In a recent article by Sarah Swingler of Inside self storage, she writes of some companies decisions to develop Boat and RV Storage to foster growth.
Swingler states that over the last decade, boat/RV storage has been a driving force behind the growth of the self-storage industry. One reason the product is attractive to potential investors is, in many cases, boat/RV storage is less susceptible to market saturation.
Given the current environment and guidelines for social distancing, Boats and RV are becoming ever more popular and storage solutions in demand. This increased demand offers an opportunity to expand the traditional Self Storage operation.
People use self-storage to safeguard their prized possessions, which are often reminders of cherished memories. Boat/RV-storage tenants, on the other hand, rent space to store vehicles that connect them to America’s roads, lakes and national parks, allowing them to make new memories. In a sense, one type of storage preserves the past, while the other safeguards the future.
Boat/RV-storage renters also tend to rent for longer periods. On the flip-side, they pay far less per square foot and take up a whole lot more land.
Some developers have shied away from the boat/RV-storage concept because of its downside, but supply-and-demand considerations have developers re-examining its value as a standalone business. Because many homeowners’ associations limit residents’ ability to store recreational vehicles at their homes, property is becoming less expensive and consumer demand for these vehicles is getting stronger, boat/RV-storage development is grabbing attention.
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