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Fact vs Myth: Self-Storage
Maintenance
Self-storage facilities are dilapidated because maintenance is expensive.
Fact
Myth
Myth
Facility maintenance costs are lower than other industries. There are few installments which require regular maintenance. Within a storage unit, there is no carpeting or plumbing to maintain.
Exterior Maintenance is little more than…
Liability
Fact
Myth
Self-storage has a high risk of liability.
MYTH
Taking Reasonable Measures (Fences, Cameras, Security etc.) Home Owners (covers 10% of personal property anywhere in the world) & Renters Insurance Hiring Honest Employees…
Stability
Fact
Myth
Stability in self-storage, as an investment, is essentially guaranteed
Fact
Self-storage is recession proof, as people move out of their houses and into apartments; they have needed belongings they simply do not have room for but cannot part with.
Demand for self-storage is growing, one reason is that Baby Boomers are downsizing. They and their families need a place to safely store belongings for their future.
Studies have shown the average person needs 7sqft. of additional storage space. In these numerous cases the answer to this problem is self-storage.
Tenants
Fact
Myth
Dealing with tenancy is a relatively hassle-free
Fact
There is no lengthy eviction process and little risk of costly damage from an irresponsible tenant(s).
Operation
Fact
Myth
Operating a self-storage facility is difficult
Myth
Daily operation of a facility include tasks like: Answering the phone, physically manning the property daily to be accessible to current and prospective tenants, taking payments etc.
Buying and Selling
Fact
Myth
Now is a great time to buy, sell and/or develop a self-storage facility
Fact
Current interest rates are perfect for investing, combine that borrowing power with high cash-on-cash returns; you will find there are few types of investment with such high profitability.
Demand is high and is projected to continue growing!
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