Boat and RV storage is a newer and attractive self-storage option, especially for those living in areas with HOAs and other restrictions prohibiting the storage of large toys at a residence. This self-storage option is popular for investors due to its relatively low cost to start. Essentially, an investor is acquiring land, building a perimeter fence, installing cameras, installing lighting, and installing a security system. The land may need leveling. Overall, though, the cost to get started this way is low.
There are some considerations when planning a boat and RV storage business. Similar to traditional self-storage, there are key factors that consumers pay attention to when renting. When customers select a self-storage, three factors are as they decide.
- Location
- Affordability
- Security
Location
As investors consider property for boat and RV storage, it’s important to remember these three considerations many consumers have. When it comes to boat and RV storage, though, location may come second to affordability. Since land prices are high in many of the big markets currently, locations in town or nearby are either full or too expensive. Many consumers are willing to drive farther to find a great spot to store their larger items. Keep in mind that boat and RV owners who have no choice but to store their large toys will find a place to store them regardless. There was a record “40% increase in RV ownership from 2020-2021” according to the RV Industry Association (RVIA). As a result, this section of the self-storage industry has increased as owners must find a place for storage of their RV. That means location matters a little less because storage is required, many local places are at capacity, and price is a factor for most people in today’s economy.
Affordability
Consumers are also looking for affordable options. In-town options can bring a premium in some markets. Florida is no exception. The average cost of RV storage in Florida is approximately $130 per month with that price dependent on factors like “security, indoor or outdoor parking, access to the facility,” according to RVshare.com. While finding cheaper storage is possible, the amenities go down with the price. A more specific example is that in some locations in Jacksonville, Florida, covered or enclosed RV storage is unavailable. Uncovered storage begins at $150-165 and goes up to around $300. Consumers can expect to pay over $300 for covered or enclosed options but must join a waitlist for the next available unit.
Security
Consumers desire the highest security available for storing their items. At a minimum, tenants expect a high perimeter fence, great lighting, and 24/7 security cameras. Additionally, tenants want access to their items at all times, so 24/7 accessibility is required.
Boats, RVs, and other large toys are expensive investments. Consumers want to be sure their big-ticket items are stored in a secure location. Another consideration for uncovered, outdoor storage is the option to have a plug-in for 120V outlets to keep some power to the stored items. While this isn’t necessary for every single unit, having this option available can command a higher rent for those units.
Are you considering adding boat and RV storage to your investment portfolio? Our team of experts at Coastal Storage would love to work with you. We can assist in the entire process from start to finish. Call us today at 904-591-0140 to speak with one of our storage experts.