Tag Archives: #BoomersLoveSelf-Storage

Why Baby Boomers Love Self-Storage…Revisited

 Boomers Driving Self-Storage Demand

Introduction…One major force driving the demand for more self-storage are the boomers.  The boomers are those born between 1946 and 1964 whose age range between 51 and 69 in 2015.  Almost nine months after World War II ended, the cry of the baby was heard across the land.  More babies were born in 1946 than ever before in the U.S.: 3.4 million.  This was the beginning of the baby boom.

There were 76.4 million “baby boomers” in the United States and they made up 40% pf the nations population.

As the boomers grew older, every segment of the economy was impacted from the selling of baby products, building schools, building automobiles and houses.

Bulidng Self-Storage for Boomers…Now we are building self-storage because the boomers were the most prosperous generation we had ever seen  and represent $2 trillion in spending power.  Is it any wonder they have more stuff than any previous generation.

Now that they are getting to the age where they are beginning to start downsizing, they still have more stuff to store.  So, rather than getting rid of those things they worked to obtain, many are choosing to store it.

In Summary...Nearly 1 in 10 American household uses one of the 50, 000 self-storage facilities.  And now the boomers are increasing demand for self-storage like we’ve never seen before.  Is it any wonder that experts predict it will be 2022 before the industry meets the demand for self-storage?

Click here to “Get 9 Little Known Secrets For Steady Real Estate Income.”

What Baby Boomers Retiring In Droves Means For Investors

Introduction…More and more baby boomers begin the new year with nothing on their schedule but plans to golf, travel, and spend more time with the grandkids.

The number of Americans aged 65 or older without a disability that aren’t in the labor force rose by 800,000 in the fourth quarter of 2016, marking the resumption of a long-standing trend: the exodus of their generation from the work force and into retirement.

Whether a larger share of senior citizens had previously been incented to remain in their jobs by higher wages or by a need to keep working in order to rebuild their nest eggs after the financial crisis is still an open question. But the recent non-farm payroll reports affirm that the secular trend of rising retirements can only be delayed for so long.

“The RV (recreational vehicle) has replaced the rocking chair, and the whole notion of retirement has changed in the last 10 years,” says Ken Budd, executive editor of AARP magazine .

There are two drivers, according to journalist Samantha Dunn, who’s written about RV retirees for the website Next Avenue. First, wireless technology means you can easily stay in touch with friends and family even while living on the road.

Then there’s the financial angle. Today’s retirees have long life expectancies. Living on the road for a year or five can be a way to spend less than hanging on to the big house or moving into a service-heavy retirement community.

“Even if you buy the $100,000 RV rig, it’s cheaper than dealing with an oversized house and taxes and all the things home ownership entails,” Dunn says.

Maybe the rising number of Americans retiring and the increased in RVs and boats has contributed to our newest property acquisition being 95% leased for the last 3 years and the closest competitor to be 100% leased.

We love RV and boat storage for several great reasons:

  1. These renters tend to be long term renters, at least until the sell their RB or boat
  2. These renters pay their rent on time as no one would let a RV or boat be auctioned off to pay a few months storage rental
  3. These renters are easy to manage as they appreciate a secure storage for their prized RV or boat
  4. These affluent renters rarely visit their storage units

Click here to watch the video What Baby Boomers Retiring In Droves Means To Investors.

Conclusion…Providing needed services and products to the Baby Boomers as they age, has always been very profitable for the providers.  We see the next wave in providing storage for their new RVs and boats acquired as they retire.

Five Questions To Ask First About RV/Boat Storage

RV/Boat Storage

Introduction...Ask any boat or RV owner and they’ll tell you: Finding a place to store those vehicles can be tough. Homeowners’ associations hate seeing them in driveways; cities ticket them when they’re parked on the street; and apartment-complex managers don’t take kindly to sacrificing their limited parking.

There is a great opportunity for self-storage business owners to expand our business thanks to the growing demand in RV and boat storage and the low supply thereof. There are five questions one should ask when adding these storage units to our new or existing self-storage business.

1. Why Should We Offer Boat/RV Storage?

The first thing we’ll want to ask ourselves when considering the addition of boat/RV storage is whether it’ll be profitable. In most markets, it will. The main reason is the scarcity of the service.

2. What Type of Boat/RV Storage Should We Offer?

The great thing about adding boat/RV storage to your facility is it won’t necessarily cost a fortune. Besides tailoring it to the needs of future consumers, you can modify it to fit your budget.

There are essentially three types of boat/RV storage, ranging from simple to luxurious. The most basic form is a simple parking lot with spaces available for rent. If we have land you can pave or an existing parking lot that rarely fills up, converting it to storage should be easy. Simply use paint to designate rental spots and number them accordingly.

