Every investor looks for new ways to increase their returns by generating more revenue. Self-storage facility owners can increase cash flow by taking on more tenants or raising their rates, but what can they do to attract leads and justify rent increases?
One approach gaining traction in the self-storage industry is to include climate-controlled units that maintain a consistent temperature and humidity level. Should you offer climate-controlled self-storage at your facility? Investment Real Estate is here to help you answer that question and more.
Can I Charge More for Climate Controlled Self-Storage Units?
Yes, you can raise the rent because you are offering a better service. Climate-controlled self-storage units maintain a consistent temperature and humidity level, facilitating a safer environment for items in storage. Improving your facility’s offerings will enable you to charge more while attracting customers who otherwise may not have considered your space.
Will Climate-Controlled Storage Availability Increase Self-Storage Property Value?
Yes, climate-controlled storage can help you pull in more money as an owner and when you decide to sell. Your self-storage facility’s current and prospective customers value their belongings, many of which are susceptible to damage as temperatures fluctuate. The ability to pull consistent revenue will be a great selling point when buyers come knocking, too.
Should I Offer a Mix of Climate-Controlled and Non-Climate-Controlled Units?
Flexibility is a valuable trait, especially in the self-storage industry. Offering a mix of climate-controlled and standard storage units will expand your reach by giving customers more options. Many renters will appreciate your climate-controlled units and pay top-dollar for them, but continuing to offer a lower-cost option will help you secure other customers.
How Do You Find Self-Storage Facilities With Climate-Controlled Units?
Knowing what kind of facility you’re looking for is useful as you enter the self-storage industry or begin to expand your portfolio. Brokerage firms like IRE collaborate with investors to determine their ideal property and keep an eye on the market for the perfect fit. IRE’s expert brokers will find an investment property with climate-controlled self-storage and help you negotiate a favorable deal.
Learn More With Investment Real Estate
IRE is here to help investors find success navigating the self-storage industry. Work with us to buy a self-storage facility that meets your parameters. You can also check our blog for industry news and more tips on how to become a savvy real estate investor.