An incredibly popular solution today in many multifamily apartments is over car storage. The great thing about having this type of storage is that you can provide an adequate amount of storage space for tenants by putting thin air to good use.
In most cases, the area above the hood of a vehicle where it parks will just sit there, unused, doing nothing but being there. By adding a pair of sturdy legs to create a strong stand for the box to be suspended in the air above the hood of the car, you instantly transform thin air into storage.
80 Cubic Feet of Storage Space
If you think about it, 80 cubic feet is a pretty good-sized area to store things in. The artificial holiday tree, that extra couple of tents that you have for your favorite camping spot. Sewing craft supplies, files, boxes, and even a bicycle or two can fit snugly in the area. If you pack the space just right, you can actually fit a lot of stuff inside of there.
The Way to Generate Extra Revenue
Most multifamily owners understand that it is important to keep good tenants that pay on time every month. It is now a proven fact that most of the renters that live in apartments would absolutely prefer to live in a community that provided on-site storage solutions. Why would anybody want to pay an extra amount of money each month for a storage facility that is all the way across town?
The truth is that many renters do pay that extra money for off-site storage because they need a place to store their things. In many cases, the things that they store are enough to fit into an 80 cubic foot space that you could provide for them. All of that money that renters are spending to drive to an off-site storage facility to tend to their stored belongings could be going to you and your property.
If you do the math and look at this from the eyes of an investor, you can see that there is a potential to make an awful lot of money that will hit the bank every month. For example, say that your tenant is already spending over $100 per month for an off-site storage solution. If you install 150 over car storage boxes and charge 150 tenants an extra $100 per month for each box you will be bringing in an extra $15,000 per MONTH. That is $180,000 per year, on TOP of what you are already bringing in. That is a lot of money. If it costs you $180,000 to install 150 storage boxes, you will make all of your money back in only one year. After that, all of the cash goes directly back to you. How about that?
The way that the multifamily industry is going in these times is surprisingly good. Due to the COVID pandemic, there were a lot of problems in the beginning, but thanks to unemployment insurance payments and government stimulus packages many of the renters have been able to not only continue to pay rent but also afford to move out to other places that can provide some of the things that the places they were living in were not able to. What this means is that in the upcoming months a lot of renters will be moving back into apartments from their parent’s homes, or into better apartments. People are ready to get back to the way things were before the pandemic, so you can expect that renters will be looking for places to live. They will also be looking for amenities such as on-site storage. If your complex does not have it yet, you may lose out on some solid residents.