Choosing storage for your property can be more than a little stressful. There are a lot of things that you have to keep in mind, like:
- Price
- Security
- Convenience
- Size
All of that has to be decided before you even buy a storage unit. Sometimes it can be easier to decide ahead of time what kind of storage unit you’ll need that way you can have a bundle of traits instead of trying to pick one one.
Parking space storage and wire cage storage are two very popular options for people looking for extra space. They both have their own set of pros and cons that make them appealing to different people.
So, how do you know which one is right for you? Let’s take a closer look at each option to see which one might be the better choice.
Table of Contents
Why This Choice Matters
Before we get into the nitty-gritty of choosing a type of on-site storage, let’s make sure that all of our readers fully understand what on-site storage is. On-site storage is, quite simply, storage that is located on the property that you own.
This could be an apartment complex, a condo development, a single-family home – anywhere that people live and need extra space to store their things.
Today we’re going to be looking specifically at on-site storage units for multi-family properties, like apartments and condos. These are usually managed the property owner or management company, and they’re rented out to tenants who need extra storage space.
Now, as someone who’s in charge of a multi-family property, there’s a good chance that you might be skeptical about certain property improvements. It only makes sense, these kinds of things are investments and as such it’s good to be sure that you know what you’re getting yourself into.
So, let’s take a look at some of the benefits of having this kind of storage on your property:
Increase your property’s income:
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- By offering on-site storage units, you’re giving your tenants the chance to rent out extra space. This can be a great way to increase your property’s income without having to raise rents.
Attract new tenants:
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- On-site storage can be a big selling point for potential tenants. If they know that they’ll have the option to rent extra space, it might just be the thing that tips them in favor of your property over another one.
Make your tenants happy:
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- Tenants are always looking for ways to make their lives more convenient. By offering on-site storage, you’ll be making it easier for them to store the things they need without having to worry about finding a place off-property. And we all know that happy tenants are good for business.
Add value to your property:
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- Having on-site storage can actually increase the value of your property. This is especially true if you’re located in an area where space is at a premium.
Each of these benefits is definitely enough to justify taking a closer look at on-site storage as an option for your property. As someone in charge of a multi-family property, you owe it to yourself to explore every avenue that could potentially increase your income and add value to your property.
It’s hard to find situations that work out well for both the landlord and the tenant, but on-site storage just might be one of those rare cases. Even with that in mind, doing your research is still the best way to make sure that you’re making the right decision for your property.
Taking a Closer Look at On-Site Storage
Understanding the importance of this kind of storage is one thing, but knowing which type of storage to choose is another issue entirely. That’s why, in this section, we’re going to be taking a closer look at two of the most popular types of on-site storage: parking space storage and wire cage storage.
Let’s start with parking space storage. This is one of the most common types of on-site storage, especially for properties that have their own parking facilities. Parking space storage usually entails renting out a spot in your property’s parking lot or garage to tenants who need extra space to store their things.
There are a few things that make this type of storage appealing:
It’s usually cheaper than other types of storage:
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- This is because you’re already paying for the space, so you don’t have to build or buy anything extra.
It’s more convenient:
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- Tenants don’t have to go off-property to access their storage units, which saves them time and effort.
It’s more secure:
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- Parking lots and garages are usually well-lit and covered security cameras, which deters criminals.
It’s easier to manage:
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- Because the storage units are located on your property, it’s easy for you to keep an eye on them and make sure that they’re being used properly.
Now let’s take a look at wire cage storage. This type of storage is becoming more popular as landlords look for ways to make better use of their space. Wire cage storage units are usually located in the basement or attic of a building, and they’re made up of metal cages that are stacked on top of each other.
There are a few things that make this type of storage appealing:
It’s perceived to be cheaper:
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- Because the cages are usually located in areas that are already part of the building, landlords don’t have to build or buy anything extra.
Placement is a little more flexible:
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- Wire cage storage units can be placed in a variety of locations on a property, which gives landlords more flexibility.
It’s easy to find this kind of storage:
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- There are a lot of companies that offer wire cage storage, so landlords have a lot of options to choose from.
All of this information is going to be useful to keep in mind as you make your choice, but it’s important to keep note of something. Wire cages are actually pretty commonly targeted thieves. Why might this be?
In order to understand this, you’ll need to understand the most common form of theft. It’s called a smash-and-grab, and it’s exactly what it sounds like. Thieves will target a wire cage storage unit, usually at night when no one is around, and they’ll use a tool to break through the metal cages.
Once they’re inside, they’ll grab anything that looks valuable and then take off. This can happen in a matter of minutes, which means that tenants can come back to their storage units to find them completely emptied out.
Of course, this isn’t to say that all wire cage storage units are going to be targeted thieves. But many thefts are crimes of opportunity, and wire cages can be pretty easy targets. If you’re considering this type of storage for your property, it’s important to take this into account and factor it into your decision.
Which do Tennants Prefer?
Another thing that you should keep in mind is what your tenants will be likely to prefer. They are, after all, the ones that would be renting the storage from you so their needs and wants should be taken into consideration.
When it comes to storage, tenants usually prefer convenience and security. They want to be able to access their things easily, without having to go off-property, and they want to know that their things are safe.
Price is also a factor, but it’s not usually the most important one. Tenants are willing to pay a little extra for storage that is more convenient or more secure.
So, with all of this in mind, which type of storage do you think tenants would prefer? Parking space storage or wire cage storage? There have actually been surveys done on this topic so we have some numbers we can look at:
- 80% of tenants said they’d pay more for parking space storage than they would for wire cage storage.
- 74% of tenants said they thought parking space storage was more convenient than wire cage storage.
- 65% of tenants said they thought parking space storage was more secure than wire cage storage.
There are some tenants who might prefer wire cage storage because it’s cheaper or because they have a lot of things that they need to store. But, in general, it seems like parking space storage is the more popular option among tenants.
Updating Your Property
As time continues marching ever forward, more and more things become available for us to use in our everyday lives. As things become more convenient, people are increasingly looking for storage that is close and easy to access.
On-site storage is one of the best ways to meet this need and make your tenants happy. It’s a great way to increase your property’s income, attract new tenants, and make your tenants happy. When it comes to on-site storage, parking space storage is usually the better option for both landlords and tenants alike.
