Should You Build Storage Units On Your Rental Property?
One important questions that you may have if you own Rental Property is how you can make more money from your rental property and one of the easiest ways that any landlord can make more money from their rental is by adding additional storage on the property.
Storage is an often overlooked moneymaking opportunity by many landlords because, we often don’t think about the fact that most families have an abundance of items that come with them regardless if they are renting an apartment, town-home, condo or single-family home and those tenants need somewhere to put their personal items so this represents a golden opportunity for you, the landlord to make more money from the tenant by adding additional storage capacity to the rental property.
What Does It Cost To Add Extra Storage?
Adding extra storage to your rental property could cost anywhere from a few hundred to a few thousand dollars depending upon the location and type of storage that you decide to add.
Some landlords may decide to convert the basement of their rental property into actual storage units which include electronic key fobs, tile floors, air conditioning, heat and possibly bike racks that are mounted on the wall.
Other landlords may choose to add storage on their property by adding more shelf space to the garage or they may choose to place placing a storage unit on the property itself, regardless of the method of storage that you choose it’s a good idea to take action and add more storage capacity to your rental property.
What Is The ROI From Storage?
Some of the rewards that you can enjoy from adding additional storage to your rental property include: you will be able to charge a higher rent, rent your property faster and most important of all keep great tenants because, your tenants will be less inclined to look for rental properties elsewhere since your rental offers them the storage capacity they need.
Contact RPM Central Valley
To learn more about how to add value to your Central Valley Rental Property contact RPM Central Valley today by calling us at (209) 572-2222.