Storage is a pretty interesting phenomenon in our world. Everyone has things that they need to store, for example:
- Winter clothing in the summer
- Summer clothing in the winter
- Sports equipment
- Extra furniture
- Holiday decorations
And the list goes on.
For most people, the solution to this is to simply rent a storage unit. That being said, if you happen to be someone who is in charge of an apartment complex or other multi-family property, you might have a better option available to you. What might that option be?
Well, we’re going to be taking a look at parking space storage today. This kind of storage could revolutionize the way that your property addresses tenant storage in general and could even help you make a bit more money, so let’s get into it.
What is Parking Space Storage
In order to understand what makes parking space storage different, we must first start with understanding what it is. You’ve definitely heard about regular storage options at facilities like U-Haul. If not, it’s pretty simple.
These are facilities where people can go to store their belongings in a space that they are renting. The space is typically secured with a padlock and the tenant has the only key. They can access their belongings whenever they want during the facility’s operating hours.
Now, parking space storage is a bit different. It still involves renting a space to store your belongings, but that space is in, you guessed it, a parking spot!
The concept is actually pretty genius when you think about it. Most people who live in multi-family dwellings have a car. And, most people who have a car have some kind of storage system in their trunk or backseat for things like groceries, luggage, or sports equipment.
So, why not capitalize on that by allowing tenants to rent out their parking spots as storage space? This would give them an extra place to store things without having to go off-site to do so.
Plus, it would provide an extra stream of income for the property owner or manager since they would be able to charge for the use of the space. We’ll cover that in more detail shortly.
This kind of storage is also known as over parking spot storage because the belongings are stored “over” the parking spot, as opposed to in it. This is usually accomplished with some kind of storage unit that is designed to fit snugly in a parking spot.
The units come in a variety of sizes and can be made out of different materials, but they all serve the same purpose. To give you an idea of how this might work in practice, let’s say that you have a tenant who wants to store a bike.
They would simply rent out a storage unit that is the appropriate size for their needs and then park their bike in it. Now, when they want to use their bike, they can just go to the storage unit, unlock it, and take their bike out. It’s really that simple!
One of the benefits of this kind of storage is that it is much more convenient than traditional storage options. Tenants don’t have to go off-site to access their belongings and they can do so at any time (during operating hours). This is a big advantage for people who might not have the time or ability to go to a traditional storage facility on a regular basis.
A bicycle might be a bad example if you’re looking at overhead storage, but there are a lot of different options for parking space storage that can fit the space that you have.
How Does This Help You?
Now, as someone who’s in charge of a property, there’s a good chance that you’ve got a few things that you want to be sure you’re aware of before you make an investment, for example:
- Price
- Utility
- Security
- Accessibility
- Convenience
We’ll be going over all of these in detail so that you can make an informed decision about whether or not parking space storage is right for you and your tenants.
One of the main benefits of parking space storage is the price. When you compare it to traditional storage options, parking space storage is usually much cheaper. This is because you’re not paying for the facility itself, just the space that’s being used.
Plus, since tenants are able to store their belongings on-site, they’re likely to be more willing to pay a higher price for the convenience. That’s a big advantage for you if you’re concerned about your return on investment, which you likely are.
Another big benefit is utility. Most storage units go unused for long periods of time, but with parking space storage, you can be sure that the unit will be used on a regular basis. This is because people are always coming and going from their parking spot, so they’ll have easy access to their belongings.
Plus, since the units are usually smaller, they won’t take up as much space on your property. This means that you can fit more units in a given area, which could potentially increase your profits because you’re monetizing space that is likely not generating any revenue at all.
When it comes to security, parking space storage units are typically just as secure as traditional storage units. The units can be locked and only the tenant will have the key, so you don’t have to worry about anyone breaking in. Plus, since the units are usually located in well-lit areas, there’s less of a chance that they’ll be targeted by criminals.
In terms of accessibility, parking space storage units are definitely more convenient than traditional storage units. Tenants don’t have to go off-site to access their belongings and they can do so at any time. It could even be 24/7 if you have it set up to be completely self-service.
This is a big advantage for people who might not have the time or ability to go to a traditional storage facility on a regular basis.
Finally, we come to convenience. Parking space storage units are typically much easier to use than traditional storage units. This is because they’re usually smaller and easier to access. Plus, tenants can store their belongings on-site, so they don’t have to worry about traveling to a different location.
Overall, parking space storage is a great option for both landlords and tenants. It’s affordable, convenient, and easy to use, so it’s definitely worth considering if you’re looking for a new storage solution.
How do Tenants Actually Feel About This Kind of Storage?
While we have gone over all of the benefits of this kind of storage, that doesn’t say anything about tenant feelings about it. Everyone knows that kale has incredible health benefits, yet you don’t see everyone lining up to get bundles of kale. So, how do tenants typically feel about this kind of storage? There have been a few surveys done on this, and the results are pretty interesting:
- 62% of tenants said they would be likely to use parking space storage
- 73% of tenants said they would be willing to pay more for the convenience
- 84% of tenants said they thought parking space storage was a good idea
As you can see, the vast majority of tenants are actually quite open to the idea of using this kind of storage.
There are a few reasons why tenants might be open to this kind of storage, for example:
- It’s more convenient than traditional storage options
- It’s usually cheaper than traditional storage options
- It’s easier to use than traditional storage options
- Tenants can store their belongings on-site
All of these factors make parking space storage a very appealing option for tenants. Plus, as we’ve mentioned, it’s a great way for landlords to make a bit of extra money.
Of course, there are always going to be some tenants who aren’t thrilled about the idea of storing their belongings in a parking spot. There are a few reasons why this might be the case: -They might not have a car and therefore wouldn’t need the extra storage space
- They might not like the idea of their belongings being in a public place
- They might be worried about the security of their belongings
Overall, though, it seems that the vast majority of tenants are actually quite open to the idea of using parking space storage.
The Difference Storage Solutions Can Make
To most people, storage is storage. It stores the things that they don’t have a place for and can help reduce the amount of clutter in their home. It doesn’t matter where their things go so long as they’re sure their belongings are safe.
That being said, there is a big difference between different storage solutions, and choosing the right solution can make a big difference in your life and in the lives of your tenants. Fortunately, picking out a good one isn’t too difficult and can be done well with a bit of thought.
