As a landlord or property manager, you’ve got a lot of choices to make. It’s your job to make sure that your tenants have a safe and comfortable place to live. But what about their stuff? Most people have more stuff than they have space to store it. So where do they put it all?
Tenants have a lot of options for where they can store their things, but what might you be able to do to help and potentially make a little extra money while you’re at it? This is where many properties turn to parking space storage.
This kind of storage, just like any addition to your property, is an investment. That means that no matter how good it might seem, you have to do your research to make sure that it’s the right fit for your property.
Not every property is suited for this type of storage, and not every tenant will be interested in using it. This is just the reality of the situation, unfortunately.
Before you can decide if parking space storage is right for you, it’s important to understand what it is and how it works. That being said, if you’re in the research phase of your decision, you’re in the right place. This article will give you an overview of parking space storage, how it works, and some of the pros and cons to help you make your decision.
Parking Space Storage: What is It?
If you’ve made it to this article, there is a good chance that you already know exactly what parking space storage is. But for the sake of clarity, let’s start with a definition.
According to Spacer, “Parking space storage is when people use their vacant parking spaces – whether that’s in an apartment complex, office block, or even just their driveway – to store things.”
So basically, it’s using your unused parking space to store things instead of letting them go to waste.
While there are a few different ways people might approach this, today we are focusing on parking space storage for multi-family properties. There are a few types of parking space storage available for these properties:
- Wire mesh:
- This type of storage is typically used in outdoor parking areas. It consists of wire mesh panels that are attached to posts. This creates a kind of cage around the parking space that can be used to store things.
- Storage containers:
- These are large, metal containers that can be placed in a parking space and used for storage. They are often weather-resistant, making them a good option for outdoor storage.
- Storage units:
- These are similar to storage containers, but they are typically larger and can be accessed from the inside of the unit. They can be placed indoors or outdoors and come in a variety of sizes.
Each of these types of storage has its own set of pros and cons that you’ll need to consider before making a decision. Wire mesh, for example, is a more affordable option but it might not be as secure as some of the other options.
Storage containers are weather-resistant but they can be difficult to move if you need to change your parking arrangement. And storage units come in a variety of sizes but they can be more expensive than some of the other options.
How Parking Space Storage Works
Now that we’ve gone over the different types of parking space storage, let’s talk about how it works. If you’re considering this type of storage for your property, there are a few things you need to know about how it works and what is involved.
Now that we’ve gone over the different types of parking space storage, let’s talk about how it works. If you’re considering this type of storage for your property, there are a few things you need to know about how it works and what is involved.
First, you’ll need to be sure that you have the space for this. You’ll probably have to sacrifice a couple of guest spots to make this work, unless you just so happen to have a lot of space. As you’re aware, space is a finite resource, especially when it comes to parking.
Second, you’ll need to choose a type of storage that will work for your property. As we mentioned before, there are a few different types of parking space storage available. You’ll need to decide which one will work best for your needs and budget.
Finally, you’ll need to find tenants who are interested in using this storage option. Not everyone will be interested in using their parking space for storage, so you’ll need to make sure that you’re offering this option to people who are actually looking for it.
You can do this by advertising the availability of parking space storage or by including it in your lease agreement as an optional add-on service.
This might seem like a lot to keep in mind, but it’s actually not that complicated once you get started. And it can be a great way to add value to your property and make a little extra money. Let’s say, for example, that you own a small apartment complex with 30 units.
If each unit has two parking spaces, that means you have 60 parking spaces total. But based on the number of tenants and their vehicles, you only ever need 50 of those spots.
That means that you can turn those 10 unused spots into income-generating parking space storage. And at $50 per month per spot, that’s an extra $500 per month, or $6,000 per year, that you didn’t have before.
The Logistics of Putting Storage Outside
Most parking lot storage is going to be outside to some degree, unless you have basement parking but even then there’s usually at least some ventilation to make sure that people don’t die from exhaust fumes.
So if you’re looking at using parking space storage, the majority of it is probably going to be outside. There are a few things that you need to consider when putting storage outside, though, such as weather and security.
When it comes to weather, you need to make sure that whatever type of storage you choose can withstand the elements. This is especially important if you live in an area with extreme weather conditions like very hot summers or very cold winters.
But even if you don’t live in an area with extreme weather, it’s still important to make sure that your storage can handle being outdoors. For example, metal storage units can rust over time if they’re not properly cared for. Wood-based options might rot or warp if they’re constantly exposed to moisture. So be sure to do your research and choose a material that will work well in your climate and for your needs because it is going to be very important.
Security is another important consideration when putting parking space storage outside because people will be storing their belongings in these units. You’ll want to make sure that the units are secure so that tenants feel confident about leaving their things there. There are a few different ways to do this:
- Choose storage units with security features:
- Many storage units come with built-in security features like locks and alarms. These can help to deter thieves and give tenants peace of mind.
- Install security cameras:
- This is a good option if you don’t want to invest in new storage units. You can install security cameras around the perimeter of your property and in the parking area to deter criminals and help you keep an eye on things.
- Hire security guards:
- If you really want to go all out, you can hire security guards to patrol the parking area or even station them at the entrance to the storage area. This is usually only necessary for large properties or properties in high-crime areas but it’s always an option if you’re concerned about safety.
- Choose units made with the right kind of material:
- This is important for security and weather-related reasons. Using the wrong kind of material will make it very easy for thieves to break in.
Planning for these units is especially important if you plan on putting them outside because there are a lot of factors to consider. But if you take the time to do your research and plan ahead, you can be sure that you’re making the best decision for your property.
Getting the Right Kind of Storage for the Job
It might seem like you have a lot of work ahead of you before you can get your on-site storage up and running, and in a way you definitely do. That being said, all it takes is a bit of patience and knowledge to get everything set up the way that you want it.
We hope that this article has given you a better understanding of parking space storage and how it works. Armed with this knowledge, you can make an informed decision about whether or not this type of storage is right for your property. If you have any further questions, be sure to do some additional research or talk to an expert in the field.