No matter the size of your family or where you are located, investing in a storage unit is a smart move. Not only can it be a savvy business decision, but it can also provide your family with secure storage anytime you need it. Here are five reasons that your family should invest in a storage unit.
A Recession-Proof Investment
Storage units are a recession-proof investment that doesn’t require tons of cash to initiate. If you aren’t part of the top one percent, you can buy shares in a REIT, or equity real estate investment trust. REITs are publicly traded shares with competitive yields that many families can afford, and if you need proof that they’re a recession-proof investment, during the 2008 financial crisis, self-storage was the only REIT sector that showed a positive total return.
Turning a Profit Is Easy
Unlike many other investments, you don’t have to work tirelessly to turn a profit when you invest in a storage unit. When you invest in apartments, for example, an occupancy rate of at least 60 percent is usually required just to break even, according to the Appraisal Journal. Storage unit investments, however, only need around a 45 percent occupancy rate to break even, and if you invest in a unit in a highly-populated area, you can easily turn a profit.
Facilities Have Improved
Years back, storage unit facilities generally amounted to little more than glorified garages, but modern storage units often feature loading docks, moving trucks and climate controlled units. Many of them, such as Tyson Self Storage, also offer a variety of sizes and have added security measures. These facility improvements mean it’s often easier to find renters than it was in the past.
Secure Storage Whenever You Need It
One of the biggest benefits of investing in a storage unit is having access to secure storage anytime you need it. When your storage units aren’t being rented to others, you can fill it with extra furniture or other bulky items to declutter your home, and the security of a storage unit means you never have to worry about the safety of your belongings.
Boost Your Small Business
Storage units are increasingly being used as bases of operations for small businesses thanks to their built-in security measures and low overhead costs. If you have a home business or are part of a small local business, a storage unit can provide you with a secure facility, and you won’t need to spend tons of money to get a facility in a desirable area.
For these reasons and more, investing in a storage unit is a wise business move to help support your family. Improvements in storage facilities have made them far more versatile, and turning a profit with a storage unit is easier than with many other investments. Besides, even if you have trouble finding renters in the short term, your family can always find a use for spacious, secure storage.
