Self-Storage Demand Rises as Sales of Boats and RVs Soar
Call it cause and effect. Call it the sign of the times. But it’s happening. Sales of boats and recreational vehicles hit new highs last year. In the wake of the pandemic, Americans are once again taking to the open road and waterways around the country. That’s great news for builders and investors because all those happy campers and sea captains will eventually need a place to store their “recreational investments.”
Americans have long had a love affair with boats and RVs. After a couple of years staying home or at least close to home, the desire to travel and be outdoors is back in force. The pandemic also promoted behavioral changes such as working from home. Younger Americans took advantage of this rather new-found way of life. For them, the pandemic brought about a greater appreciation for outdoor recreation and travel to rural areas. They discovered they could work from remote locations and live in their RVs. But once off the road or when it’s time to trade their sea legs for the landlubber life, what happens next?
For the businessperson, offering boat and RV self-storage can be quite advantageous. In many markets, there is a tremendous demand for premium rental spaces. Renters of RV storage units tend to have higher incomes due to the cost associated with owning an RV, making them more likely to pay rent on time each month. The same can likely be said about boat owners too. Renters of these types of storage units are less likely to abandon the unit due to the high value of their property on the premises.
There are other self-storage renter realities that make building a boat and RV self-storage site a worthwhile endeavor for the investor. Storing a boat or RV at home may violate a local ordinance or a homeowners’ association agreement. And even if it were allowed, having a boat or RV in the driveway detracts from the curb appeal of the home. A boat and RV self-storage facility makes perfect sense.
Available space around the home is valuable, both aesthetically and practically. A boat and RV self-storage facility is a convincing alternative versus “the elephant in the room” attempt at home storage. While keeping a boat or RV at home may seem like a good idea at first, the homeowner will often find that these vehicles take up more space than is comfortable or that the homeowner can spare. The owner of a boat and RV self-storage facility offers a solution that a potential renter may find hard to resist.
Additional selling points for the investor: vehicle protection and security. As a self-storage owner, you provide vehicle protection from rain, sun and snow whether it’s an indoor facility or a location featuring a canopy. And with the all-important matter of security complete with round-the-clock video surveillance, your site can offer a safer alternative than storing a boat or RV at home.
Building a boat and RV self-storage facility is a solid, reliable investment. The ever-growing and expanding boat and RV market means the need for self-storage should remain strong even amidst fluctuating economic forecasts.