Boat And RV Storage is growing as an essential part of American consumerism. With homeowners-association restrictions increasingly preventing people from storing their boats and RVs at home, it’s no wonder demand is rising.
But developing a boat/RV storage facility requires planning that is very different from traditional self storage. Here are some important factors to consider.
The first step in creating a successful Boat And RV Storage facility is finding the right location. The best markets for this type of storage tend to be those near metropolitan areas with strong population growth and where RV ownership is in high demand. The ideal site is located within a reasonable drive from the customer’s home and offers convenient access and visibility.
This type of storage can be categorized as open storage or covered storage, with open storage ranging from the dirt fields and chain-link fences of the past to fully paved and concrete stalls. Covered storage is similar to open storage, but with the addition of a roof that protects the vehicles from the elements. These structures vary in size, from small canopies to large structures that can accommodate a boat or RV.
A lot of boat and RV storage facilities also offer additional services to make the process of storing a vehicle as easy and efficient as possible. For example, some offer to shrink wrap your boat before storing it while others will wash and shampoo your vehicle’s carpets, prepare the fuel tank for transport, dump holding tanks, and more. These services add to the total cost of storing your vehicle, but they can make the experience easier and more enjoyable for you.
Another reason why many people choose to store their boats and RVs is that they are no longer able to park them in their driveways or yards. Communities are cracking down on parking these types of vehicles in residential neighborhoods, so a storage facility can provide them with an affordable alternative.
In addition, these facilities are often more secure than homes because they have fences and gates that can keep out the bad guys. They also have more amenities such as wide asphalt roads, an air station for filling up and dumping tanks, a RV dump station and 24/7 access.
This type of storage is a great investment, but it’s important to understand the market and your customers before making any investments. This will help you plan and implement the right features and services to create a profitable storage business that can continue growing in the future.
Amenities
As the number of RVs and boats in America has grown, so has the need for storage. Many homeowners associations restrict boat and RV parking and storage on their properties, forcing owners to look for alternative solutions. As a result, there’s an enormous opportunity in the boat/RV storage market, and investors are taking notice. According to Yardi Matrix, there are currently 780 completed boat/RV storage facilities in the US, with 35 more in the pipeline.
Unlike traditional self storage, boat and RV storage requires different amenities to attract customers. For example, RV owners are often looking for additional utilities such as electrical hookups and a wash station. Additionally, boat and RV storage sites should offer heavy-duty jacks for trailers and vehicles and a place to perform basic on-site maintenance.
Other amenities that can be found at boat and RV storage facilities include climate controls (for cold weather storage), large avenues for maneuvering, and ample parking space. Since these vehicles are bigger and heavier than their self-storage counterparts, ensuring easy access and wide avenues is important.
Most Boat And RV Storage tenants are long-term, and they want to make sure their investment is safe. As a result, they typically prefer fully enclosed structures that provide the most protection, or overhead canopy units that offer more protection than an uncovered space.
Another amenity that can be important for boat/RV storage is a rental agreement that specifies how a spot will be handled when a tenant leaves the facility for an extended period of time. It’s common for these storage spaces to be rented to people who are traveling or living overseas, and they need assurance that their boat/RV will still be available when they return.
The demand for boat and RV storage far exceeds the supply, making it a lucrative niche market for self-storage developers. However, it’s important to do your research before investing in this type of property. A feasibility study from an expert can help you determine whether this type of property will be successful in your area and how much capital you’ll need to start operations. Also, make sure to consider the specific market you’ll be targeting for this type of property, such as luxury markets, avid RV owners, or casual campers and boaters.
Units
Many boat and RV storage facilities offer traditional outdoor parking spaces as well as indoor units. Outdoor space is great for small boats and storing jet skis. Some locations also have spaces for RVs, trailered vehicles, and flatbed trucks. Some offer power in every unit, which is helpful for charging batteries. Other amenities might include dump stations and cleaning areas. Adding these features may increase your facility’s appeal to customers.
The demand for boat and RV storage has grown as more people are purchasing recreational vehicles, according to the Recreation Vehicle Industry Association. Millennials are more interested in owning RVs than any other age group, and this trend is likely to continue for the foreseeable future. This is great news for investors looking to enter the market. However, it’s important to do your research before investing in boat and RV storage. You will need to look at your local market and compare it to other storage properties in the area.
In addition, you’ll want to make sure that your property can accommodate the types of vehicles and equipment you plan on offering. The site design phase is particularly important for this type of project. You’ll want to ensure that there are plenty of driving aisles in and out of the facility so that vehicles can maneuver easily. You’ll also need to ensure that there are sufficient parking spaces for each type of vehicle.
It’s important to remember that the average size of a boat or RV is much larger than a typical self-storage unit. This makes boat and RV storage different from other forms of self-storage, and it requires a unique financial model.
Unlike traditional self-storage, which typically pays back in about eight to 12 years, boat and RV storage can take up to 25 years to pay off. However, this type of investment can be a good way to generate income while still being able to enjoy your retirement.
The key to success is finding a suitable location for your boat and RV storage business. The best locations are close to residential neighborhoods, major roadways, and shopping centers. In addition, your facility should be easy to access and have good visibility. These factors will help to drive customer traffic and maximize your revenue potential.
Leases
Unlike the majority of self storage customers, who often seek a storage facility within a few miles of their home or work, boat and RV storage clients tend to be willing to drive further out. As such, you might want to start by looking for a large parcel on a high-traffic road that is situated in a location with lakes or campgrounds. You’ll also want to include amenities that will increase demand, such as dump stations and dog parks.
Another key difference is that whereas many traditional self storage customers look to store their belongings due to a negative life event, such as death or disaster, most people who seek out boat and RV storage are on the upswing of their lives. Consequently, they’re more likely to be in social groups that enjoy recreational activities, and they may even be friends with fellow owners of boats and RVs. This can make them a great group to market your storage facilities to.
Because there’s a lot of competition out there for storage space, you’ll need to find ways to stand out and draw in customers. One way to do this is by offering a secure online signup and rental process. For example, you can use airSlate SignNow to offer your clients a fast, secure and easy-to-use online signature system. All documents completed with airSlate SignNow are eIDAS-compliant, meaning they adhere to the internationally accepted standards set by ESIGN and UETA. This helps ensure that your customers’ digital signatures are valid and legally binding.
You’ll also want to set your storage rates competitively. Depending on the market, you’ll find that different types of boat and RV storage are more or less profitable. For example, uncovered storage can provide the lowest rates, but it leaves vehicles exposed to harsh weather and pests, which could cost the owner money in repairs in the long run. Conversely, interior enclosed storage is a more expensive option but offers the best protection for vehicles and belongings.
Other amenities that can drive up rents include income-producing supplementary services such as dump stations, wash stations and in-house convenience stores. These facilities have the potential to attract a more upscale clientele, and can generate higher returns than standard self storage facilities. However, it’s important to do your research and speak with experts before making a decision.