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Self Storage Condos: A Niche Investment Opportunity

Date: 3/25/2015
Author: Stephen Hollowell

Self Storage Condos: A Niche Investment Opportunity

The idea of self-storage condominiums is a relatively (though not entirely) new concept. The development and sale of self storage units for private ownership began to flourish in the early 2000’s; however, the market came to somewhat of a standstill when the economy started going downhill.

Self Storage Condos Planned for Clarendon Hills, IL

Self-storage condominiums have recently started to gain some traction in popularity, as exemplified by the newly proposed development in downtown Clarendon Hills, IL, an affluent village twenty miles southwest of Chicago. Plans from architect John Conrad Schiess include a structure of two stories with 16 individual units.

“The units will be individually owned,” said Schiess. “They will be put up for sale, but we’re prepared to rent. It is a unique storage use; it’s not where you go to abandon your things.”

As seen on the hit A&E series Storage Wars, storage units are often abandoned and put up for auction. But not all storage renters are short-term only. Roughly 22 percent of all storage unit renters plan to rent for 1 to 2 years, and 30 percent for more than 2 years.

Eucalyptus at Beaumont Offers Storage Condos with Amenities

A prime example of what self storage condos have to offer is Eucalyptus at Beaumont, CA, a private storage condo complex designed for the storage of RVs and high-value vehicles. Beaumont includes amenities such as individual door alarms, 24/7 access, wash and dump stations (for RVs), clubhouse for members, showers, and a laundry room.

Much like the homeowner’s association fees of a condominium complex, amenities at storage condo developments are paid for by each condo owner. Instead of paying rent every month to simply store belongings, the self storage condo offers ownership, security, and a sense of community, since the owners are far less transient than the typical self-storage renter.

Self Storage Condo Ownership

Self storage condo ownership provides the opportunity for either personal or commercial use, and the unit can be sold at any time. Growing in awareness and attraction, this unique, niche investment opportunity offers a look into what the future may have in store for the ever-expanding and developing self storage industry.

WORKS CITED:

Berr, Johnathan. “The Truth About Storage Auctions: More Trash, Less Treasure.” Daily Finance. http://www.dailyfinance.com/2011/11/03/the-truth-about-storage-auctions-more-trash-less-treasure/  Nov 3, 2011.

Fieldman, Chuck. “Self-storage proposed for downtown Clarendon Hills.” Chicago Tribune. http://www.chicagotribune.com/suburbs/clarendon-hills/ct-dch-self-storage-tl-0326-20150317-story.html  Mar 17, 2015.

“2013-2014 Storage Industry Fact Sheet.” Self Storage Association. http://www.selfstorage.org/ssa/content/navigationmenu/aboutssa/factsheet/

“Developer Seeks Approval to Build Self-Storage Condo Units in Clarendon Hills, IL.” Inside Self-Storage. http://www.insideselfstorage.com/news/2015/03/developer-seeks-approval-to-build-selfstorage-condo-units-in-clarendon-hills.aspx  Mar 19, 2015.

“Self-Storage Condominiums: The Advantages, State and Future of this Niche Investment Opportunity.” Inside Self-Storage. http://www.insideselfstorage.com/articles/2011/04/self-storage-condominiums-the-advantages-state-and-future-of-this-niche-investment-opportunity.aspx  Apr 18, 2011.

Page Title: Self-Storage Condos Offer a Unique Investment Opportunity | Self-Storage Condominiums – List Self Storage

Headline: Storage Condo Ownership: An Investment for Personal or Commercial

Keywords:  self storage condo, self storage condominiums, storage condo, storage condo ownership, self storage industry, self storage condo