Everyone’s looking for ways to spice up their multifamily properties these days. With the rise in popularity of “tiny living,” people are downsizing their homes and possessions in droves. So, what’s a savvy property manager to do? One option is to offer storage lockers for residents.
Storage lockers provide a number of benefits for both tenants and landlords. For tenants, it’s an easy way to declutter their living space without having to get rid of all their stuff. And for landlords, it’s a way to increase revenue and fill up vacant units.
But storage lockers are not without their challenges. There are a few things you need to consider before adding them to your property, such as cost, liability, and maintenance. In this article, we’ll explore the pros and cons of storage lockers so you can decide if they’re right for your property.
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The Benefits of Having Tenant Storage Lockers
There are a lot of places that we could start today’s article, but positives are a great place to start in our opinions.
Let’s begin by looking at the benefits of having storage lockers for tenants:
- Storage lockers provide tenants with an easy way to declutter their living space without having to get rid of all their stuff.
- They can also be used to store seasonal items, such as winter clothes or holiday decorations, which frees up space in the unit.
- Tenants who use storage lockers are also less likely to move because they don’t want to give up the convenience of having a storage locker.
- And last but not least, storage lockers can generate additional revenue for landlords. Storage fees are typically much lower than rent, so it’s a great way to boost your bottom line without raising rents.
That’s a lot of benefits for tenants alone, but what about landlords? Let’s look at what giving each tenant a locker does for them
- As we mentioned before, storage locker fees are typically much lower than rent, so it’s a great way to boost your bottom line without raising rents.
- Storage lockers can also help fill up vacant units. When potential tenants see that your property offers storage lockers, they’re more likely to rent from you because they know they’ll have a place to store their things.
- And last but not least, storage lockers can provide an additional layer of security for your property. If all the units are full, there’s less chance of theft or vandalism because there will be people around to deter would-be criminals.
With all of these benefits, it’s clear that storage lockers can be a great addition to your multifamily property. If you’ve been paying attention, there’s a good chance that you’ve noticed an explosion in the popularity of on-site storage at apartment complexes nationwide.
That’s because of the many advantages that they offer to both landlords and tenants. In fact, it’s become such a popular amenity that some apartment complexes are now offering storage lockers as an incentive to sign a lease.
While storage lockers can be a great addition to your property, there are a few things you need to consider before adding them. In the next section, we’ll explore the challenges of having storage lockers so you can decide if they’re right for your property.
The Challenges of Having Tenant Storage Lockers
For the sake of being honest, we’re going to have to cover some of the most common challenges that come along with having storage lockers for tenants. As you probably already know, nothing is ever perfect.
- The first challenge is the cost.
- Storage lockers can be expensive to install, especially if you’re retrofitting an existing property.
- Another challenge is liability.
- If something goes wrong with the storage locker, such as a fire or flooding, you could be held liable.
- Maintenance is also a challenge.
- Storage lockers need to be cleaned and repaired on a regular basis, which can be time-consuming and expensive.
- If you aren’t careful you could end up with shoddy workmanship, which can lead to even more problems down the road.
- And last but not least, storage lockers can be a target for criminals.
- If you don’t have adequate security, your storage locker could be broken into and your tenant’s belongings could be stolen.
Now that we’ve looked at some of the challenges of having storage lockers, let’s take a look at how you can overcome them.
- The first challenge is the cost.
- Storage lockers can be expensive to install, especially if you’re retrofitting an existing property. But there are a few ways you can save money on installation costs. One way is to partner with another business in your area that offers storage lockers. This way you can split the cost of installation and marketing. Another way to save money is to buy used storage lockers from another property that’s being remodeled or torn down.
- The second challenge is liability.
- If something goes wrong with the storage locker, such as a fire or flooding, you could be held liable. But there are a few ways you can protect yourself from liability risks. One way is to purchase insurance that covers damage to tenant belongings stored in the locker. Another way is to require tenants to sign a waiver that releases you from liability in the event of damage.
- The third challenge is maintenance.
- Storage lockers need to be cleaned and repaired on a regular basis, which can be time-consuming and expensive. But there are a few ways you can save money on maintenance costs. One way is to partner with another business in your area that offers storage locker cleaning and repair services. This way you can split the cost of labor and materials. Another way to save money is to do the cleaning and repair yourself.
- The fourth challenge is shoddy workmanship.
- If you’re not careful, you could end up with storage lockers that are poorly made and don’t last very long. To avoid this, make sure to do your research before purchasing storage lockers for your property. Read reviews, compare prices, and look for discounts before making a purchase.
- The fifth challenge is security.
- Storage lockers can be a target for criminals if they aren’t properly secured. To protect your tenants’ belongings, make sure to install security cameras around the perimeter of the storage locker area and have a reliable alarm system in place.
Is It Really Worth It?
After reading the rest of this article, you might be asking yourself if storage lockers are really worth the cost and effort. The answer, of course, is that it depends. If you’re struggling to fill up vacant units, storage lockers could be a great way to attract potential tenants.
They’re also a great way to generate additional revenue without raising rents. And last but not least, they can provide an extra layer of security for your property. But storage lockers are not without their challenges.
They can be expensive to install and maintain, and they can also be a target for criminals if they aren’t properly secured. So, it’s important to weigh the pros and cons before deciding if storage lockers are right for your property.
To help you make your decision, let’s take a look at a few scenarios where storage lockers would be a good fit:
- You own an apartment complex in a college town where most of the tenants are students who move in and out every year. Storage lockers would be a great way to attract potential tenants and generate additional revenue.
- You own an apartment complex in an urban area with high crime rates. Storage lockers would provide an extra layer of security for your tenants’ belongings and could help deter would-be criminals.
- You own a vacant apartment complex that you’re having trouble filling up. Storage lockers could help attract potential tenants and generate additional revenue while you’re waiting for the units to fill up.
These are a lot of points that we have already covered, but they are important to reiterate. If any of these scenarios sound like your property, then storage lockers could be a good fit. Making the right choice here could both save and earn you a lot of money.
This is one of those things that many people overlook, but it can really make a difference. If any of these scenarios apply to you, then storage lockers are something that you should seriously consider.
Improving Your Property
Making improvements is important for a lot of reasons. Not only does it make your property more attractive to potential tenants, but it can also help increase revenue and fill up vacant units. Storage lockers are just one of the many improvements you can make to your property.
If you’re considering adding storage lockers to your property, be sure to weigh the pros and cons before making a decision. Storage lockers can be a great addition, but they’re not without their challenges. But if you’re up for the challenge, storage lockers could be a great way to improve your property.