Storage Facilities are a popular income producing real estate investment. When compared to residential properties they have the benefit of not being subject to the Residential Tenancies Act (RTA). This means that rents for units can be adjusted to what the market will allow rather than being capped by a schedule. This property type does not have a need for tenant improvements and maintenance requirements are low.
Historically self-storage as an asset class has provided stable returns even during difficult economic conditions. Disruptions to housing create demand for storage while people are in transition. Once a customer has rented a unit, they tend to keep the unit simply because it takes effort for them to relocate their possessions.
When analyzing a storage facility as a potential investment or preparing to market one for sale, conducting an analysis of current operations is important. In many cases rental rates are not set appropriately for maximum return. The particulars of how billing and bad debts are handled can make a large difference to profitability. It is also important to look at the structure of rental agreements and administration procedures which can impact the actual income realized.
55 Wolfe St., Frankford, ON
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CENTURY 21 Lanthorn Real Estate Ltd., Brokerage*
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