There are a lot of ways to invest your money these days, and many people still tend to stick to the most traditional forms. For instance, property is very much a popular form of investment still, and the stocks and shares markets also attract a high number of individuals who have some extra cash to play with. But why not start considering some of the newer types of investments that have started to gain in popularity over the past few years?
Take self-storage units for example. It might not be an obvious form of investment, but a lot of people have recently twigged that it could prove to be an easy way to make a bit of extra cash. That’s because it will bring you a passive income – all you need to do is buy the units and then rent them out to others. Other than buying the units and finding someone to rent them out to, there is little to do. You might need to carry out some maintenance every now and then, but that should be minimal.
So, do you think investing in a self-storage unit is a good idea for you? Here are some further reasons why you might want to consider it.
Occupancy Numbers Are On The Rise
Before you do decide whether or not to invest in self-storage units, you will no doubt want to know whether there is a good demand for it or not. After all, there is no point buying a few different units if no one is going to want to rent them off you. Well, thankfully, you can be happy knowing that there is quite a strong demand for self-storage units across the country at the minute. In fact, the figures show that there seems to have been an increase in occupancy over the past few years, which is good news for companies and individuals that own these units. It shouldn’t end up being a struggle finding someone to rent them out to!
There’s No Staff Requirement
Some people worry that renting out storage units will mean that they need to start hiring staff to look after them. That isn’t always the case, thankfully. In fact, if you are only looking to invest in one or two units then you might even be able to get away with running them on your own without paying for any staff to help you out. If you have a few more units to rent out, then it could be worth getting one or two staff to help you maintain and look after them. This shouldn’t be too expensive, though, and the money that you make on the self-storage units should be more than enough to cover the employee wages.
Storage Units Come In A Range Of Sizes
Another reason why investing in storage units could be a good idea is that they come in a wide range of sizes. That means that you won’t be restricted to renting out your units to the same types of customer. As they come in big and small sizes and a variety of shapes, it will really be worth investing in a number of different types. You should then find that your target customer base is actually quite large, as your units will appeal to a number of different people who have various needs for storage.
It Can Bring Big Returns
One of the more important things to think about when deciding whether to invest in storage units is the potential profits you will be able to gain from them. I’m sure that you will be very happy to hear that self-storage can bring you some very big returns indeed. This is largely because it will be a very high-yielding investment, especially when you compare it to larger property investments. Not only that, though, but it will also be a stable asset to have as well. You won’t have to worry too much about your investment losing money like you might if you invested in stocks and shares.
Storage Companies’ Turnover Is On The Rise
Most companies that operate within the storage industry have seen their turnover rise over the past few years. If this trend continues, then you can be happy knowing that your investment will also rise over the next few years as well. As a result, it could prove to be a very lucrative investment well into the future.
Some Believe Self-Storage To Be Recession Proof
Of course, there is no way of knowing what the future holds, and as there is currently a lot of uncertainty in the markets due to political turmoil like Brexit, there is no way of knowing whether investments are completely safe. One thing that should give you some peace of mind, though, is that many people believe the self-storage industry to be completely recession proof. They believe this because the industry has often performed quite well even during times when other markets and sectors were performing very poorly.
In fact, during the recession back in 2008, self-storage companies were the only kinds of property trusts that were operating at a profit.
There is a lot to consider when thinking about investing in some self-storage units. Thankfully, we’ve laid it all out for you in this blog post. As you can see, whether they will be a good investment for you or not will largely depend on your own individual situation and what you expect from your investments.
When you have made a decision and are ready to start looking for some self-storage units to invest in, then we are here to answer any further questions that you might have. Simply get in touch with us by giving us a call on the number at the top of our site. One of our team will be available to have a friendly chat and discuss your storage options. As there are a few different sizes and styles of units available, we will also be able to talk you through them too.
So, give us a call today!
