What are the Most rented mini storage units ?

[Fiberton]

I am tinkering with the idea of building a mini storage place. Thing is I have read quite a lot over a few weeks about the cost of a mini storage and I have not seen any info on income. Meaning the metrics of the business. LIke what sizes are most rented etc. Would anyone have this information ? Thanks

 

[Bud]

As far as price, that is something that would be determined by the area you are in. Call around to several storage facilities and take an average. Our units range: 5x10-$35, 10x10-45, 10x15-55, 10x17-60, 10x20-65, 10x25-80. All of our buildings are 30ft x 100ft except one which is 35x100. This is the unit that we have the 10x25s. Units in our area are low compared to surrounding counties. We are planning an increase in the near future. Part of the problem around here is that no one is making a living at it so it is secondary income, therefore, they really don't care. Good luck

 

[Bossman]

Before you spend time on costs & income, make sure you have zoning, or at least a half of chance at getting it. The property I was looking at was zoned correctly, but I needed a "conditional use permit" to have a storage facility. Literally one little old lady, a neighbor, objected and the committee turned me down. Five years later, it's still vacant land bringing in $19 per year in taxes. I would have been paying thousands of dollars per year in taxes, so don't count on reason or common sense when it comes to zoning changes.

 

[Louise]

I think the industry "average" is that 10 x 10's is the most popular size and that the average length of rental is 13 months.

However, it depends on your area. Our facility is near a military base and our most popular sizes are 10 x 15 ($133/month) and 10 x 20 ($165/month) all climate controlled.

Vacancy rates are high right now.

 

[janaohio]

Bud

I live in northeast ohio and the prices u stated seem to be the same here. Are there many vacancies?? I'm wondering if it's worth it. The area is depressed here.I own some property right in the heart of the biggest small town here. Only thing i can think that is good is the people who get evicted can walk to their storage units! lol anyone feel free to chime in.


thanks