Doing Well In A Recession Economy: Storage Warehouses
My daughter just received a letter that the cost of her storage unit is going up by $10 per month. Come to think of it, my husband’s office storage unit on Greenville Ave. also increased in price, and I cannot imagine why – the place looks shabbier every time I go over there. In a time when most people are negotiating with landlords to whittle down leases, the storage business appears to be going great guns. I recall our broker had us buy stock in storage warehouse units back in the late 1980’s. Guess they take advantage of the need for people to store belongings in-between home moves and move-outs. Thoughts?
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The quality, and the services provided, of storage warehouses varies greatly. Some of them are really nice with security cameras, and monitored temperatures.
About 10-years ago, I checked the prices for a nice storage warehouse in the center of town and the price was sky high. I ended up renting a storage unit just for a couple of months out in the suburbs and it was a lot less. As I recall, less than half.
I think quite a few big cities may end up having 10,000 brand-new condos or so sitting empty. Being able to rent out new condos as storage units would really help a lot of people out financially. I know the present condo covenants and bylaws would have to be changed to allow storage units, but that’s a relatively minor thing. During desperate times you may have to take desperate measures.
If I owned an empty condo, I would much prefer to rent it out as a storage unit. You may get less money than leasing it out as an apartment, but there’s less risk.
Hopefully this type of arrangement would be a temporary thing. Maybe three or four-years max until the real estate sector recovers a bit.