{"id":10473,"date":"2023-09-20T14:45:44","date_gmt":"2023-09-20T21:45:44","guid":{"rendered":"https:\/\/blog2.neighbor.com\/storage-blog\/?p=10473"},"modified":"2024-10-30T11:57:05","modified_gmt":"2024-10-30T18:57:05","slug":"cost-to-build-storage-units","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/cost-to-build-storage-units\/","title":{"rendered":"The Cost to Build Storage Units: An Inside Look"},"content":{"rendered":"\n

Looking for the best passive income<\/a> investment? The self-storage industry could be just the ticket. <\/p>\n\n\n\n

With experts lauding the self-storage sector as a “recession-resistant” <\/strong>option, you may have considered building storage units and renting them out to the 38% of Americans who currently use or plan to use<\/a> a storage space. <\/p>\n\n\n\n

But then the question arises: “Is there a need for another storage business?” <\/p>\n\n\n\n

Though you may find storage businesses planted on every corner, consider the wide range of customers in need of item and vehicle storage. Employees relocating across the country, downsizing homeowners without enough space for collectibles or belongings, and remote-first business owners who don’t need or have brick-and-mortar locations<\/em> (just to name a few).<\/strong> <\/p>\n\n\n\n

With such a large customer base to serve, as long as there are self-storage units available, people will want to rent or purchase them—especially with storage vacancies sitting at a steady 8%.<\/a> <\/p>\n\n\n\n

If you’re thinking about getting into the storage business, you’ll need to know how much it costs to build storage units from the ground up. Read on to discover the answer to this question and more.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Why Look Into Building Storage Units?<\/h2>\n\n\n\n

It might be wise to look into the self-storage industry because storage units promise great potential for profit.<\/p>\n\n\n\n

Even in hard economic times, people will need self-storage solutions to keep their furniture, cars, and other personal belongings, out of sight and out of mind. But storage isn’t just a personal need. Businesses will also need storage units for excess business equipment (important files and documents, desks, printers, and so on). For instance, business that recently transitioned to a fully-remote structure need places to store the equipment and inventory they no longer use, now that their employees work from home. <\/p>\n\n\n\n

If you can build storage units affordably, you can then rent them out to people<\/a> who use them regularly, making a very tidy profit without a lot of maintenance requirements<\/strong>. Storage facilities don’t require a ton of employees, and once your facility is up and running, regular maintenance and repair fees shouldn’t eat too much into your bottom line.<\/p>\n\n\n\n

Understanding the Cost of Storage Units<\/h2>\n\n\n\n

But how much is a storage unit? If you’re still wondering, “How much do storage units cost?” the answer may not be as simple as you originally thought. <\/p>\n\n\n\n

You’ll need to account for the following costs: the cost of buying land, the cost of contracting workers, and the overhead costs of overall setting up your self-storage business<\/em>. The more money it costs to get started, the more money you need to earn to turn a profit.<\/strong><\/p>\n\n\n\n

Building a storage unit isn’t as simple as paying a one-time fee and calling it a day<\/strong>. Indeed, there are a number of different costs you’ll assume responsibility for as a facility owner: labor contracts, construction costs for each self-storage unit, and much more (especially if you plan to build a facility from the ground up, rather than purchasing units from an existing storage facility). <\/p>\n\n\n\n

\n \r\n
\r\n
\r\n

Can we pay you to store vehicles?<\/h2>\r\n <\/header>\r\n
\r\n
\r\n
\r\n <\/path>\r\n <\/path>\r\n <\/svg><\/div>\r\n

List your unused space<\/h3>\r\n

People are earning $1,000s per year from their garages and outdoor space.<\/p>\r\n <\/div>\r\n

\r\n
\r\n \r\n <\/path>\r\n <\/svg>\r\n <\/div>\r\n

Approve your renters<\/h3>\r\n

You're in control. Approve who rents and the hours of access.<\/p>\r\n <\/div>\r\n

\r\n
\r\n \r\n <\/path>\r\n <\/svg>\r\n <\/div>\r\n

Get paid monthly<\/h3>\r\n

Sit back and collect automatic payments each month.<\/p>\r\n <\/div>\r\n <\/section>\r\n