Things to Consider Before Starting a Storage Business

The self-storage industry has been experiencing a good deal of growth in recent years and has begun to attract the attention of investors. This traditionally overlooked industry is predicted to continue to grow in the coming years, so it's still a good time to consider purchasing properties with the intent of opening new facilities. Read on to find a few things to think about before purchasing a self-storage business.

Choosing the Right Location

It just wouldn't make sense to build a facility miles from anywhere and expect people to rent units. One of the main factors renters consider when looking into facilities is their location, so make sure to purchase a property that has at least 50,000 people living within the immediate vicinity. Most renters look for self storage in barry wales that is no more than three miles from either their homes or offices.

Balancing Security and Accessibility

Self-storage unit renters tend to expect around-the-clock access to their stored goods, but that access can't come at the expense of the property's security. It's a good idea to install a fence made of steel or another durable material and to include just one gate rather than maintaining a dedicated entrance and exit. This allows for easier monitoring while still allowing renters to come and go as they please.

Climate Control

The decision of whether to include climate-controlled units doesn't have to be made immediately, but it can be extremely helpful to ensure that the building purchased to house the storage facility can accommodate these specialty units in the future. The demand for climate control is quite high, and facility owners can charge more money in rent for these specialty units. It's well worth the extra investment of building or remodeling a facility so that at least some of the units can be climate controlled from the beginning instead of returning to perform these renovations later.

Go Big or Go Home

While the overhead for storage facilities tends to be reasonably low, it's still necessary to keep a manager and support staff on-site. These employees must be paid along with the bills, insurance, and other expenses, which can pose a challenge to smaller facilities, especially those catering to rural markets. The best way to ensure that the facility will generate enough income to be successful is to make sure it includes enough units to generate profit at prices that local renters are willing to pay.