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Self Storage Blog: The Storage Facilitator - Storage units at apartment complexes: Growing threat for self-storage operators? For-rent storage space is a trend with legs in the apartment industry, as more and more complexes offer this amenity. Helping fuel demand is a growing appetite for urban living as many Millennials turn away from the suburbs and more people—such as empty nesters—downsize from homes to apartments. Doug Culkin, president and CEO of the National Apartment Association, said he expects the trend to build steam.
Sizes and rental fees for the spaces vary depending on the property and location, Culkin said. A rendering of Criterion Development Partners’ Residences on the Charles in Watertown, MA.
Units placed in the parking lots of garden-style communities are typically the size of a parking spot and can be divided into two, three or four storage spaces. With offices in Dallas and Boston, Criterion Development Partners specializes in development and managing apartment complexes.
At Criterion’s Dallas area communities, bike storage is free, but the company’s apartment communities in the Eastern U.S.
For-rent storage space adds a revenue stream for apartment owners, Hancock said, and can be a valuable marketing tool.
Heather Williams, a spokeswoman for Lincoln’s Southeast region, said for-rent storage space has been a growing trend in that area.
Lincoln’s storage spaces range from closet size to garage size, and they provide shared partially enclosed areas with fencing. The Chicago market also is seeing strong interest in for-rent storage, according to Lincoln regional’s marketing director, Irini Boeder.
Dallas sales and marketing consultant Paschal Dunn put additional on-site storage near the top of his list of must-haves when he started looking for an apartment.
Dunn lives at the Winsted at White Rock apartment community in Dallas, which added for-rent storage as part of a remodeling project, said Jacque McGehee, assistant manager.
Dunn pays $50 a month for a 5×10 space under the ramps on the ground level of the Winsted at White Rock parking garage. Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond. Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. The association doesn’t have any statistics regarding the trend, which could eat into business at self-storage facilities.
Most apartment complexes have unused areas in parking garages and parking lots that are ideal for creating storage space. Some communities also are experimenting with garage lockers, which are similar to gym lockers.
For-rent storage spaces are included in all of Criterion’s new apartment complexes, development associate Brandon Hancock said.
That’s especially true in Florida and Georgia, which were hit hard by the housing crash and saw many homeowners downsizing from large homes. All of our Chicago high-rises have them, but only some of our suburban communities do,” Boeder said.
This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. Our 6 acre outdoor storage facility is secured with barbed wire lined fencing that encloses the perimeter of the property.
They often are mounted on a garage wall, with room for the car to be parked underneath, or they can stand alone in unused garage spaces. In most of Lincoln’s markets, demand for extra storage space is strong, according to Jennifer Staciokas, vice president of marketing and training.
Depending on the market, storage prices in Lincoln’s Chicago district range from $20 to $55 a month for lockers to $125 for garages.
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