Traditional self-storage facilities are typically large, rectangular facilities with smaller rental units inside, complete with metal roll-down doors and concrete floors. Renters pay to store their belongings in a space, typically a 10’x10’ unit or similar size, and can either opt for a climate-controlled or non-climate-controlled space. This might be the quintessential image that comes to mind when you picture what a self-storage facility looks like.

In recent years, however, alternative forms of self-storage have grown in popularity. Contractor storage, for example, is rented out to contractors and construction companies to store equipment between jobs. 

But what our team has seen great demand for in recent years is boat and RV storage. These facilities cater specifically to residential owners of boats and RVs, which they may not be allowed or able to store at home.

In our recent search for investment opportunities, we’ve been finding ways to expand our portfolio of self-storage facility investments beyond traditional consumer rental spaces and into this exciting world of RV and boat storage.

Let’s take a quick look at why we’re interested in this space, as we introduce you to one of our recent acquisitions, White Bear Lake Outdoor Storage.

The Growing Demand for Boat and RV Storage

The growing demand for boat and RV storage isn’t all that surprising, considering the recent surge in popularity of recreational sports and vehicles. 

In the past two decades, RV sales alone have increased by more than 62%.1 As more homeowners purchase these larger “toys,” they need space to store them safely and securely (especially for those who live in neighborhoods with HOAs or strict code enforcements). 

While every facility is a little different, boat and RV self-storage facilities tend to include a few unique features that make them an ideal choice for this type of storage. They almost always have ample outdoor parking, with spaces large enough to accommodate oversized vehicles and boats. Most will have at least some covered spaces (called canopy storage), which can help protect the property from the elements. Boat and RV facilities may also offer in-unit electricity, which renters can use to maintain their vehicle’s battery, as well as drive-up access to units.

These facilities will typically include robust security measures, including facility-wide fencing, passkey-protected gates, and video surveillance.

Introducing White Bear Lake Outdoor Storage

Earlier this year, we purchased White Bear Lake Outdoor Storage located in Lino Lakes, Minnesota—an area known as the “Land of 10,000 Lakes.” Since acquiring this RV and boat storage facility in April, we’ve already seen some exciting successes we wanted to share with you. 

Here are the highlights of our recent White Bear Facility acquisition:

• Over 90% occupied: Between the RV and boat facilities on the property, we have over 560 spaces rented, equating to an occupancy rate above 90%.

• Continued occupancy growth: Since acquiring the facility, we achieved a 6% increase in occupancy even before implementing our full suite of marketing strategies.

• 2% delinquency rates: This facility has an incredibly low delinquency rate of just 2% (meaning only 2% of renters are past due).

While we’ve only owned this property for a short amount of time so far, we’re already thrilled with the results it's yielding for our community of private investors. 

Be the first to know when our next deal is coming (investor spots fill up quickly!). Start the process to join our inner circle now.

Sources:

1Demand For RV & Boat Storage Facilities On The Rise