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  • 1.  Rent velocity for new facility

    Posted 05-18-2024 07:34 AM

    Hi,

    I just finished construction on a brand new boat and RV storage facility - we got our occupancy permit a few days ago. My question is what kind of rental velocity should I be expecting? I have SEO, I've done direct mailers, and some social media. I got a few phone calls the first week. I've researched prices for other facilities near me and I am priced below all but one of them that is ridiculously cheap. thank you for any input.



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    Tonya Antle
    Denton TX
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  • 2.  RE: Rent velocity for new facility

    Posted 05-19-2024 10:20 AM

    In normal years, depending on the market, whenever we open new facilities, we see 40K - 70K/SF the first year. But 2023 and so far, 2024 have not been normal years. Until there is an administration change next year and we can get inflation under control, I would expect less than half that amount. 



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    Monty Rainey
    Chief Executive Officer
    RPM Storage Management/SQubed
    New Braunfels TX
    (830) 832-9496
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  • 3.  RE: Rent velocity for new facility

    Posted 30 days ago
    Some marketing ideas that may help:

    Go to area boat and RV dealers and promote referrals-as their customers may need storage when they buy a boat or RV

    Make sure your on site signage/banners is very prominent/visible to drive-by traffic

    Get friendly with the managers on your comps-sometimes they can refer business to you if they are so inclined

    Contact neighborhood HOA's that forbid parking boats/RV's in their communities and tell them your facility is a solution for their homeowners/residents who will need boat/RV storage. This way the HOA can be a "good guy" by offering you as a solution, rather than just an "enforcer"

    We manage many facilities with boat and RV storage and have benefited from the above marketing. Also, you mentioned SEO-we believe it is so important that we use a specialist in SEO/web site marketing that focuses only on self storage.


    Mike Gately, CPM
    President Emeritus
    210-508-6450
    Trusted Self Storage Professionals