The Need for Parking Storage

ELKY71

I am very curious as to how often anyone out there gets inquiries about parking storage as it seems to me quite a few people need parking areas and more and more facilities are getting rid of that aspect and moving more toward storage buildings or pods.
👀Is it beneficial to invest in a lot for those in need of just parking storage?
What are your thoughts community? 

themage

We have a fair amount of outdoor parking, covered and uncovered, and a handful of indoor parking units. Right now it is the busier portion of our facility. There are difficulties with outdoor parking, though, that make it seem less useful or profitable.

Security: It is far too easy for one tenant to get into another tenant's vehicle, or damage it and get away without anyone noticing. People will also try to live in their vehicles.

Appearance: Tenants will try to park trailers loaded with junk and then complain when the weather ruins it, or falsely claim someone was "messing with their stuff". Some will park old junk and keep paying their rent, but because it looks like a junk yard, others wont want to park there.

Abandonment: People will rent a space, park their old junk or potentially stolen car, and leave it for you to deal with when they never pay again. In some places it is difficult or nearly impossible to legally dispose of vehicles. Here, RVs are cost prohibitive to remove.

Electricity: If there are any power outlets (or water, etc) in the lot, someone will eventually try to use it for free. If you have metered connections for individual spaces, someone will use their neighbors outlet.

Space sizing: You can set up marked spaces of different sizes and prices, but then people wont want the sizes you have available. You can have all spaces the same size and price, but then you are too expensive for smaller vehicles. You can have unmarked parking and charge by the foot, but then people get blocked in or park in silly places.

Of these, the security is, for us, the most difficult. We have cameras, barbed wire, coded and logged gate access, cameras everywhere, motion sensors and sirens, and live security on site. It seems to be working, but is it worth the cost?

themage

We are near an airport, and our parking costs less then airport parking, so it is good business for us.

ELKY71

Well that is a lot of insight Themage, thank you. I guess an on-sight manager would be a very good thing.

ESS

In addition to what Mage said, you could tell your tenants you require proof of registration and insurance on the vehicles, trailers, RVs, etc. that they want to park at your facility. We offer parking, but at my location, we are pretty rural so the need just isn't there. Most people here can park whatever on their own property. Our Pasadena location is full for parking. Most tenants there deal with HOA and cannot park anything near their home or driveway.

ELKY71

Thank you ESS. As I was making notes, one section was titled, "Papers Please", making sure all was in order, not stolen, and not a hunk of junk, (for appearance sake). I appreciate the input...very helpful. ; }

Faye

ESS said:

In addition to what Mage said, you could tell your tenants you require proof of registration and insurance on the vehicles, trailers, RVs, etc. that they want to park at your facility. We offer parking, but at my location, we are pretty rural so the need just isn't there. Most people here can park whatever on their own property. Our Pasadena location is full for parking. Most tenants there deal with HOA and cannot park anything near their home or driveway.

We have a huge need for parking in my area. We have a pretty big outside lot and almost always have a waiting list. I also require that all vehicles must drive in and be titled to the tenant. If a tenant has a vehicle they are restoring or whatever the case may be we require it be brought in and stored on a trailer. No exceptions. It is very very difficult to deal with a vehicle that has been abandoned. Check your state laws before you make a decision.

ELKY71

Thanks Faye, there are quite a few potential tenants in need of parking out here and I have a small waiting list, only because they insist on being put on, although I inform them our few spots have long time tenants that do not intend on moving...at all.
Non-drivers on trailers is a great idea too. ; ]

Orkocean

There is typically a need for parking in most city areas. The problem though is while yes, you can fill up parking spaces pretty easy they are not the best $ per square foot. So most facilities, especially the bigger boys are going to wipe out the parking and put buildings up in their place. Pop out less than 50 parking spaces and build up a couple hundred units? No brainer if you're wanting to maximize your land and your area isn't over saturated already.

Faye

We have a lot of contractors that need parking for their trailers and business vehicles. Most also have at lease one unit they rent from us but usually more to store their business equipment. The other facilities in our area do not have the vehicle parking for contractors or offer 24 hour access so we have that market pretty much cornered. Our going rate for a truck and trailer spot is $105.00 per month. Motor homes or campers are $95.00 per month.

CVSSSTORAGE

we have rv and boat parking we do not store anything older than 2005 and make everyone bring a copy of their registration and insurance 

AKKathie

As @Orkocean says profitablility mandates putting up multistory units instead of parking.  Although you could make the drive up units large enough for an RV, boat or vehicle which is in high demand around here in the PNW.  Unfortunately, the new facility that I work for while building 10x30 units very tall, did not take into account the width of the door that even a truck barely can squeeze in without damaging their vehicle let alone a really nice ski boat that extends over the trailer tires.  (Trailer fits - not the boat on it!)  Forget getting an RV in there.  So what a waste of space 20' up! Interior is 10' but door is not wall to wall due to frame/rollers.
Also, for outdoor spaces there may be limits for environmental reasons if you have gas/oil fluids leaking from those vehicles in the spaces.  Check for permitting on that.

Orkocean

AKKathie said:

As @Orkocean says profitablility mandates putting up multistory units instead of parking.  Although you could make the drive up units large enough for an RV, boat or vehicle which is in high demand around here in the PNW.  Unfortunately, the new facility that I work for while building 10x30 units very tall, did not take into account the width of the door that even a truck barely can squeeze in without damaging their vehicle let alone a really nice ski boat that extends over the trailer tires.  (Trailer fits - not the boat on it!)  Forget getting an RV in there.  So what a waste of space 20' up! Interior is 10' but door is not wall to wall due to frame/rollers.
Also, for outdoor spaces there may be limits for environmental reasons if you have gas/oil fluids leaking from those vehicles in the spaces.  Check for permitting on that.

The owner of my prior company did the same thing in a different way even after I walked it before construction and pointed it out. They built very nice new 14x40 and 14x50 stalls, tall enough a semi could get in them buuuuuut they didn't factor turning radius's so the gap between them and the building across from them was maybe 30' at most. Not a single big vehicle ever rented the units, they set vacant forever until prices got slashed drastically and regular tenants rented them out as storage.