One step up from parking-lot storage is canopy storage. This type features a roof only or a roof and walls on two or three sides. It’ll cost a little more, but it’s a worthwhile investment if you live in an area where it snows or you get excessive sun; tenants will be happy to know that a canopy is protecting their vehicle from the elements.

If we want to cater to customers who expect luxury, you can offer fully enclosed units. These feature high clearance for even the tallest of vehicles as well as roll-up doors, dependable locks and even unit alarms. If you live in an area where you see many high-end boats and RVs, this type of storage will guarantee you business.

3. What Basic Features Do I Need?

Installing boat/RV storage won’t require you to change everything about our facility, but it will necessitate a few tweaks. The most important thing you’ll want to offer these tenants is space—not just to park but also to drive. We’ll need drive aisles that are at least 35 feet wide to accommodate large motorhomes and vehicles that are towing boats or a fifth-wheel trailer. By giving vehicle owners that extra room, you’ll not only improve their storage experience, you’ll prevent them from potentially damaging your property.

4. What Amenities Should We Offer?

If we really want to go the distance, there are a number of additional features and services we can offer. Wash and dump stations, propane sales, vacuums with long hoses and even air pumps are outstanding amenities that are likely to result in consumers choosing your facility over another. Providing electrical hookups in units will wow tenants as well.

5. How Do We Attract These Tenants?

They’re probably already looking for us! All we have to do is let them know we exist. Prioritize Web-based marketing over older techniques such as print advertising. Use our website by including quality photos of your property as well as a detailed list of amenities you offer specifically for boat and RV owners. Use the same terminology on our website that boat/RV owners use, as this will help your facility place higher in online searches.

In conclusion...With increasing numbers of people eager for a taste of life on the road (or sea), RV and boat storage is more desirable than ever. Fortunately, supply hasn’t caught up with demand—that’s where we come in and can create great cash flow.

Source: Interested in Embarking on Boat/RV Storage? Insider Self-Storage, July 14, 2016

Why People Use Self-Storage

self-stoagepeople

Overlooked reasons for using self-storage…For instance a divorced person going through a difficult transition.  He or she might need a temporary place to keep belongings.  I lived that when I had two storage units.

Or a daughter moving her elderly father into a nursing home.  Where to put dad’s stuff?

How about a family who is selling their home and need to stage it so they store excess belongings until they move?

Also, many small businesses turn self-storage into inexpensive warehouse for inventory.

Or, that retailer who has high rent and can’t afford the cost of storage in the retail outlet.

For millions of Americans, self-storage isn’t a matter of clutter.  Rather it’s a matter of dealing with life.

Approximately 10% of the American households use the 52,000 self-storage properties.

In conclusion…While some hoarders rent self-storage, many individuals need storage during transition, and some small business – retail or service – use self-storage as an inexpensive way to solve a warehousing problem.

What’s next?  If you have not done so, Optin to “Get 9 Little Known Secrets For Steady Real Estate Income” at www.self-storageinsider.com

10 Weidest Things Found In Self-Storage

Weirdest Things Stored In Self-Storage

While storing a classic car like the above 1967 Mustang in self-storage, may not seen weird to you, but not paying the storage rent and forfeiting the car to be auctioned is weird.

Click here to watch the other nine things found on the video that  are weird.

This just goes to prove the point made in an earlier post here, “It (Self-Storage) It Only Just Appears To Not Be The Most Exciting Real Estate.”

Why Baby Boomers Love Self-Storage

Love Of Self-Storage

One major force driving the demand for more self-storage are the boomers.  The boomers are those born between 1946 and 1964 whose age range between 51 and 69 in 2015.  Almost nine months after World War II ended, the cry of the baby was heard across the land.  More babies were born in 1946 than ever before in the U.S.: 3.4 million.  This was the beginning of the baby boom.

There were 76.4 million “baby boomers” in the United States and they made up 40% pf the nations population.

As the boomers grew older, every segment of the economy was impacted from the selling of baby products, building schools, building automobiles and houses.

Now we are building self-storage because the boomers were the most prosperous generation we had ever seen  and represent $2 trillion in spending power.  Is it any wonder they have more stuff than any previous generation.

Now that they are getting to the age where they are beginning to start downsizing, they still have more stuff to store.  So, rather than getting rid of those things they worked to obtain, many are choosing to store it.

Nearly 1 in 10 American household uses one of the 50, 000 self-storage facilities.  And now the boomers are increasing demand for self-storage like we’ve never seen before.  Is it any wonder that experts predict it will be 2022 before the industry meets the demand for self-storage?