision to make becaus the global self-storage market was valued at $48.02 billion in 2020 and it continues to grow.
This statistic continues to climb each year as more people continue to store their items away from home, rather than sell the excess items that they can’t part with.
If you’ve been thinking about adding more storage to your property, this is a smart decision to make because you can increase the ROI from your rental property while offering your tenants more value from their rental property.
Invest In On-Site Storage Units
Adding an onsite storage unit to the property is cost-effective and something that can be added in as little as one day, especially if you invest in a modular building that will be delivered to the property.
Depending on the size of your property, you may want to consider building an onsite storage facility, with 10×10 spaces for each tenant because these can easily bring in up to $160, per unit/month in additional revenue for you.
Building an onsite storage facility can cost up to $75 per square foot so it’s important to ask your tenants if they would be interested in an onsite storage facility first before you invest money in building this facility.
Optimize Onsite Storage
Regardless of whether you own a single-family or multifamily rental property, you should invest in optimizing onsite storage at the property so that tenants will see that the rental offers clever storage spaces which would enable them to conveniently have all of their belongings in one place.
Contact Rent Portland Homes
At Rent Portland Homes, we specialize in comprehensive property management for single-family and multifamily properties in the Portland Oregon area.
To get a property management quote, or to speak with us about the services we can offer you, contact us today by clicking here.