Residential onsite storage continues to provide multifamily properties with a desirable amenity while producing ancillary revenue for property owners.
But what’s the real value of being able to store goods nearby and what else does providing residential onsite storage say about your approach to meeting your resident’s needs and supporting your business?
In this article, we’ll lay out 5 unexpected benefits of onsite storage that are driving rental property profit margins and multifamily tenant satisfaction through the roof.
#1 Tenants Stay Longer
Lease renewal. That’s the name of the game. It’s not so much about landing new residents as it is having them want to stay year after year. Bradyl Bins provide modern, private, and secure enclosed storage units that encourage tenants to stay. How? Besides job changes and breakups, a lack of space is a top reason residents move and sign a lease with your competitor.
There are many opinions revolved around modern consumerism, but one thing that’s known for sure is that it’s not slowing down. Providing residential onsite storage lets tenants know that there is more than enough room to support their need to shop, redecorate, and collect weird antiques and not have to move in order to do so. Unless the additional room is made for all the “stuff” tenants are bound to accumulate, they are more likely to find a place that will accommodate their consuming habits. No onsite storage reeks of limitations and restrictions… neither of which will have tenants racing to the leasing office to renew.
#2 Creating a Community Dynamic
The freedom and flexibility residential onsite storage provides is synonymous with longer-term tenants –a major plus for business. But for residents, it’s even more valuable to stay in one place for a long enough period of time to build a community. Unfortunately, the ability to build a sense of community or neighborhood is usually lost due to high turnover rates.
Developing community ties amongst your tenants makes it exponentially less likely to lose them to the neighborhood down the street that just installed a 12-seater jacuzzi. Amenities like those only attract residents for a good time, not a long time.
Giving tenants resources that promote a stay of 5 to 10 years creates a snowball effect. Tenants will stay longer and start to grow roots, and as a collective, create the desired community dynamic that is often missed in multifamily properties. The solution is to create a space that feels like a home and neighborhood. Home is where the heart is. But it’s also where important heirlooms are treasured, old photo albums are stored, tools for building are kept, and supplies for crafts are tucked away. All sorts of goods that nurture the longevity of tenants and their neighbors and thus the backbone of a well-established community, rely on the additional storage space. Residential onsite storage can facilitate the growth of a family, a home, and a community.
#3 Facilitate a Lifestyle Not Just a Living
Do the amenities you offer entertain or help your residents? Lifestyle amenities are often facilities and services your residents are going to seek out regardless of you offering them or not. Residential onsite storage is an underrated and overlooked amenity that address a primary need for any tenant–space! Primarily, space a garage would offer to store seasonal gear like skis, gardening tools, bikes, or camping gadgets. Support your resident’s lifestyle with the perfect garage replacement, the Bradyl Box.
The Bradyl Box, our over-car locker, offers a storage space that can conveniently house automotive accessories, outdoor gear, or anything tenants would typically keep in a garage. Bradyl Box is a free-standing, lockable storage unit that sits at the head of a parking space, over the hood of a parked car, allowing residents to store a large number of their belongings in a 24/7, convenient and secure location.
#4 A Tidier Property
A cluttered multifamily property is not welcoming for newcomers and gives current residents a strong reason to look elsewhere. Avoid the risk of not gaining or retaining your tenants by keeping the property clean and attractive with residential onsite storage.
When’s the last time your multifamily property looked staged–not just the clubhouse?
Nothing says “we keep our word” to those looking for their next home than discovering a complex that delivers on its promises. Present a picture-perfect property straight from the marketing brochure by giving current tenants additional space to keep belongings so they’re not sprawled along yards, patios, balconies, or common areas. Offering additional storage space is the easiest way to keep otherwise luxury common areas and other visible parts of apartment units free of clutter and mess so that you can highlight the best of what your property has to offer.
A few messy tenants or over-crowded units may not seem like a business risk at first, but it could be sending the wrong message to potential renters. Residential onsite storage ensures your property marketing and sustaining efforts are given the best chance possible.
#5 Expanding Multifamily Business Opportunities
Bradyl is in the business of win-win opportunities for property owners who are stuck in a cycle of fluctuating amenity trends. Residential onsite storage is more than a way to add meaning and value to the lives of residents and to nurture the longevity of their stay. Bradyl Storage Solutions also fosters ancillary revenue of up to $5 per square foot, offering an abundant and modern opportunity to transform unused space into increased profit. Our independent survey highlights that residents will pay an additional $5-$30 more per unit for Bradyl Bins compared to the other, less private, options.
Whether you choose the Bradyl Box, Bin or Pod, the benefits of teaming up with Bradyl Storage Solutions are obvious. Unsure of how to take advantage of these unique business opportunities or not sure if you even have space? Reach out to us! We have a professional team that is ready to guide you through the storage options that are available to your property.