When it comes to a multifamily apartment building, one thing is for sure; the people that live there could seriously benefit from having an extra space to store their unused belongings in. It’s even better if the storage bins make the property owner money. Believe it or not, onsite storage solutions have the potential to boost property value, bring in higher-quality tenants, and generate a substantial amount of extra income. Although it may not seem like a big deal, adding storage bins to an apartment building is a sure way to make everybody happy – except for the thieves.
Secure Storage Solutions
If you think about it there is no better way to add value to a property than to invest in the security and safety of the residents. Most people just want to live their lives in a safe, and comfortable environment where they can relax if they want to. Worrying about crime and other ugly issues can cause a lot of stress for a person. A recent survey uncovered the shocking truth that residents prefer to have an on-site storage solution and they would be willing to pay more to have it. The type of storage that they prefer is a solid, secure storage bin that will keep their belongings private, and securely locked behind a steel enclosure. If the tenants said they would be willing to pay more, then why not take them up on the offer?
Most tenants will go off-site and store their things in a storage facility that charges upwards of $75 per month. Why let the off-site storage place get that money, when you, as a property owner could benefit much more by having them pay you instead? Your property value goes up because of the added security and awesome aesthetics, and you generate more income. That is a win-win above all win-wins.
Here is Where the Savings Are
We talked a little about where the extra money comes in, but let’s talk about the savings that come with installing secure storage bins. In an apartment building that has no storage in place, the tenants will most likely store extra belongings in the head of their parking space where they park their vehicle. They will also resort to open hallways and cramped balconies. If they run out of room in the apartment and need somewhere to put extra stuff, they will use what is available. If every tenant does that, the whole garage becomes ugly and messy looking. It also becomes a magnet for thieves. When thieves find a place that has easy targets, they will come back again and again. Some apartments leave tenants no choice but to put extra belongings in the parking area because there is nowhere else for them to store them. This causes hazards, thieves, and eyesores. In fact, the costs of repeated crimes and possible lawsuits for allowing it to go on alone can add up to millions of dollars.
As for the cheaper version of storage bins, the wire cage bins are more of a problem than a solution. People can see right through to the inside of them and are able to have an accurate inventory list of whatever is stored inside of them. This also causes problems because it attracts thieves. The wire cages may seem secure, but anybody with a strong set of wire cutters can chop right inside and steal everything that is present.
The savings also can come from potentially great tenants who come to tour the property for a place to live. If they see a place that looks secure and safe they are more likely to come back and sign that rental agreement. If they tour a place that looks like it is full of problems and thieves, they will probably look elsewhere. If you have empty apartments, you might just fill them up if you had a secure storage solution in place.
Invest in Your Future
The bottom line is that your tenants would prefer to have a nice, secure place to store their extra belongings. The tenants that are already renting could benefit from a great storage place. The ones who are yet to move in are more apt to stay if there is one already in place. You can invest in the future of your property and push your building up to the next level. Get in touch with the experts at Bradyl Storage Solutions and see your options today. There is no better time than right now.